Credit Card Discussion Thread

[ViShawn]

That's what's up. I'd check it out but I just checked out an American Express deal last week. They were running a promo with Amazon to get 20% back on $1000 or something like that. Plus a reward bonus and no annual fee. Waiting for the card to arrive.

Got that and a newegg.com card recently that I'll never use unless it's a current promotion going on since the interest is ridiculously high on the card.

So within the last two weeks or so I've raised my available credit by $4500. Good because it helps my credit utilization especially with me trying to get back on track after this holiday spending.

Reward bonuses are always good to exploit if you can pay things off on time. The Chase Sapphire Reserve is nuts. $450 annual fee, but you get $300 in travel credit and you can get a $100 credit towards Global Entry or TSA Pre (I have TSA Pre that I expensed through my last job but Global Entry is appealing).

I have about $36,000 in available credit. It's always good to boost just to have the history and credit utilization but can't fukk with too many of those annual fees.

 

[mannyrs13]

Reward bonuses are always good to exploit if you can pay things off on time. The Chase Sapphire Reserve is nuts. $450 annual fee, but you get $300 in travel credit and you can get a $100 credit towards Global Entry or TSA Pre (I have TSA Pre that I expensed through my last job but Global Entry is appealing).

I have about $36,000 in available credit. It's always good to boost just to have the history and credit utilization but can't fukk with too many of those annual fees.

Yeah I feel you. Yeah those rewards cards would be awesome for me if I even traveled. I rarely go anywhere. But I do like the ones that give you spending bonuses plus zero interest for a certain period. I gotta spread out opening new cards tho so I can take advantage of the full introductory period.

 

[winb83]

Reward bonuses are always good to exploit if you can pay things off on time. The Chase Sapphire Reserve is nuts. $450 annual fee, but you get $300 in travel credit and you can get a $100 credit towards Global Entry or TSA Pre (I have TSA Pre that I expensed through my last job but Global Entry is appealing).

I have about $36,000 in available credit. It's always good to boost just to have the history and credit utilization but can't fukk with too many of those annual fees.

I have about the same in available credit as you. I'll never need all that credit. Amex alone has me at over $15,000 on just one card. I never asked for that much but they continue to raise my limit on their own. Started at $6500 3 years ago.

These credit card companies are the devil. They dangle these high limits and sign up bonuses and reward programs in front of you because deep down they want you to mess up and miss a payment or fall on hard times and max a card out. They really want you to carry high balances and struggle to make minimum payments for years. That way by the time you drown in debt and they're selling your account off to collections even though you own them money you've actually fully paid back your principal and most of what you own is accrued interest.

I mean honestly what the hell would I buy that even comes close to $15,000 and allows one to use a credit card to purchase it?

 

[ViShawn]

I mean honestly what the hell would I buy that even comes close to $15,000 and allows one to use a credit card to purchase it?

I think the same thing breh

I just use that number to keep my utilization low but what the fukk do I NEED to put that much on my a fukking card seriously? I only used a few thousand during Christmas for gifts and travel and paid it off immediately.

 

[NkrumahWasRight Is Wrong]

I have a capital one venture one card with a 10k limit. Pay all balances asap. Probably will get another without an annual fee as well.

 

[Spade]

Credit was fukked in June. Got a Discoverit secured credit card that same month. Pay everything back or leave a little balance with the utilization less than 15-20% every month since, credit score now up 100 points since June. There's a chance my card graduates too this month as Discover now reviews your account at 7 months of having the card. This January will be the 7th month.

 

[ALonelyDad]

I have a Bank of America travel rewards card, useless rewards smh

 

[ViShawn]

I have a Bank of America travel rewards card, useless rewards smh

Gotta get on that Chase game

Tempted to apply for the Chase Sapphire Reserve. I'm at 740 with TransUnion (770 with Equifax) and could take a hard pull. It's just a dance with the devil though because you have to charge $4000 to the card within three months to get the bonus. Gotta boost the economy right?

 

[HIVAIDS]

just got my amex platinum email application this week. i may bite... i gotta read the fine print first...i've been satisfied with their blue cash card so far.

Keep me updated. I been a blue member for 10 years. I was also curious about the next level

 

[4North1Side2]

How do you get in the 750 plus range? Sorry I didn't read all of the thread.

 

[Originalman]

I've paid off all of my credit card debt, and pretty much all of my debt outside of my student loans, and I pretty much live a life without credit. If I can't afford it then I can't afford it. I've had debt (that seemed insurmountable at the time) before and that shyt just adds too much unnecessary stress to my life. Listened to a lot of Dave Ramsey and realized I can live my life without the debt at all.

Truth

 

[winb83]

How do you get in the 750 plus range? Sorry I didn't read all of the thread.

Charge stuff on credit cards. Let the statement post and pay if off after that but before the due date.

Never make 30+ day late payments and if you have stop making them and distance yourself from them.

Don't have anything in collections and if you have settle them and distance yourself from that.

Keep your oldest credit accounts open and active by charging something on them at least once a year and paying it off.

Keep your credit utilization low meaning the amount you have on credit vs the limit of the card. I'd say under 10% if possible. Mine is 4%-5%.

Having a mix of installment loans and revolving credit helps but isn't required.

Keep that stuff going for years and you'll have a 750+ score.

 

[Skooby]

Didn't read the whole thread, but credit cards can be useful if used the correct way.

It's basically a 30 day interest free loan...as long as you pay off the balance each statement.

And if you have a cash back card, well that's even better. It'll be the credit card company/bank paying you to use the card.

 

[winb83]

Truth

Dave Ramsey is a decamillionaire that owns his own large business. He doesn't need debt because of all the money he has.

From my perspective a decent chunk of what he says about debt is absurd. I would agree that outside of a home there isn't much you should buy with debt that you don't have the cash for. But if you have the actual cash for it there's nothing wrong with buying it on credit and paying it off when the statement post.

Ramsey is like an alcoholic that quit his addiction cold turkey and doesn't ever want to be around alcohol again. He's not like the addict that beat his addiction head on and can still drink but no longer goes overboard with it.

A better philosophy is avoid unnecessary debt over long periods of time.

 

[Black Panther]

My credit score just got out of the 300's.

I'm in the 400's now.