Credit Card Discussion Thread

[AtomicUse]

Get a credit card with some rewards on it and take advantage of the system!

I put ALL my bills on my credit card to max it out and pay it off every month, so the bank is effectively paying me to use their card, I get at least $200/year back from them and pay them no interest.

 

[Scientific Playa]

pay it off either early or on time every month!!!!!... chase and citi got feelings with me because they couldn't pimp me out with usury fees every month and didn't send me new cards after the expiration dates.... got one now with another company that gives me 1% cash back....so far so good

 

[HookersandIceCream]

Them rewards :take date:

Heres a guide
http://www.nerdwallet.com/the-best-credit-cards

 

[Mr Rager]

I am pretty sure that is not correct, you should try to pay your monthly balance in full and on time. That shows you are a responsible person, and will increase your credit score and allow your credit limit to increase.

How long would you have to do this to see improvement to your score

 

[Mr Rager]

So you SHOULD get a credit card if you're trying to build your score up? Sounds counter intuitive. Even if you don't NEED one?

 

[HookersandIceCream]

So you SHOULD get a credit card if you're trying to build your score up? Sounds counter intuitive. Even if you don't NEED one?

Yes
Paying of bills and credit cards will increase your score
It will show you are reliable at paying back any amount you might owe
Plus most companies will raise your limits if your are paying on time

 

[saint25225]

​

 

[Mr Rager]

So my friend's brother had $4000 in CC debt and the card went into collections. But when he got a job he paid it off plus the interest in full. How difficult would it be for him to get a new credit card

 

[MushroomX]

So my friend's brother had $4000 in CC debt and the card went into collections. But when he got a job he paid it off plus the interest in full. How difficult would it be for him to get a new credit card

It depends Clutch, maybe 2 years. You see it's sorta like postin weird shyt on the Coli and then getting negged to -1000 nobody is going to trust you for a while. You need to work hard to restore your rep.

Same thing goes for Credit.

 

[mannyrs13]

Make sure you never miss a payment. One miss can raise your apr to ridiculous levels. And as posted in that pie chart, it's 35% if your credit score. Best to keep the number of cards low too. Sure it raises your available credit but you don't want the temptation of having 10,000 available in credit cards when your lifestyle and budget isn't even half of that.

 

[HookersandIceCream]

So my friend's brother had $4000 in CC debt and the card went into collections. But when he got a job he paid it off plus the interest in full. How difficult would it be for him to get a new credit card

Just give it a few months. Paying in full is better than settling. If he's debt free it will go up pretty fast. Credit can always be recovered. You can raise your score from 550 to 700 in a months pretty easily

 

[pete clemenza]

Hit the myfico.com credit card forum.. they break down everything

 

[Will Ross]

• Get a card that offers reward points
• Pay your bill on time and in full to avoid interest. If you can't pay the full pay more than the min.
• Think of your card like a debit and don't spend what you don't have.
  
• Don't spend more 30% of you Credit limit.

 

[PacMan Jones]

I've been eating off this for years... never missed a payment b/c i acted like it was a check card. http://www.cardhub.com/d/citi-forward-card-for-college-students-251c/

citi took it away for new students I think b/c the benefits carried over even if you were out of school. some dumb shyt like 3 points for every dollar spent in "restaurants" (bars and clubs), grocers/convenience stores, and gas station. id end up with $500 in amazon rewards a year and I probably spent $500 a month.

just treat it like its your bank account or the money under your mattress and you'll be good. i also switch my payment date to the 15th so I never fukked up with february or 30 day months

 

[drvh81]

Good solid advice in here. I worked at Amex in the front lines for a few years. Ask away. I did lending cards. Besides lending cards there's also charge cards. The big boys (pause) get the charge cards.