Credit Card Discussion Thread

[pete clemenza]

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

I got this card as well.. You get more points if you have a BOA checking or savings account. No annual fee, no forgien transaction fees. The points are worth more when you use them to pay for travel expenses like airfare, baggage fees, hotels, rent a cars, cruises, etc. If you don't travel much then you should have their cash back card instead

 

[Brooklynzson]

Score in Bredit Karma is 747 for both (I know, the real scores are +/- xx amount)

My credit age is suppose to be 8-10 years, but me & my boy got each other as auth users on some of our accounts. I help him cause he has low account ages & he helps me cause he has high limits. So we make each others credit look good.

How my credit cards lookin:

Beginning of 2016 my CC debt was like $10k and my limits in total was only like $12k-13k. Started paying everything down. Raped my Capital Ones & paid them off every month and got hit with some nice increases. Then started hitting up Express, Best Buy, Gap & Barclays for increases & got them. Chase the only ones that refuse to give me an increase w/o a credit check -_-

Also last year i switched my capital ones to quick silvers & my chase to a freedom. Before that I wasnt getting NO points no nothing AND i was paying fees smh. My bro told me call them and have them switch the accounts. So now i get 1.5% on Capital One and 1% & 5% on Chase. Made $900+ in cash back in 12 months, imagine if I woulda had rewards all these years

 

[Futuristic Eskimo]

That Chase Sapphire Reserve points bonus paying for entire vacations

 

[KingBeez]

Just got approved for my first CC with discovery with a $1000 CL

The road to a 700+ credit score starts now.

 

[Ol’Otis]

My credit score is about to drop because I paid off my only installment loan

your credit score drops when you pay off stuff?

 

[ViShawn]

your credit score drops when you pay off stuff?

Yep it happened to me when I paid off a loan.

 

[winb83]

your credit score drops when you pay off stuff?

It's preferred you have a mix of credit. Loan, credit cards, ect. If you only have one type it can lower your score.

I figured since my score is gonna drop anyways I'd add two more cards so i got the US Bank Cash+ Visa and Chase Amazon Rewards Visa. Both are my first signature cards from Visa. I got the best APR on both but US Bank only gave me a $5000 limit cause I'm new to them and Amazon gave me $6500. I'm hoping the additional credit helps mitigate the fact that I've lowered the average age of me accounts drastically with 2 new cards and I'll have two hard pulls on my report.

 

[Spade]

Just found out Discover graduated my card earlier this week from secured to unsecured. Only had the card half a year and they already graduated me. Good shyt. They sending my deposit back and increased my limit as well. I wonder if I should get a second card. My score is getting closer to 700 so I'll wait a minute but don't know which one to get.

 

[GunRanger]

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.

Within a year I went from 590 to over 700 simply by using the card and paying it all off every month. It's that simple

 

[outordinary]

Got that Chase sapphire preferred and that Amex preferred cash. Both of those card's are amazing. Both have $100 dollar annual fees I think. (But I don't have to pay those)

 

[winb83]

View attachment 15153
Score in Bredit Karma is 747 for both (I know, the real scores are +/- xx amount)

My credit age is suppose to be 8-10 years, but me & my boy got each other as auth users on some of our accounts. I help him cause he has low account ages & he helps me cause he has high limits. So we make each others credit look good.

How my credit cards lookin:
View attachment 15152

Beginning of 2016 my CC debt was like $10k and my limits in total was only like $12k-13k. Started paying everything down. Raped my Capital Ones & paid them off every month and got hit with some nice increases. Then started hitting up Express, Best Buy, Gap & Barclays for increases & got them. Chase the only ones that refuse to give me an increase w/o a credit check -_-

Also last year i switched my capital ones to quick silvers & my chase to a freedom. Before that I wasnt getting NO points no nothing AND i was paying fees smh. My bro told me call them and have them switch the accounts. So now i get 1.5% on Capital One and 1% & 5% on Chase. Made $900+ in cash back in 12 months, imagine if I woulda had rewards all these years

If you're carrying balances on any of your cards it defeats the purpose of getting cashback.

Cashback is at best 6% or less and usually 1.5%-2% and credit card interest rates at best are in the mid teens. If you were carrying credit card debt cash back would be meaningless because your finance charges would eat that up in what you have to pay back.

 

[ViShawn]

Got that Chase sapphire preferred and that Amex preferred cash. Both of those card's are amazing. Both have $100 dollar annual fees I think. (But I don't have to pay those)

I love the Preferred. I may apply for the Reserve though. I could spend $4,000 in three months (unfortunately).

I need to spend some money on furniture I mean.

 

[GunRanger]

Within a year I went from 590 to over 700 simply by using the card and paying it all off every month. It's that simple

Proof
Do you know your credit score?

 

[winb83]

Got that Chase sapphire preferred and that Amex preferred cash. Both of those card's are amazing. Both have $100 dollar annual fees I think. (But I don't have to pay those)

The problem with the Amex Blue Cash Preferred is they raised the annual fee to $95. Meaning that if you spend less than $1584 at grocery stores annually then it's a complete waste because that's the break even point for the card to cover it's own annual fee. Really though if you don't spend more than $3168 annually at a grocery store the Preferred isn't worth bothering with because that's the point where the Preferred actually passes the regular card. At that amount spent they both leave you with $95 cash back if you subtract the Preferred's annual fee.

 

[outordinary]

The problem with the Amex Blue Cash Preferred is they raised the annual fee to $95. Meaning that if you spend less than $1584 at grocery stores annually then it's a complete waste because that's the break even point for the card to cover it's own annual fee. Really though if you don't spend more than $3168 annually at a grocery store the Preferred isn't worth bothering with because that's the point where the Preferred actually passes the regular card. At that amount spent they both leave you with $95 cash back if you subtract the Preferred's annual fee.

I don't have to pay those, I got the cards for free.

I wanna cop the Amex Plat someday.