Credit Card Discussion Thread

[Controversy]

I have a credit union visa card with $15k (8% interest rate)

My Amex has $18k (10% interest rate)

My Capital One is $12k (high interest rate smh like 16%)

My credit is now in the 790s...was in the 750s at the top of the year

I request a credit limit increase every 8-9 months and only after I make a $500 payment to credit the account

Credit card utilization plays a big role in your credit score so keeping it under 15% is crucial

 

[DJSmooth]

What services are yall using to check credit scores and how accurate is it?

I heard Credit Karma is not that accurate for example.

 

[Obreh Winfrey]

What services are yall using to check credit scores and how accurate is it?

I heard Credit Karma is not that accurate for example.

I have a myFICO subscription that gives me a monthly credit report and scores from all 3 bureaus, runs me $44 a month. As far as I know, it's just about the only place you can get your FICO scores whereas mostly everywhere else is a Vantage score. Lenders use your FICO for approval. They're calculated differently which is why Vantage is an inaccurate picture of how you're doing.

At the end of the day, don't miss payments, don't open too many accounts in a short amount of type, keep your total credit utilization below 10 or 15 percent and you'll have a decent score.

 

[DJSmooth]

I have a myFICO subscription that gives me a monthly credit report and scores from all 3 bureaus, runs me $44 a month. As far as I know, it's just about the only place you can get your FICO scores whereas mostly everywhere else is a Vantage score. Lenders use your FICO for approval. They're calculated differently which is why Vantage is an inaccurate picture of how you're doing.

At the end of the day, don't miss payments, don't open too many accounts in a short amount of type, keep your total credit utilization below 10 or 15 percent and you'll have a decent score.

Thanks. Quick and to the point advice.

44 dollars.

Amex just increased my credit limit from 10K to 15K so I assume it's good.

 

[Obreh Winfrey]

Thanks. Quick and to the point advice.

44 dollars.

Amex just increased my credit limit from 10K to 15K so I assume it's good.

They have different subscriptions were you get less reports or reports less frequently. I just wanted to keep an eye on things a little more closely. I get FICO 8, FICO 9, the auto scores, the bank card scores, everything I would need to know to make smart decisions. It's an acceptable expense for me . I think Amex will give you Equifax or Experian FICO score monthly. If you have the app you should find it down in the account page. I've also read that Amex can be generous with their limits and increases. If you're kicking around 15k on one card, I'd imagine you're in good shape.

 

[Macallik86]

What services are yall using to check credit scores and how accurate is it?

I heard Credit Karma is not that accurate for example.

My credit union (Digital Federal) gives my FICO score for free monthly. Not sure if the score is aggregated from all 3 or just applies to one specific agency.

Edit: It is Experian-specific

 

[DJSmooth]

They have different subscriptions were you get less reports or reports less frequently. I just wanted to keep an eye on things a little more closely. I get FICO 8, FICO 9, the auto scores, the bank card scores, everything I would need to know to make smart decisions. It's an acceptable expense for me . I think Amex will give you Equifax or Experian FICO score monthly. If you have the app you should find it down in the account page. I've also read that Amex can be generous with their limits and increases. If you're kicking around 15k on one card, I'd imagine you're in good shape.

Rep. Just checked my Amex account at 720+ "FICO Score 8 based on Experian data".

 

[bnew]

What services are yall using to check credit scores and how accurate is it?

I heard Credit Karma is not that accurate for example.

discover provides FICO 8 score for free, updated monthly.

 

[bnew]

Always paid in cash but now realize credit cards are needed for future purchases like property etc. Got the Capital One Platinum but limit is like 500. How often should I ask for CLI and what other cards should I apply for? Score is 700 now due to little credit history but good stable income.

I want to ball out too.... wisely of course lol

if you only have a $500 limit, i'd say get a Discover secured credit card, deposit a minimum of like $1200 or whatever you can afford and pay it off in full every $300-$400. within a year of having the card they'll refund your deposit if your account is in good standing.

