Credit and Credit Card Advizes

[COLOSSUS]

So I am currently in the process of trying to select another credit card. I currently have capital one platinum. Keep getting offers from different banks. Got some from chase, one from citi and a couple from Amex (green and gold). I also bank with SchoolsFIrst Credit Union, but won't qualify for their credit cards unless I get a co-signer because, being a barber and all, I get cash and dont pay taxes :D

Anyways. I had my credit score checked by this company (scoresense.com). I wouldnt recommend using them, and opt for myfico.com, but I didnt do my research before using scoresense. Any ways for having relatively new credit it isn't bad. Fair-good depending on the CC company you use and what they consider to be good credit. my three scores were EQF649 TU649 EXP681.

I know there are some people I would imagine to be financially savvy (Scrum?) and would appreciate some advice. But not from ROcket since he loves to blow his cash on big lifts for his big red firetruck of insecurity on wheels :P :panic:

Been doing tons of research on the best card for me right now but could use some more insight from some more knowledgeable people.


Going to call my credit union and see their requirement since I dont get paper checks, but hopefully i can use a co-signer.


Thanks in advanced guys :panic::panic::weights:

[Scrumhalf]

I think the key question is: Do you pay off your balance in full every month or do you carry a credit card balance?

I could be wrong since i am not in the financial sector but the only reason you need to pick and choose credit cards is if you carry a balance, since not every one of them charges the same interest. Another reason to choose one credit card over another is the fees they charge, for example on foreign usage. My Citibank credit card which is the only credit card I have had since I first got one as a grad student charges up the wazoo for use in foreign countries, but I know of others that don't.

For the purposes of establishing a credit rating, I don't think it should matter what credit card you have. Just pick a Visa or Mastercard and you will be good to go. Again, I am not in the finance sector, so perhaps Sana could chime in if she reads the board these days or perhaps Bouncer could get the information from her, since I believe she works in the finance sector.

BTW, I have NEVER maintained a credit card balance in the 25 years that I have had a credit card. I have done a late payment once or twice because I forgot, until I set it up to automatically draw the monthly balance in full from my checking account every month.

[FitnessBrat]

I've always been told to first go with your credit union. But maybe that's just because they are more likely to give you one. Yearly fees and interest are what you should be looking at. All of them are going to reflect on your credit score in the long run, so don't worry about that. You should also pay off your balance each month if you want to increase your score.

I don't even own a credit card, so I can't speak for which cards have the better rates/fees.

[COLOSSUS]

I think the key question is: Do you pay off your balance in full every month or do you carry a credit card balance?

I could be wrong since i am not in the financial sector but the only reason you need to pick and choose credit cards is if you carry a balance, since not every one of them charges the same interest. Another reason to choose one credit card over another is the fees they charge, for example on foreign usage. My Citibank credit card which is the only credit card I have had since I first got one as a grad student charges up the wazoo for use in foreign countries, but I know of others that don't.

For the purposes of establishing a credit rating, I don't think it should matter what credit card you have. Just pick a Visa or Mastercard and you will be good to go. Again, I am not in the finance sector, so perhaps Sana could chime in if she reads the board these days or perhaps Bouncer could get the information from her, since I believe she works in the finance sector.

BTW, I have NEVER maintained a credit card balance in the 25 years that I have had a credit card. I have done a late payment once or twice because I forgot, until I set it up to automatically draw the monthly balance in full from my checking account every month.

Thanks for the quick response Scrum!

Yes I do usually carry a balance and also understand that it is better not to, but I also was told that having a balance and making double+ the min. payment I would increase my credit (wrong info?).

I think I am just concerned on applying for a new card and being rejected and messing with my score.


I have had bad experiences when I was younger and my mom pretty much bankrupted us because she was messing around too much with too many credit cards. So now im very cautious when it comes to my finances and credit.


With that said I decided to join a creditcardforum to do more research and see what they have to say.

Thanks again for the advice Scrum! :clapback::panic::thumup:

[COLOSSUS]

I've always been told to first go with your credit union. But maybe that's just because they are more likely to give you one. Yearly fees and interest are what you should be looking at. All of them are going to reflect on your credit score in the long run, so don't worry about that. You should also pay off your balance each month if you want to increase your score.

I don't even own a credit card, so I can't speak for which cards have the better rates/fees.

Yea I am going to give my credit union a call right now. Since I usually carry a balance they fit pretty good for me because they have a low longterm apr.

