24 Looking to build Credit... What are some good tips on your first Credit Card

[isco]

Wait. Maybe I’m thinking about this the wrong way or backwards or something, but do you mean your total housing payment cannot be 31% (or more I guess) of your income? And your housing payment with all of your other debts can or exceed 41% of your income?

Exactly..33 housing (principal interest taxes insurance)

41 housing with all ur other debts..they use ur credit report to get the figures

off ur monthly income

Sorry if the wording may been confusing

*** if ur ratios are too high we suggest paying a debt off to make it lower

Source: I'm an underwriter

 

[dam itz lou]

My boy got us a comped room at the MGM grand. I booked my flights with my Citi TY points. FREE TRIP!

 

[angels47]

Which card booked the skrippers?

 

[Ritchie X Rich]

My boy got us a comped room at the MGM grand. I booked my flights with my Citi TY points. FREE TRIP!

Nice! I'll be in Vegas next month with a comped room as well. How are the Citi TY points? I'm not familiar with them. Are they like UR and MR points where you can transfer them to airlines and redeem them for more value? Or are they a fixed value like 1 point = 1 cent?

 

[2423]

Is it better to buy jewelry or get a credit card to build my credit up? Or both

 

[slicknick951]

Is it better to buy jewelry or get a credit card to build my credit up? Or both

How would buying jewelry help your credit?

 

[2423]

Buying jewelry and make payments on it basically like buying a 500 dollar watch but make 40 dollar payments every month.

 

[isco]

Buying jewelry and make payments on it basically like buying a 500 dollar watch but make 40 dollar payments every month.

If the credit card offers a promotion (0% interest for 12 months) u can actually buy what you want..but if you are actually paying interest that is ill-advised

Is this your first card?

 

[slicknick951]

Just get a credit card and pay it off each month. Unless you really want the watch but I wouldn't pay interest on a watch purchase. I'm sure jewelry store APRs are in the high 20-30% range

 

[2423]

If the credit card offers a promotion (0% interest for 12 months) u can actually buy what you want..but if you are actually paying interest that is ill-advised

Is this your first card?

Yea I've never had a card before. I've done jewelry credit before about 5 years ago and now I'm looking to build my credit again. I'll look fo some cards

 

[isco]

Yea I've never had a card before. I've done jewelry credit before about 5 years ago and now I'm looking to build my credit again. I'll look fo some cards

try places like best buy or any departments stores..that's how I built my credit

 

[wrightone86]

Just get a credit card and pay it off each month. Unless you really want the watch but I wouldn't pay interest on a watch purchase. I'm sure jewelry store APRs are in the high 20-30% range

This

Cop a normal CC, not a store CC, that comes with 12-18 months no interest and buy the watch, ear rings, jesus piece (word to Ninja)

 

[slighted]

Discover is messing with me

Did a CLI request and only got approved for $1000

 

[lilchico4life]

Discover is messing with me

Did a CLI request and only got approved for $1000

Nice!

I read your post and decided to request one myself and they gave me a $7000 CLI.

I haven't used the card in over 2 months

I appreciate the reminder.

 

[Tony $now]

Can somebody explain the 31/41% DTI that was posted earlier? Haven’t did a pre approval etc yet but I will be starting the process soon.

 

[antidope]

Barclays Uber Visa Application is live:
https://home.barclaycardus.com/cards/uber-visa-card.html

Still waiting for the catch.

 

[Brownstone]

Can somebody explain the 31/41% DTI that was posted earlier? Haven’t did a pre approval etc yet but I will be starting the process soon.

For sake of clarity lets say you make 50k a year. Every month you make around $4100 (50/12). Thus meaning the most you can afford for a monthly payment would be 1700 (4100 x 41%) including ALL of your debts. So lets say you have a car note for 300, that puts you at 1400 for your mortgage payment.

Hope that clarifies.

 

[Tony $now]

For sake of clarity lets say you make 50k a year. Every month you make around $4100 (50/12). Thus meaning the most you can afford for a monthly payment would be 1700 (4100 x 41%) including ALL of your debts. So lets say you have a car note for 300, that puts you at 1400 for your mortgage payment.

Hope that clarifies.

Thanks for the info, this is what I was looking for

 

[davizzy]

I'm about to get a new car (first one on my own) so I was thinking of getting a new CC. I think I read it here or might been somewhere else that if you do a hard pull you have 30 days to apply for other lines of credit however it will only count as 1 hard pull. Is this true?

For example, say I finance my car today and then I apply for a a discover card tomorrow. Will this count as one hard pull or two?

 

[lilchico4life]

davizzy More than likely it'd be two seperate pulls. If you're shopping for rates, then that would be the case.

Do you have other tradelines reporting on your credit report, such as installment loans or credit cards? If not, you should definitely get a credit card and let it age for at least 6-12 months while making on time payments before applying for a car loan.

 

[davizzy]

I don't need to build my credit. I'm in the mid 700s but I figured if I can get another CC right after I apply for a car loan then why not since it won't hurt my credit score. I believe someone in this thread mention this awhile back. I just want to confirm I understood it correctly.

 

[angels47]

I'm pretty sure that only applies for the actual car loan, not other lines of credit. Like if you're shopping around at different dealers, and they each pull your credit, it still all only counts as one pull (within a certain time frame).

But don't quote me on that.

 

[vzy085]

Don't have kids, child support has ruin my once great credit

 

[antidope]

I'm about to get a new car (first one on my own) so I was thinking of getting a new CC. I think I read it here or might been somewhere else that if you do a hard pull you have 30 days to apply for other lines of credit however it will only count as 1 hard pull. Is this true?

For example, say I finance my car today and then I apply for a a discover card tomorrow. Will this count as one hard pull or two?

It'll be two and you might get rejected for too many credit requests at once.

My brother just did that and got rejected for that reason and his score is in the high 700s.

I'm pretty sure that only applies for the actual car loan, not other lines of credit. Like if you're shopping around at different dealers, and they each pull your credit, it still all only counts as one pull (within a certain time frame).

But don't quote me on that.

This is true.

 

[cs02132]

I applied for 4 cards between mid July and October, getting those cash back bonuses. Now my score finally dropped from 756 > 740 > 713. Since December 2015 I’ve made $2425 from 6 cards and 2 bank accounts ($975 from discover) so i def milked it

I’m gonna have to take out a car loan in like a month tho so it’s kind of bad timing