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Yorkshire Pudding posted:So you would recommended getting a new card, but leaving my current one open and just not utilizing it? Absolutely, though I would make sure to put a charge on the current/previous one at least once a year to keep it active since banks generally close or slash the credit lines of unused accounts after one or more years. quote:I'm pretty uninitiated about this, but with things like FICO score, isn't there a sweet spot to utilize somewhere between 10-20% of your total credit each month, with anything higher starting to affect it negatively? My goal is just to put a few basic bills on my credit card, but not really use it otherwise. As long as you're paying off your credit card bill(s), I wouldn't worry very much about utilization aside from not maxing it out ever if you can at all avoid it. As for payoff times, it's generally best to let the statement cut, then pay in full. If you pay it off before a statement is generated, a '0' will generally go in for that month on your credit report in a way that is not significantly different from not using your card at all. Lenders like to see (responsible) use! Another thing about utilization is it doesn't have a "memory" in terms of credit score. You can have high utilization one month or zero utilization the next, and a couple months later neither of those will affect your score any longer because you have more recent utilization percents that are used instead. That said, if you're trying to get your score as high as possible one month to apply for a loan of some sort, feel free to pay part of it off ahead of time to get close to that 10-20% utilization reporting on your statement(s). It's probably not worth worrying about, though, unless your utilization is normally much higher than that. astral fucked around with this message at 17:12 on Apr 3, 2019 |
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Apr 3, 2019 17:10
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I have no plans to apply for a mortgage or anything in the near future, but that could always change. I always pay off the bill in full at the end of the month, so that's not a problem. And my current credit card doesn't have much in the way of rewards, so it seems like the best solution would be to keep that one open, and throw a few small monthly bills on it to keep it alive and set up an auto-pay for it, and then open up a new line with better rewards and generally just use that often but make sure to pay it off in full every month?
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Apr 3, 2019 17:18
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Yorkshire Pudding posted:I have no plans to apply for a mortgage or anything in the near future, but that could always change. Sounds good!
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Apr 3, 2019 17:31
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I just saw an ad on Mint for 3% cash back on all purchases with the Chase freedom unlimited. That can't be right... Right?
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Apr 3, 2019 19:11
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CaptainJuan posted:I just saw an ad on Mint for 3% cash back on all purchases with the Chase freedom unlimited. That can't be right... Right? First $20k in the first year it looks like.
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Apr 3, 2019 19:32
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Hey, I just checked into this and it looks like you can waive the sign up bonus to get 3% on everything up to 20k for the first year. It’s 1.5% after that. I was excited for a second there too.
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Apr 3, 2019 19:34
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Right, I saw the same and clicked the ad but the page I land on at creditcards.chase.com doesn't mention anything about it. Just a $150 welcome bonus and 0% intro APR.
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Apr 3, 2019 19:36
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CaptainJuan posted:Right, I saw the same and clicked the ad but the page I land on at creditcards.chase.com doesn't mention anything about it. Just a $150 welcome bonus and 0% intro APR. Yeah the 3% one is essentially a different signup bonus offer.
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Apr 3, 2019 19:54
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As a follow-up, it looks like that 3% back on up to $20k in the first year Chase Freedom Unlimited offer is available right now through referrals only. Possibly only newly-generated ones since old ones look to still be the $150 back on $500 spend. Use Jerk McJerkface's referral spreadsheet if someone realllly wants that 3% offer (go to the "ChaseFU" tab specifically), but I wouldn't recommend that offer unless you plan on putting closer to $15k-$20k on it in the first year. At $10k the amount of UR you'd get back would be even, but that doesn't factor in the opportunity cost vs. just using a 2% card in conjunction with the $150. It also doesn't factor in higher values than 1 cent per point of UR, so adjust any calculations accordingly. If both of these offers continue to be available, it might be better to split the card out into two different tabs on that referral sheet (one for each type of promo for the CFU).
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Apr 4, 2019 05:12
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Break even on $150 vs 3% would be $15k in a year on non-higher rewards items, if your other card is a 2% card (Fidelity or Citi). Too much for me, my general spend isn't that high if you take out fuel, groceries, travel, and food. Could be a very good deal depending on your spending habits though. I just signed up for a CFU, thanks for the referral sheet McJerkface. CSP again soon, once my 48mo runs up later this quarter (I have to check QW to see when that is, May or June). The wait is 48 after the promo was paid out, right?
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Apr 4, 2019 15:02
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Nice to see the sheet getting some use Goon Credit Card random referral page:  https://goo.gl/aA5mzH
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Apr 4, 2019 15:11
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Thoughts on the capital one savor one? Was thinking of just getting the easy sign up bonus and then just throwing it in a drawer or something. But I'm also starting to save for a house (next few years, not real soon), and my average credit age is 3 years and 5 months. My oldest line is over 14 years old, but I have 8 cards under 3 years. But on the other hand, my score is around 820 right now, so I feel like my short average age isn't affecting things too much.
