Should I get another credit card?
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Should I get another credit card?
Posted by snake23 on 5/5 at 2:55 pm
so i am currently a college student with one credit card and one debit card, both in my name. my dad cosigned for my credit card and he pays the bill. the credit card is used for living necessities like groceries and what not. the debit card is all my personal money from working and i use it for extracurricular expenses. would it be a better idea to get a 2nd credit card to replace the use of my debit card and then just cut a check myself for that bill?
basically, would paying off two credit cards on a monthly basis help build my credit much more than just one? idk how all this shite works. TIA



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Posted by Siderophore on 5/5 at 3:48 pm to snake23
Minorly

Mostly in the form of building up age of credit lines long term.

I would only do it if you qualify for a nicer card with better rates though, with the intention of that being your long term card after your dad stops paying the first one.

And whatever you do, don't let him close the account. Lock you out of online access/cut up the card if need be.



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Posted by BACONisMEATcandy on 5/5 at 4:00 pm to snake23
Yes... Especially if you can qualify for a good rewards card


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Posted by Teddy Ruxpin on 5/5 at 4:03 pm to BACONisMEATcandy
quote:

Yes... Especially if you can qualify for a good rewards card


Side bar:

Do you have a Chase card? I'm starting to get into using Amex Bluebird to create opportunities to pay my rent/student loans, etc with my credit card and there is an ongoing great way to do it through Chase gift cards.

To the OP:

Everyone who is financially responsible should have their spend on credit cards. Not doing so is a huge opportunity cost, not to mention other issues that are easier to clear up with CCs such as fraudulent spend.


This post was edited on 5/5 at 4:04 pm

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Posted by BACONisMEATcandy on 5/5 at 4:18 pm to Teddy Ruxpin
quote:

Do you have a Chase card? I'm starting to get into using Amex Bluebird to create opportunities to pay my rent/student loans, etc with my credit card and there is an ongoing great way to do it through Chase gift cards.


I do... I only signed up because of the $400 cash or $500 in travel sign-up bonus but really like the card. I get 3 miles per dollar for flights and when I boot with miles it's just like I bought it with cash to the airline. I am considering keeping it for that reason alone and changing my Amex from the delta reserve to the reg Amex platinum when I have to renew in sept



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Posted by Teddy Ruxpin on 5/5 at 4:20 pm to BACONisMEATcandy
Well, as of now Chase is waiving the shipping fee for their gift cards. You can buy in $500 increments with your CC and it counts as a regular purchase. The cards now have PINs due to federal law, so therefore they are way more flexible to use. Go to Walmart and load them onto your Bluebird account, then have Bluebird cut a check to landlord, mortgage company, student loan, whatever.

I'm going to test this with my Chase Sapphire in the coming week or so. Waiting on my Bluebird card now.

ETA: I wouldn't go through the trouble if I had to go out of my way to do any of this, but I'm in or around Walmart once a month and that's all the times I need to be there to cover the expenses I want to.


This post was edited on 5/5 at 4:27 pm

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Posted by snake23 on 5/5 at 4:46 pm to BACONisMEATcandy
quote:

Especially if you can qualify for a good rewards card

any suggestions on cards i should check into?



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Posted by Teddy Ruxpin on 5/5 at 5:06 pm to snake23
quote:

any suggestions on cards i should check into?


I think you may have a shot at a Chase Freedom.

But its hard to give suggestions when we don't know your credit score, but I am imagining it isn't super since your credit isn't extensive. You won't qualify for the best ones yet, but it won't take too long to do so. Hence, I think you may be able to get the one I suggested. Plus it has no APR for 18 months.

This might help you come up with options

And if you get denied, ALWAYS call the reconsideration line (Chase's is very good about it). Good chance they approve you when you do that. Search on how to talk to them, have good reasons why you want the card, etc.


This post was edited on 5/5 at 5:14 pm

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Posted by snake23 on 5/5 at 5:14 pm to Teddy Ruxpin
thanks . im going to start looking into my options


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Posted by BACONisMEATcandy on 5/5 at 5:18 pm to Teddy Ruxpin
quote:

Plus it has no APR for 18 months.


I would never suggest this for someone in college... To easy to carry the balance and then not pay it off. It's what got me when I was in College



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Posted by Teddy Ruxpin on 5/5 at 5:25 pm to BACONisMEATcandy
quote:

I would never suggest this for someone in college... To easy to carry the balance and then not pay it off. It's what got me when I was in College


True, but the way I see it someone is either going to carry a balance or not either way and therefore get hit with 16% interest after his first month of use regardless.


