Credit Card Discussion Thread

[Mr. Negative]

I got a couple.

A La Quinta Inn Visa (I was gettin it in ) that only has a $500 limit on it and hasnt budged. Keep in mind that I almost always borderline maxed it.... while I was "gettin it in". Don't ever do that if you can't pay it down, brehs.

I have a plain old Capital One card. It started out at $500 dollars then they quickly bumped it up to $2,000 in six months.

I also just got a Quicksilver card about 2 months ago with a $2,000 limit, I think.... I haven't even checked. Trying to get it bumped up by January.

I had this book somewhere that claimed it's better to keep you Credit Cards hovering at 16-19% of their total credit limit instead of paying it off in full every month. The companies are prone to giving you bigger bumps faster.

Seems to work pretty well.


BUT.......

What I'm HOPING someone can tell me in this thread... I'm about to start an LLC and I'm trying to get my hands on a Fidelity card for Business and dump the rewards into a CD.

Anyone here got first hand experience in owning a business and establishing lines of credit that don't include stuff like Staples and Office Depot? Lines of credit from actual credit companies, I mean....

 

[patscorpio]

i utilize a whole bunch of credit cards different purposes only because ive never been the type to carry a lot of cash on me like that

debit card - strictly for taking money out the ATM
corporate amex for work related stuff
worldpoints visa for regular purchases up to 200 bucks
amazon visa as my card for amazon.com purchases/large purchases over 200 bucks and the card i use when i have to make a reservation somewhere
hess gas card - i use this for only gas station purchases

then i have the store cards
best buy and old navy

every month they all get paid off in full (if utilized) with the exception of the hess gas card..i always carry a little balance over for that one..its a habit i haven't changed yet..and yes i do have the savings to cover everything if needed..my balances combined will never exceed what i have in my savings account..i make sure of that

 

[Blackout]

My credit is now 706

 

[Mr. Manhattan]

I got my credit card just recently with a 300 secured limit.. spent 150 in 3 days.. and put my card away just till i get my statement and pay it off in full.. am i playing the game right?

 

[theflyest]

I got my credit card just recently with a 300 secured limit.. spent 150 in 3 days.. and put my card away just till i get my statement and pay it off in full.. am i playing the game right?

nah your utilization is too high.

 

[Mr. Manhattan]

nah your utilization is too high.

So what should i do?
I spent it on gas and groceries

 

[MR. SNIFLES]

I fukking hate points Dem nyggas said I got 20k in points, but can only afford a knife set

As for Debit/Credit here is my plan.

Credit always online; for fraud protection

Debit for small time purchases. Usually I keep that shyt to $200 max, that's it but never use it online. The only time I did was with Expedia for a London vacation in which I put $2500 on the card and then instantly ordered for 2300.

I HIGHLY RECOMMEND TO NEVER USE A DEBIT ONLINE. That shyt is harder to recover fraud from.

I USE A PREPAID VISA FOR THAT. CAN'T STEAL WHAT AIN'T THERE.

 

[nomoreneveragain]

My Transunion Score is 745, Equfax is 742 but my FICO is 710

So what should i do?
I spent it on gas and groceries

The rule is 35% but just keep paying it off and on time and limit will increase and your score will too

 

[theflyest]

So what should i do?

$300 is so low that I wouldn't really use it like that. For credit building purposes, I would utilize 7% & just pay it off every month. That's about $21. When I did it, I put $21 in gas every month.

 

[pete clemenza]

I got my credit card just recently with a 300 secured limit.. spent 150 in 3 days.. and put my card away just till i get my statement and pay it off in full.. am i playing the game right?

Yeah that's cool.. Its secured so really they want to see how you are with your payments- payment history. Pay it in full when the bill is due- statement cuts. Do this for like 4-5 months straight then ask for a regular- unsecured card. What bank you got the secured card with?

 

[Mr. Manhattan]

Yeah that's cool.. Its secured so really they want to see how you are with your payments- payment history. Pay it in full when the bill is due- statement cuts. Do this for like 4-5 months straight then ask for a regular- unsecured card. What bank you got the secured card with?

I opened an account with Wells Fargo

 

[pete clemenza]

I opened an account with Wells Fargo

Cool man.. yeah just keep doin that for about 5 months then ask for regular unsecured card and move on up in the game. Only worry about utilization when you have a regular credit card. Right now they're just trying to see how you pay and if you're on time. a test run basically. Also on the low Wells Fargo has a weak credit card lineup. In a few months try to get in with Chase(start with the Slate card), Amex (green card), BoA, etc.

 

[MercuryHayes]

Got an AMEX a couple months back, applied for a chase sapphire today and they approved me for $16,200

I just wanted 5k


My credit repair story needs to be in a blog or something.

595 - 767 in 12 months...I was surely in the 520s before that.

 

[Mr210]

Ok

 

[Alex Cross]

My credit repair story needs to be in a blog or something.

595 - 767 in 12 months...I was surely in the 520s before that.

Mind explaining how?