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Apr 10, 2019 01:02
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If you're at 820 you already qualify for the lowest rates and I don't see one additional card dropping your score substantially, especially not for the duration until you apply for a mortgage.
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Apr 10, 2019 02:03
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One downside to Capital One cards is they hard pull all three bureaus. Probably would be fine though; the initial score drop from the hard pull(s) and opening a new card mostly recover after a few months.
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Apr 10, 2019 02:21
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I was denied a Chase Sapphire despite a FICO score of 760. They cited the fact that I opened other cards recently and that my credit has been checked recently. Both true. I had intended to open three cards (I opened 2 in the last month), and I had a couple pulls related to buying a house. This was a surprise, as I have a long credit history (but only on one card, ever), and zero late / missed payments. Uh, I guess I should have gone for the Sapphire first? Anyway, if I still want the Sapphire how long do I need to wait? Hopefully not like a year. I had been considering between the Sapphire and an AMEX Platinum. Maybe I'd go for the plat now, but I don't want to be denied there too. Obviously I need to wait a bit. How long? Chimp_On_Stilts fucked around with this message at 06:05 on Apr 10, 2019 |
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Apr 10, 2019 05:55
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I've been on this forum for like fifteen years and still just hosed up quote/edit. Yeesh.
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Apr 10, 2019 06:04
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Chimp_On_Stilts posted:I was denied a Chase Sapphire despite a FICO score of 760. They cited the fact that I opened other cards recently and that my credit has been checked recently. With one card, even open for a long while, you've got a thin file. Opening two more all of a sudden, and attempting to open a third, sets off some warning flags. Have you attempted to call Chase's reconsideration line? If you explain that you're just trying to split up your expenses into different cards or something, they'd probably be fine with it - especially if your credit history is as long and as good as you say. You've got 30 days from the date of application to have them reconsider it, and you can try multiple times (just have a good additional reason to give for each call). If that doesn't work out and you do decide to go for the plat, you can sometimes be targeted for a 100k offer if you don't have any other consumer Amex cards. Make sure to check your junk mail, or check their site for pre-approved offers, or check cardmatch (part of creditcards.com) where people are also sometimes targeted for the 100k offer. If you can't get the 100k offer, you can still sometimes get an elevated 75k offer from referrals, incognito browsing, or incognito browsing of referrals, so don't settle for a mere 60k! edit: To answer your other question, if reconsideration doesn't work for the Sapphire I'd probably try again in as early as 4-6 months - just as long as there's been enough time to show that you can/have been responsible with the new cards. astral fucked around with this message at 06:35 on Apr 10, 2019 |
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Apr 10, 2019 06:33
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Interesting update re. the Chase card I posted about above in case it's useful to anyone: I called Chase's reconsideration line and spoke with a representative. I told her the full, simple story: - I have only ever had one credit card until very recently - I am opening several more cards in order to build credit - I am doing this at the advice of mortgage lenders This accounts for the several recent card openings and the several recent hard pulls. I also asked that she note I have zero late / missed payments. Before the call was over I was approved. New card is in the mail. Thanks for the suggestion to try the reconsideration line, astral! I would not have known or tried without your advice.
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Apr 11, 2019 00:58
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Chimp_On_Stilts posted:Interesting update re. the Chase card I posted about above in case it's useful to anyone: Glad it worked out for you!
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Apr 11, 2019 01:10
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https://newsroom.mastercard.com/press-releases/mastercard-delivers-everyday-value-and-enhanced-experiences-to-consumer-credit-products/ tl;dr: Mastercard base benefits are changing, particularly for for World/World Elite cards. They're eliminating the network-based Mastercard price protection and extended warranty (may not necessarily affect issuer-specific policies like Citi) and adding Cell Phone Insurance (up to $600 for World cardholders and $800 for World Elite cardholders). It's a $50 deductible and the policy covers up to $1,000 a year; it even includes cosmetic screen scratches that don't otherwise affect the ability to make/receive a call. They're also adding a $10 credit for every five Lyft rides you take in a calendar month and some other misc stuff for Fandango/Boxed/Postmates. I'm a little worried that this could lead to the end of Price Protection/Extended Warranty benefits. Discover already bowed out of those, and now Mastercard is too - though, again, issuers may still retain their own policies. Citi, for example, contracts theirs through Virginia Surety. New benefits will come into effect July 1, it sounds like.
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Apr 17, 2019 04:34
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Speaking of card benefits (and I know it can differ based on the individual issuer), if I am not a resident in the US, does the extra rental car insurance that you get from credit cards no longer apply? I'm an American living in Europe and try to use my Uber Visa whenever I rent cars under the assumption that it doesn't really matter where I live in order to make a claim should it ever be necessary. Am I leaving myself exposed or do they not really check that when you make a claim?
