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The Iron Rose posted:Crossposting from the newbie finance thread. I don't think bills and stuff to build credit history in Canada report to the US credit agencies. You may still have a blank slate when you move to NYC, unless the card from your father is a US credit card.
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Feb 2, 2017 15:23
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extravadanza posted:I don't think bills and stuff to build credit history in Canada report to the US credit agencies. You may still have a blank slate when you move to NYC, unless the card from your father is a US credit card. It is, it's a chase card. The credit card is under my name, but he still gets the monthly bill. So not sure how that one works out. Either which way, when I go to NYC though, I can always get a secured card and use that for a year yeah even with no credit history and not being a student?
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Feb 2, 2017 15:31
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Cat Army 
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The Iron Rose posted:It is, it's a chase card. The credit card is under my name, but he still gets the monthly bill. So not sure how that one works out. Maybe request your credit history through annualcreditreport.com and see if that card or anything else is being report to the US credit agencies. I think you can get your credit score through there too? If not, it's really easy to get credit scores for free through mint or one of those TV ads. If it's a reasonable score, you might still be able to qualify for a 'bad' credit card with 1-1.5% cash back. Use that for about a year then apply for a 'good' card, perhaps one that provides no foreign transaction fee, if that appeals to you. If there is no credit history, you may need to get a secured card first for a while.
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Feb 2, 2017 16:25
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Just applied for and received my first credit card in ages, when I realized the Chase Amazon card has 5% for prime members now. That's absolutely outrageous. All of our baby supplies & most of our furniture has come from prime, we could have saved hundreds.
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Feb 2, 2017 18:30
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The Iron Rose posted:Crossposting from the newbie finance thread. Do you have a TD account? TD bank in America is largely a separate entity, but they would be able to issue you a credit card with a decent limit using your Canadian credit score. Not sure if they'll do this without a TD account. I think Amex would issue you a US card too if you have an Amex Canadian card
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Feb 2, 2017 18:37
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extravadanza posted:I don't see why not. Surely plenty of people live near a state border and do banking in a different state than where they live. Maybe call them to make sure? Yeah, it's fine- my mailing address is in Virginia (no chase branches) and I've opened several accounts in CA without issue
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Feb 2, 2017 19:55
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I swore I read somewhere that the southwest companion pass would no longer be available come this March. I can't find any mention of that but that you cannot transfer from hotel partners to meet the 110k balance at that time. Are both correct or just the latter? I got the first SWA chase card but not sure I can get another in time if both from opening too many Chase cards in a short period. Speaking of, any idea on how long until I'm good to apply or the max on cards?
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Feb 8, 2017 03:37
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TraderStav posted:I swore I read somewhere that the southwest companion pass would no longer be available come this March. I can't find any mention of that but that you cannot transfer from hotel partners to meet the 110k balance at that time. Far as I know, just the transfer partner stuff is stopping counting. Chase's rule is to deny you if you've had 5 or more new accounts in the last 24 months. You can recon it if enough of those were AUs or store cards that you'd otherwise be under 5.
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Feb 8, 2017 03:43
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Good to hear the 100k bonus for the Reserve is still available at branches. Probably going to head over to one tomorrow.
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Feb 11, 2017 08:56
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TheEye posted:Good to hear the 100k bonus for the Reserve is still available at branches. Probably going to head over to one tomorrow. Any luck with this? Did you get the 100k?
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Feb 13, 2017 16:45
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AndrewP posted:Any luck with this? Did you get the 100k? My wife just went in to a branch last week and got the 100k bonus.
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Feb 13, 2017 21:29
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I got a targeted United MP Explorer 70K sign up bonus offer... and then I saw the name on the mailer was that of the previous tenant 
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Feb 15, 2017 09:22
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Blinkman987 posted:I got a targeted United MP Explorer 70K sign up bonus offer... and then I saw the name on the mailer was that of the previous tenant You may be able to use it anyway.
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Feb 15, 2017 09:52
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Getting ready to wind down and close my Sally Mae Barclayscard, replacing it with Amex Blue Cash Preferred. If I close my Barclayscard with a negative balance after dumping the rest of my cashback, do they mail that negative balance to me?
