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

[simba king]

Rebuilding my credit now; used to have a high 700 score...but then the depression hit the economy and suffered greatly....slowly but surely getting negative stuff off my history, and rebuilding it

 

[yungchamp]

if one doesn't have good credit are there any
ways possible whatsoever to get a personal
loan for school??
I want to apply for loans but I know I'm going
to get hit with a hard inquiry thus lowering
your score even more

 

[SplinterMatic319]

just an advice.....transfer to those sign up points you get to a partner airline with the credit card .........free flights everywhere!....if you are saavy enough those 40,000 points are 2 domestic round trip tickets or 1 international round trip ticket.......worth much more that way IMO

 

[joe cool]

All my Amex heads

I put down all 3 of my cards

https://www.americanexpress.com/us/small-business/shop-small/

ON NOV 29, SPEND $10+, GET $10 BACK. UP TO 3X.

while this is a great deal, keep in mind that its only valid at particpating Shop Small locations

you can find the ones in your area here: http://shopsmallnow.americanexpress.com/?linknav=us-loy-open-shopsmall-visitthemap

dissapointed that the ones in my area are stores I rarely go to or never heard of |I

 

[oidreez]

All my Amex heads

I put down all 3 of my cards

https://www.americanexpress.com/us/small-business/shop-small/

ON NOV 29, SPEND $10+, GET $10 BACK. UP TO 3X.

while this is a great deal, keep in mind that its only valid at particpating Shop Small locations

you can find the ones in your area here: http://shopsmallnow.americanexpress.com/?linknav=us-loy-open-shopsmall-visitthemap

dissapointed that the ones in my area are stores I rarely go to or never heard of |I

Exactly. Thats why this deal exists. To get you to discover new places

 

[dakid23]

while this is a great deal, keep in mind that its only valid at particpating Shop Small locations

you can find the ones in your area here: http://shopsmallnow.americanexpress.com/?linknav=us-loy-open-shopsmall-visitthemap

dissapointed that the ones in my area are stores I rarely go to or never heard of |I

Yes that's why it's called small business Saturday. A couple years ago i spent all my credit on Supreme .

I'm going to run up into my local steak house and load up on gift cards.


What part of the country are you from Joe cool?

 

[Hank Scorpio]

Cool so that's 30% on each individual card?

Yes, but again be careful how much you spend. Spend within your means.

Brahs. I'm looking to build my credit as well. I believe my credit score is around 650. Not the best but that's why i want to build it. I just recently got a bank of america cash rewards card which is nice because there's no annual fee, they gave me $100 when I spent $300, and I already have an account with them so I get 10% extra when depositing my rewards into my account.

I want to apply for the Chase Freedom card for that deal. Would it be better to go to the branch itself and ask someone to help me get it?

I actually have an account there under my dad's name....like a beneficiary I think?

I don't have a debit card or anything like that because he put me on it in case anything ever happened to him, and I never take money out of it...because it's not my money.

He does have a hefty amount in there, so my question is if this could help me get the freedom card? By having an existing account with them.

Thanks brahs.

You're not rebuilding credit if you have a 650 score. Actually that score is considered "good". If you properly manage your credit and pay on time and in full every month, you'll be on your way to a higher score in no time.

Having a parent who has a Chase and being the beneficiary does NOT help your credit score or chances to get a credit card. Reason is, you wasn't responsible for paying the balance, your dad was.

Rebuilding my credit now; used to have a high 700 score...but then the depression hit the economy and suffered greatly....slowly but surely getting negative stuff off my history, and rebuilding it

Hang tight, man. You were responsible with your credit once and you can def do it again. Time is your friend here, because after 5-7 years, negative remarks are removed from your account.

 

[joe cool]

Exactly. Thats why this deal exists. To get you to discover new places

while this is a great deal, keep in mind that its only valid at particpating Shop Small locations

you can find the ones in your area here: http://shopsmallnow.americanexpress.com/?linknav=us-loy-open-shopsmall-visitthemap

dissapointed that the ones in my area are stores I rarely go to or never heard of |I

Yes that's why it's called small business Saturday. A couple years ago i spent all my credit on Supreme .

I'm going to run up into my local steak house and load up on gift cards.


What part of the country are you from Joe cool?

Oh that makes sense :\ i feel stupid now, I thought I could use it on any purchase...

Im in Brooklyn, NY. when I checked last night they showed me some stores along Fulton so I was confused, was an error

I checked just now and I saw the stores in my area, its mostly the delis, Pizzerias, and corner stores that I usually go to for snacks

a few bars, lounges and restaurants sprinkled in with some electronics and video stores and an art shop I used to buy poster board for school projects at

guess I'll just get a Pizza and some groceries courtsey of AMEX then, unless I find a participating store with something else I want

 

[af1nike]

Just got the Chase Freedom with the 200 promo! Got instantly approved to my surprise, first credit card

 

[polosanddunks]

Just got the Chase Freedom with the 200 promo! Got instantly approved to my surprise, first credit card

good feeling

 

[murkn3m]

Anyone know when the promo expires for the freedom card?