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Apr 17, 2019 19:13
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Magic City Monday posted:Speaking of card benefits (and I know it can differ based on the individual issuer), if I am not a resident in the US, does the extra rental car insurance that you get from credit cards no longer apply? I'm an American living in Europe and try to use my Uber Visa whenever I rent cars under the assumption that it doesn't really matter where I live in order to make a claim should it ever be necessary. Am I leaving myself exposed or do they not really check that when you make a claim? My best advice is to read the terms. Some cards' benefits don't even cover car rental insurance when you aren't in the US whether you're a resident or not.
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Apr 17, 2019 20:59
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More importantly, all US credit cards specifically require you to be a permanent resident of the US and disclosing that fact will probably get your account closed. They never ask, though. Same deal for banks and brokerages if you have those.
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Apr 17, 2019 23:04
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Ur Getting Fatter posted:More importantly, all US credit cards specifically require you to be a permanent resident of the US and disclosing that fact will probably get your account closed. A lot of them also have terms about how long you can use a card constantly outside of the US (to catch that very thing). I want to say it's something like 6 months but, again, something to read the terms carefully for.
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Apr 17, 2019 23:07
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I got my uber visa just before moving to Europe two months ago. I've been wondering how long until it stops working. Only one more month until I can get a local rewards card.
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Apr 18, 2019 09:49
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Is it true that getting a phone contract (either sim only of device included) is good for credit history?
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Apr 19, 2019 13:43
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Furia posted:Is it true that getting a phone contract (either sim only of device included) is good for credit history? I've never seen a cell plan show up anywhere on my credit history and I've have a few different carriers.
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Apr 19, 2019 13:50
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Experian lets you add utility and phone accounts to be tracked for credit history.
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Apr 19, 2019 14:10
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Furia posted:Is it true that getting a phone contract (either sim only of device included) is good for credit history? Probably not worth your time unless your credit is more or less terrible and you don't mind the excessive ongoing personal information they'll be adding to their arguably already-excessive collection. From what I remember reading about at the time, it only affects certain scoring models that may or may not even be in wide use. Definitely would recommend some looking-up of the original announcements / reviews thereof if you want to go down that road.
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Apr 19, 2019 20:20
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So I updated my income and a lot of other stuff this year and I'd like the Amex Platinum. How does one get the 100k bonus offer? 820 credit score, yadayada
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Apr 20, 2019 21:47
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Insane Totoro posted:So I updated my income and a lot of other stuff this year and I'd like the Amex Platinum. Generally you only get those if you don't have other consumer Amex cards. Normally they come in the mail; otherwise you can try CardMatch or check amex's prequals: https://www.americanexpress.com/us/credit-cards/check-for-offers/
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Apr 20, 2019 22:11
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drat I have a BC preferred.
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Apr 20, 2019 22:41
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Insane Totoro posted:drat I have a BC preferred. In that case what you can do is keep opening incognito/referral/incognito referral links to eventually get the otherwise-best bonus offer of 75k to show up. There are also some 'workarounds' out there for the 100k offer that involve misspelling your name checking prequals/cardmatch but I honestly do not recommend those. It's not worth the risk/hassle of getting the misspellings attached to your account/credit report or in putting a small red flag there for future dealings with Amex.
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Apr 20, 2019 22:51
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And where does one open such referral links?
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Apr 20, 2019 23:14
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Insane Totoro posted:And where does one open such referral links? Jerk McJerkface maintains a referral spreadsheet; I'd recommend opening a amex general referral link in a new incognito window, navigating to the plat card from there, then close it and try again if it doesn't get an elevated offer for 75k. It can be random (determined on opening based on location, existing cookies, and voodoo) whether it gives you the 75k offer or not. Jerk McJerkface posted:Nice to see the sheet getting some use
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Apr 20, 2019 23:24
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He's such a Jerk
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Apr 20, 2019 23:34
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astral posted:Probably not worth your time unless your credit is more or less terrible and you don't mind the excessive ongoing personal information they'll be adding to their arguably already-excessive collection. I mean I’m quite young so I have little or no credit history, and figured that would be a good way to start out. But if it’s going to be a whole thing then maybe not and I can stay with pay as you go instead
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Apr 21, 2019 00:22
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Furia posted:I mean I’m quite young so I have little or no credit history, and figured that would be a good way to start out. But if it’s going to be a whole thing then maybe not and I can stay with pay as you go instead Best way to start out if you have no credit is with a secured card from Discover or Capital One. Some (Discover's) even earn rewards! https://www.discover.com/credit-cards/secured/ https://www.capitalone.com/credit-cards/secured-mastercard/
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Apr 21, 2019 04:12
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astral posted:Best way to start out if you have no credit is with a secured card from Discover or Capital One. Some (Discover's) even earn rewards! I thought the cards would be US only but it turns out that I could get the capitalone one, so thanksgiving! Been approved for the capital one classic with a limit of £200
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Apr 21, 2019 09:30
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If you are currently keeping up with your phone bills, you can include that fact in your credit history by paying your phone bill with a secured card, and then paying the card in full. Just be ready to go back to direct payment if your situation gets tight.
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Apr 22, 2019 04:39
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