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Feb 15, 2017 16:50
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Neon Belly posted:Getting ready to wind down and close my Sally Mae Barclayscard, replacing it with Amex Blue Cash Preferred. If I close my Barclayscard with a negative balance after dumping the rest of my cashback, do they mail that negative balance to me? I know if you've overpaid they mail the balance back, I don't know about rewards bucks.
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Feb 15, 2017 18:13
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Neon Belly posted:Getting ready to wind down and close my Sally Mae Barclayscard, replacing it with Amex Blue Cash Preferred. If I close my Barclayscard with a negative balance after dumping the rest of my cashback, do they mail that negative balance to me? Instead of closing it, have you considered having Barclaycard change the Sally Mae to another product to keep your account open instead? You'd have more available credit and another account aging on your credit report; both tend to increase credit scores. I've also read some posts that with some of their other products Barclaycard even lets you keep your reward balance with the new product, but I'd recommend inquiring to make sure. Otherwise, if you have a negative balance on your card you can generally just request a check, or if you do go ahead and close out your account they'll likely mail you one anyway (but I'd still call in to find out what the expected timeframe would be to get it).
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Feb 15, 2017 18:32
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Blinkman987 posted:I got a targeted United MP Explorer 70K sign up bonus offer... and then I saw the name on the mailer was that of the previous tenant I have one that keeps popping up on my United app even though I've had the Chase MPE for a year already and just cancelled it.
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Feb 15, 2017 19:55
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Just got in/out of Chase within 15 minutes to apply for/get approved for the Reserve. Pretty painless all around! Guy said they're expecting a big rush once March rolls around.
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Feb 16, 2017 00:31
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Can I apply to update upgrade my Chase preferred to chase Reserve? I have only had the card for three weeks or so that I have already put three grand on it and paid it off. I don't know how long it will take to improve my credit score, but because I only use it for business expenses that the company immediately Cuts me a check for I anticipated doing my credit score some good
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Feb 16, 2017 02:06
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Waroduce posted:Can I apply to update upgrade my Chase preferred to chase Reserve? Waroduce posted:I have only had the card for three weeks or so
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Feb 16, 2017 02:22
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Waroduce posted:I have only had the card for three weeks or so that I have already put three grand on it and paid it off. I don't know how long it will take to improve my credit score, but because I only use it for business expenses that the company immediately Cuts me a check for I anticipated doing my credit score some good IIRC, Credit Card companies only report the statement balance and not how much you spent/paid during a pay period. So basically, if you racked up 3k and paid it off before the balance went on an official statement, the credit bureaus will never know it happened. For the most part they only care that you actually pay off your statement balance on time every month. Utilization has some impact too, but not as much.
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Feb 16, 2017 15:06
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um does that mean i should carry that balance over? wont I pay interest than?
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Feb 16, 2017 15:09
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No, always pull off the full balance every month. If you can't afford to do that then don't get a credit card. If you're talking about transferring balances between your two cards at Chase just go talk to your bank about it, we can't help you without specific dates and numbers and we're not bankers so half of what we say will be wrong.
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Feb 16, 2017 15:12
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No I can definitely pay off the full balance every month. This is my first and only credit card and it is only used for business expenses. If I racked up and then paid off $3,000 though and the credit bureau never knows because it's paid off how does that help my credit score?
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Feb 16, 2017 15:38
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Don't worry about how much money you're putting through the card every month and how that affects your credit score day to day. The credit bureaus are constantly changing their rules, much of the advice posted recently in this thread about them is already out of date. Whether you rack up $3k or not or pay it off in one month or then transfer the balance and then pay it off a week later is all completely irrelevant to your credit score. Stop sweating it. Just pay off the balance every month.
