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[Winterfang]

My Credit is so bad :'(

 

[Rentahamster]

:/ So I can only use $150 without screwing myself? That pretty much defeats the purpose of why I wanted the card to begin with. I know what I can and can't afford. This sucks.

I only have like two monthly bills that are less than $150 and those combined exceed $150. Basically I'd only be able to use it for one visit to the gas station and my phone bill.

You can use as much as you want. If you're going to max out or nearly max out your balance, pay it off from your checking account as soon as your bills charge your card. As long as you have a balance utilization less than 30 to 40% when it comes time to auto-pay the balance you'll be fine.

 

[Mineshaft_Gap]

Sorry for the thread bump. I just wanted to update with new information because I thought it might be relevant, Especially because of that recent millennial credit card thread.

I got my Discover card about 6 months ago. This thread is what inspired me to finally break down and get a credit card for the first time (despite being in my early 20s). If anyone has been thinking about getting their first card please let me be a lesson; do it. I've got three cards now. Discover It card, which has been fantastic despite having a low limit. It started at $500 but got raised to $650. An Amazon Prime Store Card, and a Best Buy credit card.

I'd applied for an Amazon card in the past but got declined. Best Buy card was on a lark. That one ended up having the highest limit of them all at $3000.

It's a satisfyingly adult feeling to be responsible and watch as shit changes for the better. When I applied for Verizon a couple years ago they demanded I give them a $400 deposit up front if I wanted to be a customer. I told them to go fuck themselves. Tried again recently and was told no deposit was required. Feels good. Didn't switch though, love my T-Mobile. I'm most looking forward to being able to get a car loan at a low interest rate and without a co-signer. My mom has like a 1.5% interest rate on her car with an 805 credit rating. I'd love to get there myself.

Just checked my credit score and it's 705. Coming from zero credit. Is 705 good? I pay my balance each month (only one exception). Recently made a purchase on the Best Buy card for 6 months interest free. Trying to be responsible. Anywho... I just thought I'd update.

 

[Mineshaft_Gap]

Sorry for the second thread bump. Welp, almost a year later. My score has gone from 705 in April last year to 738 as of last month. I have a Discover, an Amazon, and a Best Buy credit card. I pay my balance off in full each month.

Haven't had any problems qualifying for anything. I got an $8000 auto loan last year after my car took a poop. I've paid off about $1800 of that so far.

My advice to anyone who's put it off is to just do it. Get a credit card. Use it responsibly. It makes life easier. I don't know what I would have done had I not been able to get a loan for my new car. That's something I would have been shit out of luck on if I hadn't any established credit history.

Question: They've bumped my original available credit limit from $500 to $1050 over the course of a year and a half. I make a lot more money now and have never (not once) carried a balance over into the next month. Is it a bad idea to request an increase? It's been about 6 months since they last upped my limit and I find myself using about 50% of my available balance on a semi-regular basis which I don't think is a great ratio.

 

[nhlducks35]

Sorry for the second thread bump. Welp, almost a year later. My score has gone from 705 in April last year to 738 as of last month. I have a Discover, an Amazon, and a Best Buy credit card. I pay my balance off in full each month.

Haven't had any problems qualifying for anything. I got an $8000 auto loan last year after my car took a poop. I've paid off about $1800 of that so far.

My advice to anyone who's put it off is to just do it. Get a credit card. Use it responsibly. It makes life easier. I don't know what I would have done had I not been able to get a loan for my new car. That's something I would have been shit out of luck on if I hadn't any established credit history.

Question: They've bumped my original available credit limit from $500 to $1050 over the course of a year and a half. I make a lot more money now and have never (not once) carried a balance over into the next month. Is it a bad idea to request an increase? It's been about 6 months since they last upped my limit and I find myself using about 50% of my available balance on a semi-regular basis which I don't think is a great ratio.

Awesome

Just know that asking for a credit line increase will usually result in a hard pull to your credit. Try and request as high of a limit as possible, and the bank will usually give you a limit that they like (this way you get a higher credit line increase)

 

[Mineshaft_Gap]

Awesome

Just know that asking for a credit line increase will usually result in a hard pull to your credit. Try and request as high of a limit as possible, and the bank will usually give you a limit that they like (this way you get a higher credit line increase)

Do you think the hard pull is worth the long term advantage of having a lower usage ratio? If it's been 6 months and I've been good at paying off my balance each month... do you suppose it's best to just wait it out?