I figure, with 18 months 0% APR, if he messes up he has time to recover, or time to make it worse. We really can't determine how responsible he is.

ETA: Also, I think this is a card you can keep for a long time, and when his credit is better, couple it with the Sapphire Preferred. I have two credit cards from my years in college and they are just collecting dust, which is fine, but for simplicity sake wish I had my go-to card earlier.


This post was edited on 5/5 at 5:30 pm

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Posted by LSU6262 on 5/5 at 8:29 pm to Teddy Ruxpin
I love my chase freedom. thinking about getting case ink cash though


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Posted by Teddy Ruxpin on 5/5 at 9:30 pm to LSU6262
quote:

I love my chase freedom. thinking about getting case ink cash though


That will work too. The Freedom's real value can only be realized once its mixed with one of the cards that allow 1:1 points to miles transfers and the Ink cards do that.



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Posted by BACONisMEATcandy on 5/5 at 10:09 pm to Teddy Ruxpin
Ink is more gear towards business fwiw


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Posted by LSUTOM07 on 5/5 at 11:21 pm to Siderophore
Why do you say you shouldn't let him close the account? Are there any other benefits other than a better debt to credit ratio?


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Posted by BACONisMEATcandy on 5/6 at 4:39 pm to LSUTOM07
quote:

Why do you say you shouldn't let him close the account? Are there any other benefits other than a better debt to credit ratio?


quote:

Yes, your credit report age matters. This isn’t how old you are; it’s how old your credit report is. Essentially, the credit score is looking for whether or not you have a long history of managing credit obligations.

There’s really not much you can do in this category because, well, you can’t control time. But as your accounts get older and older, you will organically earn more points from this category. You can help yourself along by not closing older accounts.

The use of age makes statistical sense as well as common sense. Consumers with a younger credit history tend to me more risky borrowers than consumers who have had credit for many years. Put yourself in a lender’s position. If someone came to you and asked you to borrow $10,000, wouldn’t you want to know if the individual ever borrowed any money in the past? Or, is this the first time? Are you comfortable being the borrower’s first lender? How about if the borrower wants to borrow $250,000 from you to buy a house? Are you willing to take that chance? As you can see, it’s pretty reasonable to take age into account when making these decisions.


LINK



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Posted by Teddy Ruxpin on 5/6 at 4:48 pm to BACONisMEATcandy
quote:

Ink is more gear towards business fwiw


Ya I know. Wish I had a "side business" so I could have done the double signup with Ink and Sapphire. Would have been sweet to get 90k points in one fell swoop.



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Posted by BACONisMEATcandy on 5/6 at 7:57 pm to Teddy Ruxpin
You know you don't have to have a business to sign up for a business credit card right?


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Posted by Teddy Ruxpin on 5/6 at 8:18 pm to BACONisMEATcandy
quote:

You know you don't have to have a business to sign up for a business credit card right?


That's what it seemed like but then again, I kept seeing these churners referencing a "business" (think floating rabbit ears) when talking to Chase and I just thought I hadn't developed a good cover story yet.

ETA: I just google this and it appears it varies from company to company how much identifying info you need for the "business."



This post was edited on 5/6 at 8:24 pm

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Posted by LSUTOM07 on 5/6 at 8:37 pm to BACONisMEATcandy
quote:

Yes, your credit report age matters. This isn’t how old you are; it’s how old your credit report is. Essentially, the credit score is looking for whether or not you have a long history of managing credit obligations.

There’s really not much you can do in this category because, well, you can’t control time. But as your accounts get older and older, you will organically earn more points from this category. You can help yourself along by not closing older accounts.

The use of age makes statistical sense as well as common sense. Consumers with a younger credit history tend to me more risky borrowers than consumers who have had credit for many years. Put yourself in a lender’s position. If someone came to you and asked you to borrow $10,000, wouldn’t you want to know if the individual ever borrowed any money in the past? Or, is this the first time? Are you comfortable being the borrower’s first lender? How about if the borrower wants to borrow $250,000 from you to buy a house? Are you willing to take that chance? As you can see, it’s pretty reasonable to take age into account when making these decisions.


I understand this... but cancelling a card does not eliminate the history of payments made on the card.



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