You have no idea how many fees and interests rates ive been looking at over the passed 3 days hahaha

My wife tells me I need to relax and that Ill be fine, but Ive been traumatized :x:rofl::panic:

Thanks FB

[BEAST]

YOU DO NOT NEED BUNCH OF CREDIT CARDS TO BUILD YOUR SCORE!!!!!
Just carry a small balance and make your payments on time. That is all you need. Paying your balance in full every month doesn't speed the score building process either. In fact it slows it down. Credit card companies sees that same as paying cash for your purchases.

I just got a new card in the mail from B of A last friday with out even applying for one. I work with them and I guess they liked my history and being the holidays and all they figured I'll be spending some cash. Lol.

[BEAST]

For got to add just don't make the minumum payments only. Pay the balance off in couple of payments.

[FitnessBrat]

YOU DO NOT NEED BUNCH OF CREDIT CARDS TO BUILD YOUR SCORE!!!!!
.

Never do that. Even if the balance is zero, they know you have that much available to use if you wanted.

[COLOSSUS]

YOU DO NOT NEED BUNCH OF CREDIT CARDS TO BUILD YOUR SCORE!!!!!
Just carry a small balance and make your payments on time. That is all you need. Paying your balance in full every month doesn't speed the score building process either. In fact it slows it down. Credit card companies sees that same as paying cash for your purchases.

I just got a new card in the mail from B of A last friday with out even applying for one. I work with them and I guess they liked my history and being the holidays and all they figured I'll be spending some cash. Lol.

For got to add just don't make the minumum payments only. Pay the balance off in couple of payments.

I dont want a bunch of credit cards. I just want to upgrade from capital one because there interest rates can get ridiculous. The plan was to get 2. Use one for daily purchases and the other for back up (payed off) in case of emergencies. And I never pay the minimum. Usually pay 3-4x my min.

Been a little harder to do that lately though since the wife and I are planning to move and and are saving every cent we got, but even then i still dont pay minimum.

Thanks Beast!

[Bouncer]

So I am currently in the process of trying to select another credit card. I currently have capital one platinum. Keep getting offers from different banks. Got some from chase, one from citi and a couple from Amex (green and gold). I also bank with SchoolsFIrst Credit Union, but won't qualify for their credit cards unless I get a co-signer because, being a barber and all, I get cash and dont pay taxes :D

Anyways. I had my credit score checked by this company (scoresense.com). I wouldnt recommend using them, and opt for myfico.com, but I didnt do my research before using scoresense. Any ways for having relatively new credit it isn't bad. Fair-good depending on the CC company you use and what they consider to be good credit. my three scores were EQF649 TU649 EXP681.

I know there are some people I would imagine to be financially savvy (Scrum?) and would appreciate some advice. But not from ROcket since he loves to blow his cash on big lifts for his big red firetruck of insecurity on wheels :P :panic:

Been doing tons of research on the best card for me right now but could use some more insight from some more knowledgeable people.


Going to call my credit union and see their requirement since I dont get paper checks, but hopefully i can use a co-signer.


Thanks in advanced guys :panic::panic::weights:

[COLOSSUS]

Bouncer in action...

[Scrumhalf]

Colossus, have 1 card and pay it off regularly. Use a credit card for convenience, not to live beyond your means.

Also, I can tell you that I have never kept a balance in my life and my credit rating is as good as it can be.

[BEAST]

Colossus, have 1 card and pay it off regularly. Use a credit card for convenience, not to live beyond your means.

Also, I can tell you that I have never kept a balance in my life and my credit rating is as good as it can be.

Your credit is good not because of your single credit card but your complete history. Didn't you say you have a house and a condo? making mortgage payments alone is a huge plus on your credit score. Also car payments plus the other stuff like even your cable and phone bill affects the score.

If you are like colossus who just got his papers and starting from pretty much zero, needs couple of credit card bills to build the history.

[Scrumhalf]

I was simply making the point that I don't believe paying off your credit cards regularly can adversely affect your credit rating.

What you need to establish is that you are financially responsible which means the ability to pay off debt, whether it is a mortgage or a car loan or a credit card. With credit card interest rates being exorbitant, I am not convinced that maintaining a high balance is a financially sound idea.

[COLOSSUS]

Your credit is good not because of your single credit card but your complete history. Didn't you say you have a house and a condo? making mortgage payments alone is a huge plus on your credit score. Also car payments plus the other stuff like even your cable and phone bill affects the score.

If you are like colossus who just got his papers and starting from pretty much zero, needs couple of credit card bills to build the history.

I was simply making the point that I don't believe paying off your credit cards regularly can adversely affect your credit rating.

What you need to establish is that you are financially responsible which means the ability to pay off debt, whether it is a mortgage or a car loan or a credit card. With credit card interest rates being exorbitant, I am not convinced that maintaining a high balance is a financially sound idea.

Great points here guys. Thanks for the responses.