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

So I finally shredded my AMEX. It's coming up on the 1 year mark so they're about to chargd me the annual fee and I don't like the idea of paying for a credit card, plus this one bears interest (only 10%) and the credit line is way too high (started at 7k and they increased it twice in less than a year to 21k). I already opened a capital 1 venture card, 15 mo no interest, 20k flyer miles... my limit is 5k right now but I imagine they will increase it in a few months.

My question is... shoukd I close my AMEX. I don't want to pay the fee for it... but I know closing such a high line of credit will definitely tank my score (it accounts for 1/5 of my total available credit).
 
slaughterx said:
So I finally shredded my AMEX. It's coming up on the 1 year mark so they're about to chargd me the annual fee and I don't like the idea of paying for a credit card, plus this one bears interest (only 10%) and the credit line is way too high (started at 7k and they increased it twice in less than a year to 21k). I already opened a capital 1 venture card, 15 mo no interest, 20k flyer miles... my limit is 5k right now but I imagine they will increase it in a few months.

My question is... shoukd I close my AMEX. I don't want to pay the fee for it... but I know closing such a high line of credit will definitely tank my score (it accounts for 1/5 of my total available credit).
Click to expand...
u answered ur question already not good to close 1/5 of ur credit
 
slaughterx said:
So I finally shredded my AMEX. It's coming up on the 1 year mark so they're about to chargd me the annual fee and I don't like the idea of paying for a credit card, plus this one bears interest (only 10%) and the credit line is way too high (started at 7k and they increased it twice in less than a year to 21k). I already opened a capital 1 venture card, 15 mo no interest, 20k flyer miles... my limit is 5k right now but I imagine they will increase it in a few months.

My question is... shoukd I close my AMEX. I don't want to pay the fee for it... but I know closing such a high line of credit will definitely tank my score (it accounts for 1/5 of my total available credit).
Click to expand...

See if you can "downgrade" the Amex to another Amex, that doesn't have an annual fee. That way you keep the credit limit higher, less utilization, and potentially increase your average age of accounts (depending on how old the Amex is, and relative to your other cards)
 
As turbospartan said, product change the card to a no annual fee card. If unable to product change, cancel the card within 30 days AFTER the annual fee hits. They should refund the entire fee within the 30 days.

AMEX is cracking down hard on credit card churners. They're refusing future sign up bonuses to those who are constantly opening cards for the bonuses and closing them soon after. You don't want to be labeled as such with them, especially if you're going to want to apply for one of their products in the future.
 
How often do you guys do credit increase requests with discover? Had the IT card for a little over a year...just randomly requested one a few months ago and they automatically bumped it like 6k
 
jrp44 said:
How often do you guys do credit increase requests with discover? Had the IT card for a little over a year...just randomly requested one a few months ago and they automatically bumped it like 6k
Click to expand...
After the firsr 90 days i requested monthly. Would get 2k-4k per month. Stopped at 25k
 
freshpairs said:
Anyone with a citi double cash card? Hows CLIs? Looking at one mainly for extended warranty coverages
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I have it. It's a decent card and pretty straightforward. Has a $25 minimum cashback redemption, though. I signed up for it when they were offering a $100 SUB. Citi is conservative with starting limits. Expect to get a low starting limit if you get approved. It's my backup 2% CB card so it doesn't get many swipes, but Citi did give me a $2k CLI for putting $500 on the card in 6 months. It is also my lowest limit card.
 
I think my starting limit with CITI was 5k. I'm at $19k with a recent CLI. $13k was my limit with a prior request. Had the card for about 2.5 years. I charge most of my purchases to it so its a 2% cash back after you pay it off.

Their purchase matching(?) claim was really good, though I haven't used it in forever. I bought a TV for $1200. The same tv was available 2 weeks later at a competitor for $1000. They were able able to credit me $200 dollars. People started abusing it with the iPhone hack a couple years back, so I'm not sure if its still valid.

Only down side is that I'm a big Costco shopper and they don't take mastercard. SO I use my old chase freedom for it.
 
silkboi said:
Anyone see the benefit of the Chase Sapphire Reserve over the Capital One Venture?
Click to expand...

Chase Sapphire Preferred is probably a better comparison with the Venture card, since both have an annual fee of $95. I think the CSP is still slightly better, because of the Chase portal.

CSR is a bad *** card. When you book through the Chase portal for travel, you get 1.5x your points. So if a flight is $1500, you get it for $1000 in the portal. I just bought 2 round trip tickets to Maui using the portal. They were $736 each, and I got them both for 100k points (and like $140 on top since I wanted to keep it at a flat 100k points). CSP still gets 1.25x your points. Venture is just 1:1 I believe?

$450 annual fee is high, but you get $300 in travel credits back. So anything you charge on the card that falls into travel, just automatically deducts from your $300.


https://thepointsguy.com/guide/chase-sapphire-preferred-vs-chase-sapphire-reserve/

https://www.capitalone.com/credit-cards/venture/
 
silkboi said:
I think my starting limit with CITI was 5k. I'm at $19k with a recent CLI. $13k was my limit with a prior request. Had the card for about 2.5 years. I charge most of my purchases to it so its a 2% cash back after you pay it off.

Their purchase matching(?) claim was really good, though I haven't used it in forever. I bought a TV for $1200. The same tv was available 2 weeks later at a competitor for $1000. They were able able to credit me $200 dollars. People started abusing it with the iPhone hack a couple years back, so I'm not sure if its still valid.

Only down side is that I'm a big Costco shopper and they don't take mastercard. SO I use my old chase freedom for it.
Click to expand...
Do they do soft pulls for CLIs? And how often would you request?
 
freshpairs said:
Do they do soft pulls for CLIs? And how often would you request?
Click to expand...
Soft pull. Just enter your salary and rent/mortgage when your requesting online at it should immediately generate an increase. I think you can only do it every 6 months. You can also call them if you would like a larger amount then what the online request did.
 
Citi is SP only if you get the language when requesting. It'll tell you whether they'll need to pull your report or no credit pull needed. Typically should request every 181 days from previous increase.
 
silkboi said:
Anyone see the benefit of the Chase Sapphire Reserve over the Capital One Venture?
Click to expand...
I the venture card
u get 2 or 3x points
theres a current proomtion think 10x points when booking through the site
also u can credit any travel u use the card for
so say uber or flights
or hotels
 
So I received a summons to appear in court. One of the creditors for a card that got charged off is suing me now.

Anyone been thru this before? Do I need a lawyer? I mainly just want to settle for monthly payments, can I do that myself?
 
bonafide101 said:
So I received a summons to appear in court. One of the creditors for a card that got charged off is suing me now.

Anyone been thru this before? Do I need a lawyer? I mainly just want to settle for monthly payments, can I do that myself?
Click to expand...



Do it make sure you go to court happen to me before the lawyer will put you on a payment plan


One time I didn’t go to court Got hit with a garnishment


Worse 4 months of my life
I don’t wish that on anyone




GO TO COURT
 
I don’t know if it’s a new thing or not but chase sent me a new card where I don’t even have to enter/swipe. Just scan like when you pay with your phone. Pretty cool
 
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