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re: Credit Card options for recent graduate?
Posted on 1/22/14 at 3:22 pm to Ace Midnight
Posted on 1/22/14 at 3:22 pm to Ace Midnight
quote:
limit yourself to 1 revolving credit card
why?
As I said, I rarely used the Discover card, just ever now and then to keep some activity, but I usually put a grand or two combined on the other two cards per month, which is around 15-20 percent of my utilization
1
Posted on 1/22/14 at 3:24 pm to beaverfever
She did suggest I get the Chase Freedom recently which I did. It looks like a great card. The Sapphire actually gets worse rewards except for the ridiculous sign on bonus (which requires 3k spending in 3 months) and the Sapphire costs 100 bucks a year after the first year. This is kind of where our argument started over whether I could switch/add/cancel cards willy-nilly and she said you didn't want to do this.
This post was edited on 1/22/14 at 3:27 pm
Posted on 1/22/14 at 3:34 pm to Mr BowTie
quote:
limit yourself to 1 revolving credit card
why?
He was saying that so you're not tempted to max out all of your credit cards. Good advice if you think you might do that.
quote:
As I said, I rarely used the Discover card, just ever now and then to keep some activity
Yes, you have to keep activity on your cards. But that can be as easy as buying a tank of gas and paying it off when the bill comes due.
Posted on 1/22/14 at 3:40 pm to htownjeep
quote:
That is exactly what I am doing. Haven't bought a single thing that I wouldn't have otherwise.
Yea, I've got a capitol one card that I get 1.5% cash back for all purchases and then the discover card that has the rotating 5% each month for different things. Use the capitol one for all the bills and what not, and then the discover for whatever its theme is for the month. Then, pay them off at the end of the month. Works great.
Posted on 1/22/14 at 3:43 pm to beaverfever
quote:
She worked in banking for a while and said unless you are really going to use them regularly it is bad for your credit.
The word "bad" is relative. I have 19 bank credit cards and the "newest" one I have had for 14 years. My credit score has fluctuated between 798 and 814 the past 10 years, rotating the cards on a regular basis. The number of cards has been neither "good" nor "bad" for my credit standing - managing them wisely, whether you have 2 or 20, is what establishes the strength of your credit. (How and why I have that many is a long story, molded by events, and I would not recommend obtaining anywhere near that many. My point is that with them already in place, my credit standing is unaffected by the number or the combined credit limit of the cards - $192.6k.)
Posted on 1/22/14 at 3:51 pm to NHTIGER
quote:
my credit standing is unaffected by the number or the combined credit limit of the cards - $192.6k.)
Would WOULD affect it is how much of this is used. (I know you know this NH, I'm saying that for the others).
1 card or 19 cards doesn't matter, just keep low balances on them and you're fine.
Posted on 9/9/20 at 9:32 am to LSUAfro
What would be the best card to start out with in general?
Wife and I each have an amazon store card for the 5% back and I have a lowes and bestbuy card that I only use for interest free large purchases.
We don't travel very far often but obviously we would do it more if it was cheaper with card benefits. I've looked into a chase freedom card before but not sure what else is out there.
Wife and I each have an amazon store card for the 5% back and I have a lowes and bestbuy card that I only use for interest free large purchases.
We don't travel very far often but obviously we would do it more if it was cheaper with card benefits. I've looked into a chase freedom card before but not sure what else is out there.
Posted on 9/9/20 at 11:42 am to Mr BowTie
IF you can handle the temptation of having loads of credit cards then absolutely go wild and build up a large portfolio of credit cards. To build up a strong and robust credit profile you want to have a good amount of open credit lines that have aged for 8+ years so you want to start the clock on those as soon as possible.
As far as cards to use it sounds like you already have good credit so you should get the most beneficial cards for you. Some of my more useful cards are: US Bank Plus (choose 2 5% categories each quarter with utility bills as an option), Chase Freedom (5% rotating categories), Discover (5% rotating categories), AMEX BCP (6% Groceries)
As far as cards to use it sounds like you already have good credit so you should get the most beneficial cards for you. Some of my more useful cards are: US Bank Plus (choose 2 5% categories each quarter with utility bills as an option), Chase Freedom (5% rotating categories), Discover (5% rotating categories), AMEX BCP (6% Groceries)
Posted on 9/9/20 at 1:22 pm to beaverfever
quote:
I was talking about getting another credit card or two the other day and my sister vehemently said not to. She worked in banking for a while and said unless you are really going to use them regularly it is bad for your credit.
As with everything, the answer is probably, "It depends." If you currently have a low line of credit, each new card will can drastically raise your overall limit and overall raise your score.
It lowers your average credit age which could lower your score and gives you multiple hard inquiries which will lower your score short term. So, based on my amateur knowledge. Short term, it could drop your score, but the benefits of a higher spending limit and perks from the card would probably outweigh the drop.
That's just looking at raw credit scores which is only one factor for lenders. Maybe your sister knows a lot more about the other factors that can affect credit worthiness.
quote:
AMEX BCP (6% Groceries)
My favorite current card. I think it also gives 3% back on gas.
This post was edited on 9/9/20 at 1:29 pm
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