Credit Card Discussion Thread

[Blackout]

Lets talk about it brehs.

Help each other out with advice and shyt.

Im new to the scene so I had to get a secured credit card since I have no credit yet.

Everybody in my family tells me shyt like credit cards are evil.

Update:

Credit score rose so I now have Chase Freedom.

 

[Theraflu]

LOL I know so much about credit building.

What do u wanna know dear friend?

 

[mannyrs13]

They are. Stay away. pay everything off on time and dont overuse it. dont know about secured cards but should be same concept. if you young, focus on building your credit score up. many get caught in the traps of credit cards and get sunk to debt levels they shouldnt be in. took me some time to grind out of the quicksand and back to a decent score. heres an idea. if you used to surviving without a cc from before. use it to put gas in the car. then pay it off right after. that way its used for something you need and not for something you want. dont use it for anything else like food cuz the ease will get you, and try to stay below 30% usage. if the limit is 1000 then ur debt should be below 300. good luck.

 

[MushroomX]

I have only used one credit card in my lifetime since I was 16.

Capital one with a $500 limit, always paid on time and now on a $5k limit... even though I never have gone past 1k.

 

[Blackout]

LOL I know so much about credit building.

What do u wanna know dear friend?

creditkarma.com. Is their credit score credible?

Im thinking about getting a Chase Freedom card once my credit score rises. Yay or Nay?

I plan to hold off on paying fully and just pay monthly payments close to the minimal because I hear paying close to minimal payment increases the credit score more. Is that true?

 

[jazzfan]

A good rule to help you build credit is to charge things on the card you already have the cash to pay so that way you never carry a balance.
Capital one will give you a card in a few months after you use your secured card and keep paying it off

 

[Alex Cross]

Me and the wife just recently got Amex.

 

[pickles]

Definitely get a credit card but get only one for now. I think Capital One has one for students. I don't remember what is called though. They have this which credit card is right for you type thing, do it and the right card will come up. I say you start off with something like that, then move on to apply for a credit card with advantages like cash back etc.

 

[MushroomX]

I plan to hold off on paying it fully because I hear paying close to minimal payment increases the credit score more. Is that true?

Not much. Basically credit works as a Trust Score right?

So in order to earn more credit, you have to take risks; take on credit cards, get loans and pay on time. Once you pay on time, you get a higher credit because it shows you will pay the money back on time.

 

[I_Got_Da_Burna]

i have a quicksilver from capital one and an american express everyday card.

the quicksilver is a good beginner card...low limit, good rewards, cash back

 

[Theraflu]

creditkarma.com. Is their credit score credible?

Im thinking about getting a Chase Freedom card. Yay or Nay?

I plan to hold off on paying it fully because I hear paying close to minimal payment increases the credit score more. Is that true?

Credit Karma is 100% reliable.

PAY IN FULL every month.

Your credit score is built by your

Debt % ratio so how much of your limit you're using. Keep it below 40% so if your limit is $500 only spend about $100 for the first year to build your score and pay back in full every month.

Try not to spend more than 40% of your limit.

Minimum payment = interest

Paying in full every month = no interest.

Use your credit card for groceries or gas pay back every month.

Then in 12 months you can upgrade to the big boy cards.

Don't pay minimum on a secured card breh. The interest is atrocious.

 

[Theraflu]

I have only used one credit card in my lifetime since I was 16.

Capital one with a $500 limit, always paid on time and now on a $5k limit... even though I never have gone past 1k.

Good ole capital one

That was my first card too at 18

Why didnt you ever upgrade?

 

[pickles]

creditkarma.com. Is their credit score credible?

Im thinking about getting a Chase Freedom card once my credit score rises. Yay or Nay?

I plan to hold off on paying monthly payments fully because I hear paying close to minimal payment increases the credit score more. Is that true?

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.

 

[MushroomX]

Good ole capital one

That was my first card too at 18

Why didnt you ever upgrade?

Because I don't spend that much money ever, I rarely shop for stuff other than food; maybe get new clothes 2 times a year.

 

[pickles]

Which Capital One cards do you brehs have?
I have this one, it feels good to pull out this shiny gold card, even though I am Platinum level.