Credit Card Discussion Thread

[dark_magic]

I will recommend the Citi Double Cash Reward card.

1% back for purchases. 1% back for payoff. There are no limits on what can be used to earn the aforementioned.
That's more that can be made than depositing it into a savings account at a bank.

For another credit instrument, I say don't sleep on a personal line of credit with a bank.
You can borrow money without suffering a finance charge like credit cards although there may be a yearly finance fee for the account.

 

[GunRanger]

I will recommend the Citi Double Cash Reward card.

1% back for purchases. 1% back for payoff. There are no limits on what can be used to earn the aforementioned.
That's more that can be made than depositing it into a savings account at a bank.

For another credit instrument, I say don't sleep on a personal like of credit with a bank.
You can borrow money without suffering a finance charge like credit cards although there may be a yearly finance fee for the account.

Interestingly enough I was deciding between that and the Chase freedom unlimited. Some guy on reddit made a post that had me like when compared with the unlimited s sign up bonus




Came to the conclusion that to break even with the Citi card you would have to spend 30k vs the freedom unlimited with the 150 dollar bonus

 

[soulfuljah]

I'm actually in the process of closing majority of my cards and using a Citi Prestige for everything. I played the credit game for a while now, but my thoughts are once you purchase a home, everything else goes out the window. I will probably keep my bank credit card and Discover IT in a drawer, but everything else will probably get cancelled. If the Amex Platinum had a better points system, I would just upgrade my PRG but I think Citi is a better value.

 

[Brofato]

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

Where's that Debt Reduction plan from? I have way less debt but I need to get serious and way more aggressive about it. I've only been on the board for about a year and a half but I wish I had friends like that lol. I've actually done the reverse for a few family members making them authorized users.

Also, good looks on this subforum. I came on specifically to look for investing advice and saw the banner.

 

[dark_magic]

Interestingly enough I was deciding between that and the Chase freedom unlimited. Some guy on reddit made a post that had me like when compared with the unlimited s sign up bonus.


Came to the conclusion that to break even with the Citi card you would have to spend 30k vs the freedom unlimited with the 150 dollar bonus

For myself, I figured that 2% on everything I spend is a better rate of return than what I could get leaving money in a savings account.

This allows me to net 2 cents on the dollar for monthly expenses.

Note: this only works if you pay your credit card in full at least before the end of the grace period.

 

[Jutt]

Started rebuilding my credit last year. It was shyt, probably in the low to mid 500s.

I have a USAA unsecured(first CC) with a $500 limit(might ask for an increase on this actually)
Capital One gave me a secured card with a $200 limit or something, auto increased to $500 in November
Credit One bank is a $300(no idea why i got this card, it was kind of silly; i dont like the institution)
Credit now is sitting in the mid to high 600s. Trying to crack into the 700s soon. I used this company here in Boston called Key Credit repair, they just dispute all your collections stuff and you mail the stuff out.

I see a lot of brehs have the double cash Citi card. I get 1 or 2 offers in the mail a week for them. Havent bitten on it as of yet. Waiting for some of my other debt to die down. The holidays had me fukked up

 

[dark_magic]

Started rebuilding my credit last year. It was shyt, probably in the low to mid 500s.

I have a USAA unsecured(first CC) with a $500 limit(might ask for an increase on this actually)
Capital One gave me a secured card with a $200 limit or something, auto increased to $500 in November
Credit One bank is a $300(no idea why i got this card, it was kind of silly; i dont like the institution)
Credit now is sitting in the mid to high 600s. Trying to crack into the 700s soon. I used this company here in Boston called Key Credit repair, they just dispute all your collections stuff and you mail the stuff out.

I see a lot of brehs have the double cash Citi card. I get 1 or 2 offers in the mail a week for them. Havent bitten on it as of yet. Waiting for some of my other debt to die down. The holidays had me fukked up

You can clean up your credit report to improve your score.

 

[Jutt]

You can clean up your credit report to improve your score.

yeah i've been using that 3rd party company. They pull all the stuff from your report. Its a monthly cost, but it's a lot more convenient for me. I stopped using it for about a year to save a bit of money. But i'm gonna get the ball rolling again so i can hopefully take another jump.

 

[dark_magic]

yeah i've been using that 3rd party company. They pull all the stuff from your report. Its a monthly cost, but it's a lot more convenient for me. I stopped using it for about a year to save a bit of money. But i'm gonna get the ball rolling again so i can hopefully take another jump.

You can do it yourself.

 

[Jutt]

You can do it yourself.

Breh did you just read where i said it's more convenient for me to pay the 3rd party?

 

[Brooklynzson]

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.

I don't carry a balance of my Capital Ones and my Chase. I charge my monthly expenses, usually $4-6k then I pay it off the day before the statement prints. So I don't pay no interest on those at all.

Where's that Debt Reduction plan from? I have way less debt but I need to get serious and way more aggressive about it. I've only been on the board for about a year and a half but I wish I had friends like that lol. I've actually done the reverse for a few family members making them authorized users.

Also, good looks on this subforum. I came on specifically to look for investing advice and saw the banner.

I made it in Numbers. PM me your email address, I can email it to you. Has all the formulas to calculate everything automatically.

Glad you like it fam.

 

[Skooby]

I'm actually in the process of closing majority of my cards and using a Citi Prestige for everything. I played the credit game for a while now, but my thoughts are once you purchase a home, everything else goes out the window. I will probably keep my bank credit card and Discover IT in a drawer, but everything else will probably get cancelled. If the Amex Platinum had a better points system, I would just upgrade my PRG but I think Citi is a better value.

Don't close your cards, unless they are store cards. Keep your bank cards open...just don't use them.

Closing the cards could hurt your credit score, since your debt-to-credit ratio is lower.

 

[Cladyclad]

I got a

Chase Card 12,000
Comerica 6,000
Amazon prime 3,500
Merrick 1,750
GMC 1,200
Union Plus 500
Capital one 300

 

[Skooby]

I got a

Chase Card 12,000
Comerica 6,000
Amazon prime 3,500
Merrick 1,750
GMC 1,200
Union Plus 500
Capital one 300

DAMN!

 

[winb83]

I got a

Chase Card 12,000
Comerica 6,000
Amazon prime 3,500
Merrick 1,750
GMC 1,200
Union Plus 500
Capital one 300

Chase:
Chase Freedom $5000
Chase Freedom Unlimited $1000 (was my 3rd credit card converted twice)
Chase Amazon Rewards Visa Signature $6500

Discover It $5300

Citi Double Cash $2500

American Express Blue Cash Preferred $15700

Target Red Card $1000 (my first card)

Financial Plus Credit Union Visa $1000
2nd of above $500 (my 2nd card)

ABC Warehouse Store Card $3500

Best Buy Store Card $2500

US Bank Cash+ $5000

That's what I got. All those cards get some type of rewards except the ABC. The Best Buy card is worthless to me now with that US Bank card. I don't like having so many cards but whatever.

I mainly use just the Chase Freedom and Amex. When the Citi and the US Bank arrive in the mail I'll add them to the rotation. Just converted a Chase Slate to the Freedom Unlimited which I may occasionally use.