 

[mannyrs13]

Been struggling lately and its only going to get worse with holidays coming up. Got a 3k cli on my capital one venture card which I definitely need it. Hopefully by Thanksgiving I can lower the balance to under 1k or something. Still got low utilization but need to work on that.

 

[bnew]

My credit union (Digital Federal) gives my FICO score for free monthly. Not sure if the score is aggregated from all 3 or just applies to one specific agency.

looks like a good bank

i'll join in January for sure

savings account - Up to and including the first $1,000.00 , 6.17% APR

 

[Macallik86]

looks like a good bank

i'll join in January for sure

savings account - Up to and including the first $1,000.00 , 6.17% APR

Also up to $25/mo reimbursement in ATM fees & you can withdraw without any fees @ any 7/11 or Walgreens.

Technically, they are based in MA, but I've never been. I opened my account online and then do all of my banking online or at any Credit Union that is part of the Co-Op:
CO-OP Shared Branch Networks for Credit Unions | CO-OP Financial Services

 

[bnew]

Also up to $25/mo reimbursement in ATM fees & you can withdraw without any fees @ any 7/11 or Walgreens.

Technically, they are based in MA, but I've never been. I opened my account online and then do all of my banking online or at any Credit Union that is part of the Co-Op:
CO-OP Shared Branch Networks for Credit Unions | CO-OP Financial Services

yeah i was looking at their eligibility page last night and figured i'd have to pay $120 to the free software foundation membership to become a member and gain eligibility. Did i misunderstand, can i just sign up without any associations attached?

edit: are those 7/11 and walgreens spots free to deposit? cause i know those are major greendot locations with fees for each transaction.

 

[surv2syn]

Thanks. Quick and to the point advice.

44 dollars.

Amex just increased my credit limit from 10K to 15K so I assume it's good.

@Obreh Winfrey was correct but I would like to add for those starting out, Credit Karma (powered by Transunion), Credit Sesame (powered by Experian) are excellent free tools. The scores are not accurate at all but I dont use them for that. I use them because they are free way to alert you on different occurrences on your credit, keep track of inquiries, and also most important, keep track of your account balances and the days they report.

Equifax Complete is the one you want for detailed reports thats not too expensive and comes with free trial. its an excellent tool to use when you need to dispute or get certain shyt removed from your credit. You can get the Equifax score or you can purchase scores from all three.

FICO is the most reliable when it comes to the score as breh said, but keep in mind, scores are only a small part of criteria used for approving denying credit, contrary to popular belief. Parameters are set different depending on what you are applying for...car note, mortgage, credit cards, etc...but FICO is the closest you will get to what the lender sees. If you look at your FICO when you get a denial letter you can compare the score they give you to the one on the FICO site. Also as mentioned, free FICO comes with a lot of accounts....I've had them with Barclays, Discover, Capital One, etc...

I am building my daughters profiles now as we speak. My oldest daughter has had a Discover and Cap One for a year now, both with increased limits and regular payments (always pay more than the minimum if you can) and at the end of the month after her Discover reports we will do new apps for better cards and retire those.

I studied credit for a long time carefully and for anyone questioning what I know about it....how many people do you know that went from initially needing $40k as a down payment on a house to walking out of closing with zero down and a check for $2500 (because the previous owner hadnt paid their taxes for the year)?

 

[Macallik86]

yeah i was looking at their eligibility page last night and figured i'd have to pay $120 to the free software foundation membership to become a member and gain eligibility. Did i misunderstand, can i just sign up without any associations attached?

edit: are those 7/11 and walgreens spots free to deposit? cause i know those are major greendot locations with fees for each transaction.

The rest of the organizations you can join as you are applying to DCU to make yourself eligible for DCU. I paid $15 once when I joined.

As for deposits, I'm not too sure about that. I only do withdrawals from ATMs. For deposits I go to a random Credit Union near my job