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Feb 16, 2017 15:42
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This honestly I think is the most confusing aspect of credit scores because the specifics are pretty unintuitive. You always, always always always want to pay the entire statement balance before the due date. This prevents you from paying interest while building a solid credit history of on time payments. A long history of on time payments is absolutely the most important aspect of your credit. Do not carry a balance as a part of an attempt to increase your credit score, it doesn't help and will only cost you money. Part of your credit score is your utilization, which is how much of your available credit is being used. It's bad for your credit if you use close to your credit limit. Because of this it is possible to game the system a little by paying some of your balance earlier, before the statement is generated. If you do this though things get a little weird, you will have met the requirements for a minimum payment but a statement will still be created with a statement balance and a due date. Unless the balance is $0 you still need to pay this amount by the due date in order to avoid paying interest. Further complicating things though is it's slightly better for building credit to have some balance reported (not carried over, don't carry over a balance!) instead of $0. This is all irrelevant to most people anyways because credit utilization has no history, it's entirely based on your last reported balance. So if you're building credit this is only relevant the month before you plan to apply for a car loan/mortgage or new credit card and if you have excellent credit your limit is probably high enough that you don't need to worry about utilization at all. One last thing, spending more doesn't benefit your score in any way whatsoever.
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Feb 16, 2017 15:47
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THF13 posted:Further complicating things though is it's slightly better for building credit to have some balance reported (not carried over, don't carry over a balance!) instead of $0. I've always heard this but the past few months when I look at my score (since every bank/CC shows it to you anymore) it tells me that "too many accounts with balances" is dragging it down even though my utilization is quite low.
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Feb 16, 2017 16:22
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Thoguh posted:I've always heard this but the past few months when I look at my score (since every bank/CC shows it to you anymore) it tells me that "too many accounts with balances" is dragging it down even though my utilization is quite low. I didn't know this hurt your credit, I'm guessing it has a pretty minor effect. For avoiding a reported $0 balance I didn't mean to say you should do that for every single card, just that you want to show you are using credit. Though again this is all pieced together from unofficial sources mostly, I'm not sure if this advice directly helps your credit score or if it's just something that banks/potential credit issuers will look at on their own when they pull your credit. Edit: Here's better information from doctor of credit. http://www.doctorofcredit.com/credit-utilization-reporting-dates-for-each-card-issuer/ quote:Generally speaking you want your credit utilization under 10% to have the best FICO score (with some anecdotal evidence suggesting the optimal rate is between 1-9% depending on other factors and that it’s best to have all but one card with a utilization of 0%). Words of wisdom from the newbie personal finance thread though. "Your credit score is not a video game". Don't do anything crazy trying to min/max your credit score. With a long history of on time payments you can pretty much ignore everything else. THF13 fucked around with this message at 16:47 on Feb 16, 2017 |
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Feb 16, 2017 16:36
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THF13's advice is spot-on. The only thing I'll add is that FICO (and possibly VantageScore 3.0, but I haven't checked) looks at utilization on a per-account basis, not just overall utilization. In 2015 to celebrate going live on Apple Pay, Discover was giving 10% bonus cash back on Apple Pay purchases, which I was milking like crazy; with Christmas and a kitchen remodel going on, I got utilization up to ~60% on that card for one statement, and even though my utilization overall (across all accounts) was still only about 5%, I shed about 20 points from my FICO scores. For reference, all three of my FICO 08 scores are 800+, so this may have a different impact in other score brackets. Something to be aware of if you're about to apply for a car loan or a mortgage. At 800+ you're not going to get knocked into a less favorable interest rate, but if you're sitting at 745...
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Feb 16, 2017 18:02
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Is a single 30-day late payment from 6 years ago negligible as far as affecting FICO score? It's the only negative mark on any of my credit history, and I know it'll fall off soon, but it really bugs me that it's there at all. I still have an account with the bank (BoA card) but my attempts to request its removal just confused them.
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Feb 16, 2017 18:16
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gregday posted:Is a single 30-day late payment from 6 years ago negligible as far as affecting FICO score? It's the only negative mark on any of my credit history, and I know it'll fall off soon, but it really bugs me that it's there at all. I still have an account with the bank (BoA card) but my attempts to request its removal just confused them. No, it's not negligible, but it's going to drop off soon. They won't take it off sooner because you paid your card late, and 7 years seems to them like a fair compromise?
