Credit Card Discussion Thread

[DrunkenNovice]

Aye brehs... gotta question... I’ve hit a wall on my credit score it seems... I’m stuck at 740 and I’m trying to get it above 780.. I have 3 cards... Capital one 4500, Credit Union 6000 and a Chase sapphire Reserve 14700... my utilization is at 2.1% and I don’t know wtf is up. I did the simulator to see if I Pay it all off or increase my limit on one of my cards and my score went down.. I even went and got a personal loan 10k for 36 months and paying that off now... just to see if that will help.. I’m tempted to just pay that 10k off now but I’m hesitant...I don’t know wtf to do.. any suggestions? I don’t have a house or anything else... gotta student loan with 4K left.. but don’t want to pay of off becaus my score would go down... any suggestions would be greatly appreciated.

Breh don't chase, or pay, for a score. Pay off the personal loan you took out.

You're not in subprime range (less than 650).

Yeah your score is going to drop once you pay off those loans. I'd rather have the money in my pocket than a higher score especially if I'm not subprime.

The most major influences are utilization (30%) and payment history (35%). Payment history cant be rushed

Just keep using your cards for planned expenses and paying in full every month. Time will do the rest.

 

[GoFlipAPack]

Quiche questions for yall. I've a credit card for 12 years as no its currently in good standing with a zero balance. I just upgraded to a better card. (Tripled my limit and lower APR). They had to run my credit so I have a hard inquiry on my credit. Only 1 In the last 2 years. When I go into my account t it shows like I have two credit cards. I won't be using the old card. Does all the acount history transfer to this new card?

 

[DrunkenNovice]

Quiche questions for yall. I've a credit card for 12 years as no its currently in good standing with a zero balance. I just upgraded to a better card. (Tripled my limit and lower APR). They had to run my credit so I have a hard inquiry on my credit. Only 1 In the last 2 years. When I go into my account t it shows like I have two credit cards. I won't be using the old card. Does all the acount history transfer to this new card?

No it doesn't, they are treated like two separate accounts. Use the old one like once a month so they don't close it out. You want it to stay so your average age of account can stay high.

 

[winb83]

Chase closed one of my oldest credit card account from 2002. I still got another one that old but I wonder is my average age of account gonna take a hit on my credit report and lower my score.

I only have about 6 or so cards I actively use and I've gotten them all in the last 6 years. My old stuff like my Target card and my credit union card I seldom use. I just product changed that Chase card from a Slate to a Freedom Unlimited and now it's gone.

 

[winb83]

What’s the best benefit of the Amex gold card over the Amex blue cash preferred

The Blue Cash Preferred is a grocery and gas card. It's the GOAT grocery card. We have a general store called Meijer that sells all sorts of things but is labeled as a grocery store and I get 6% off everything there. I spend enough there that it more than pays its own annual fee and even the difference between the non-preferred card and it.

 

[mannyrs13]

Got the capital one venture card with a $2000 limit. Need to figure out a way to spend a $1000 in the next 3 months so i can get the 20,000 airmiles

How you been liking the card so far? Thinking of getting one cuz of the bonus offer and they offering 10x points at hotels.com. Never had a travel credit card but I think my score decent enough to get one at the moment. Just gotta meet that 3k requirement.

 

[thaKEAF]

Yeah I built up to an 850 FICO score over the span of 4 years from 670. My score has fallen a bit because I no longer have a credit card debt consolidation loan or any installment loan so I'm at 809 but I haven't payed any credit card company any interest in over 5 years.

I don't buy stuff I don't have the money in the bank to pay off by the end of the month anymore. Back when I was younger I just bought stuff and made the minimum payment to keep them off me. That was pretty stupid. I remember when I got the place I'm at now I applied for a Chase Freedom and was denied. 2 years after that Chase was sending me offers for the Freedom pre-approved. My interest rate is sky high on it. Like 18% but I've never paid them a cent of interest so I don't even bother calling them to lower it.

Do you think the consolidation loan was worth it? I pretty much did what you did when you were young a few years ago lol. I’ve chipped away a good amount but there’s one or two cards that I feel like I should just do the loan for three years to kill the high balances and have zero credit card debt. The numbers I got offered on the loan would be around what I pay for the minimum payments combined each month.

 

[winb83]

Do you think the consolidation loan was worth it? I pretty much did what you did when you were young a few years ago lol. I’ve chipped away a good amount but there’s one or two cards that I feel like I should just do the loan for three years to kill the high balances and have zero credit card debt. The numbers I got offered on the loan would be around what I pay for the minimum payments combined each month.

I got it from my credit union. It was very much worth it because the interest rate they gave me was lower than all those cards. If helped my credit go up having an installment loan too.

 

[mannyrs13]

Just put in and got approved for the capital one venture card with a 10k limit. Gonna make that my everyday card to get those rewards up and leave the rest of the cards with their respective recurring subscriptions to keep them active. But that's not the only good news. Got an alert from credit karma that capital one pulled my credit. I log in and see.......

We made it!!!!

 

[winb83]

Just put in and got approved for the capital one venture card with a 10k limit. Gonna make that my everyday card to get those rewards up and leave the rest of the cards with their respective recurring subscriptions to keep them active. But that's not the only good news. Got an alert from credit karma that capital one pulled my credit. I log in and see.......

We made it!!!!

Good job. The 800+ club is a good place to be.

 

[Silkk]

Just put in and got approved for the capital one venture card with a 10k limit. Gonna make that my everyday card to get those rewards up and leave the rest of the cards with their respective recurring subscriptions to keep them active. But that's not the only good news. Got an alert from credit karma that capital one pulled my credit. I log in and see.......

We made it!!!!

Good job. The 800+ club is a good place to be.

#CreditGoals

 

[Eza]

I'm trying my nikkas! I want it so bad I can taste it! (Mysterious voice)

 

[mannyrs13]

I'm trying my nikkas! I want it so bad I can taste it! (Mysterious voice)

We believe in you. Keep at it.

 

[Eza]

We believe in you. Keep at it.

My G.

The hell you do to raise your score 30 pts like that in one fell swoop though?

 

[mannyrs13]

My G.

The hell you do to raise your score 30 pts like that in one fell swoop though?

A miracle and a curse actually. That credit score was around 795 at the beginning of December. My Amazon credit card reports around that time so it was still without reporting at that time. But around black Friday I went crazy with spending. I purchased two computer monitors on cyber Monday for like $400 each, plus I had purchased like 8 tickets to Wrestlemania not long before that. Hoping to resell the ones we don't use for a profit at least. Plus all the holiday gift shopping. So I was like 4k in the hole going into mid December. My score dropped down to 760 at the start of January but I was already starting to pay my credit card balances down. Thanks to putting in some overtime at work and not really spending much on that card or using another one and paying something towards it every week.

So now my Amazon card is down to like a $300 balance, maybe less cuz I sent them something earlier. Plus I noticed they raised my credit line from 5k to 8.5k. So I think the increase in credit combined with me aggressively paying the card off, got me back to where I was and then some. So once that card got reported in February, it all hit at once and boosted me back up to where I was before.

Plus now that I got a new card coming with a 10k limit, my utilization rate gonna improve. I do have the inquiry but I got one that's dropping in April so just gotta be patient. Plus I plan on being aggressive with this card to earn points and pay it off quickly so I can keep my utilization rate low. Got some big purchases and I plan on spreading them out so I can keep my balance low or at least under 20%. Gonna be hard but I think just staying focused will keep me right. Just gotta avoid unnecessary spending.