 

[polosanddunks]

@Hank Scorpio anytime my current myfico scores increase those are the most accurate ones lenders are using right? I need to get my TransUnion scrore up to my other 2.

 

[jewseejay]

Anyone know when the promo expires for the freedom card?

Theres always promos breh. Better ones to come. 200 free is a nice look. But u sacrifice the extended 0% on that. If ur carryin a balance its likely close to a wash. I expect to see some partnership deals in the 500 range in the future. Like spend 1k at amazon get 500 back n the first 3 months

 

[sunshineblotters]

Okay so I want to buy a Macbook but dont want to pay two stacks at once. Maybe 800-1,000 and pay the rest on credit.

I am hearing you are not to leave a balance. How long will it take if I paid 300-400 a month for the remainder (lets assume its 1,200) on a beginner credit card?

Also since you are not supposed to leave a balance would that be bad or good for my credit assuming I pay much more than the minimum balance?

 

[Hank Scorpio]

Okay so I want to buy a Macbook but dont want to pay two stacks at once. Maybe 800-1,000 and pay the rest on credit.

I am hearing you are not to leave a balance. How long will it take if I paid 300-400 a month for the remainder (lets assume its 1,200) on a beginner credit card?

Also since you are not supposed to leave a balance would that be bad or good for my credit assuming I pay much more than the minimum balance?

You're not really "supposed" to never leave a balance. It's just recommended for people to do that so they don't pay any interest. It also gets you in a good habit of being able to pay off all your debt on time. If you want to leave a balance, you do so. But I would suggest you do it when you have 0% interest.

If you want to buy a Macbook, then put down whatever cash you can and then charge the rest on your credit card. Make sure you pay off the renaming balance before the 0% interest expires, because then the interest will be backlogged into your next payment.

I'll break down the math for you:

Macbook Pro: $1,799

Cash down: $800

Remaining balance charged on card: $999

If you want to pay off the balance within 6 months, you'll have to pay $167/month. This is depending you have 0% interest for 6-12 months.

Just spend within your means and you'll be fine.

 

[sunshineblotters]

Alright cool. The macbook is the only purchase I want to make that will last a few months other than an emergency expense. I'll look into 0 interest for the first year credit cards.

 

[nazdrowie]

do these companies (TU, Ex, and Eq) have access to savings/investments/salary/401k etc. information? 

i mean i understand they can see your debts and payment history but do they factor scores purely off debt and histories or are the factors/info i mentioned taken into account as well? 

is total debt to total asset ratio considered? like if someone had $5000 owed vs $7000 in investments, $1500 in savings, and so forth, used to determine a credit score? or am going in a completely other direction? anyone?

 

[polosanddunks]

 

[crcballer55]

 
do these companies (TU, Ex, and Eq) have access to savings/investments/salary/401k etc. information? 

i mean i understand they can see your debts and payment history but do they factor scores purely off debt and histories or are the factors/info i mentioned taken into account as well? 

is total debt to total asset ratio considered? like if someone had $5000 owed vs $7000 in investments, $1500 in savings, and so forth, used to determine a credit score? or am going in a completely other direction? anyone?

No, they only see your interaction with debt. Typically, if you're looking to get a car loan or mortgage, the lender will compare your debt to income/asset ratio.

That's why the credit scoring system is so flawed. It only reflects your payments to credit companies, not rent, bills, etc.

You could have $1,000,000 in the bank and it wouldn't affect your debt score one bit.

 

[Bert.]

Okay so I want to buy a Macbook but dont want to pay two stacks at once. Maybe 800-1,000 and pay the rest on credit.

I am hearing you are not to leave a balance. How long will it take if I paid 300-400 a month for the remainder (lets assume its 1,200) on a beginner credit card?

Also since you are not supposed to leave a balance would that be bad or good for my credit assuming I pay much more than the minimum balance?

Do you have good credit? apple offers through barclays with 0 interest for up to 24 months depending on price

so you should be able to get a macbook and pay it off without any interest

 

[brinknows]

good find on the AmEx deal...enrolled 2 of my cards plus one for my mom

 

[SplinterMatic319]

for the more seasoned heads.....how many hard inquiries is too much and how much does it really affect your score? i currently have 2 on mine right now................within the next 8 months im looking at 3 more potential hard inquiries

 

[murkn3m]

Usually 2 or 3 would be ok within 2 years

 

[oidreez]

Per my credit tracker, credit inquiries have a low effect on your credit score but having three to five in a two year period would be a grade of C. Over 5 is too much

 

[crcballer55]

for the more seasoned heads.....how many hard inquiries is too much and how much does it really affect your score? i currently have 2 on mine right now................within the next 8 months im looking at 3 more potential hard inquiries

Usually 2 or 3 would be ok within 2 years

Sounds about right. Refinanced our home last year, bought a new one this year, and looking to refinance that loan several months after. My score has dropped about 30 points, but still in excellent shape.