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Feb 16, 2017 18:33
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gregday posted:Is a single 30-day late payment from 6 years ago negligible as far as affecting FICO score? It's the only negative mark on any of my credit history, and I know it'll fall off soon, but it really bugs me that it's there at all. I still have an account with the bank (BoA card) but my attempts to request its removal just confused them. One late payment from 6 years ago very little impact alone. Anything that is a few years old will have a small impact and it gets smaller until it comes off
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Feb 16, 2017 18:38
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Waroduce posted:No I can definitely pay off the full balance every month. This is my first and only credit card and it is only used for business expenses. Once a month the credit card company will issue you a statement for X amount which is the current balance of your credit card. At that point, you have 3 weeks to a month to pay off the statement balance 'X' before it begins to cost your $Interest$. I'm assuming since you said you had the card for 3 weeks, you have yet to receive an official statement. Which means you have charged $3k on your card and paid it off, but that won't show up in your credit report because the credit card company never had a chance to issue you a statement for it. TBH the credit bureau cares more about the fact that you pay off your statement than how much is actually on the statement, anyway. Edit: If your spend a lot for business and get reimbursed - it might actually be wise to pay off your credit card more often, maybe twice a month. It will artificially reduce your utilization. A few years ago my father had a problem getting a new credit card because his utilization was so high due to the majority of his spending getting reimbursed by his employer. extravadanza fucked around with this message at 20:59 on Feb 16, 2017 |
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Feb 16, 2017 20:42
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The sallie mae mastercard is coming to an end  It was so awesome, 5% cash back on groceries, gas, Amazon/bookstores. What the hell. What do i do now
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Feb 21, 2017 19:28
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Doghouse posted:The sallie mae mastercard is coming to an end The best combo I've seen is the Amazon 5% card, the Costco 4% gas card and the AmEx Blue Everyday 3% groceries card. You had to know that SMM gravy train was coming to an end, they haven't been taking applications on it for a while now.
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Feb 21, 2017 19:50
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EAT FASTER!!!!!! posted:The best combo I've seen is the Amazon 5% card, the Costco 4% gas card and the AmEx Blue Everyday 3% groceries card. You had to know that SMM gravy train was coming to an end, they haven't been taking applications on it for a while now. You can get 6% on groceries with the fee version of that card. The breakeven point is around $3k spend a year.
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Feb 21, 2017 20:17
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asur posted:You can get 6% on groceries with the fee version of that card. The breakeven point is around $3k spend a year. Yeah we had considered this one, but if you have a Costco card you know how tempting it is to just take the 4% there (2% on executive membership, 2% on your card) instead, making it pretty hard to get to $3000 in OTHER grocery spending. It's nice Aldi lets you use an Amex now, though.
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Feb 21, 2017 20:20
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EAT FASTER!!!!!! posted:Yeah we had considered this one, but if you have a Costco card you know how tempting it is to just take the 4% there (2% on executive membership, 2% on your card) instead, making it pretty hard to get to $3000 in OTHER grocery spending. It's nice Aldi lets you use an Amex now, though. mmm you're getting that 2% on exec membership no matter what card you use. Although its not like you're gonna get grocery points at costco right, it codes as a discount warehouse no? I've just been using a 2% cash card there. But the better choice for amazon spending all along has been the blue cash 6% grocery card, buy amazon gift cards, use grocery points to get a buck off gas to more than pay for the annual fee.
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Feb 21, 2017 23:16
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Baddog posted:mmm you're getting that 2% on exec membership no matter what card you use. Although its not like you're gonna get grocery points at costco right, it codes as a discount warehouse no? I've just been using a 2% cash card there. Correct, Costco (and Costco Gas, I think) codes as discount warehouse. Chase freedom has had big box stores as their 5% category a couple times.
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Feb 22, 2017 00:10
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Yeah, RIP sallie mae barclaycard. Definitely my favorite card. I'm not a fan of carrying around a shitload of cards just to min/max so I'll probably switch over to citi doublecash for every purchase ever and be done with it
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Feb 22, 2017 00:29
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