circuit bored records Posted October 19, 2015 Share Posted October 19, 2015 I use my CC a LOT and I don't get points and its bullshit and I want to switch to a bank / card that will actually benefit me. I'm currently BOA but I don't really have any ties to it. To those of you who use cards, which do you have and do you find the rewards worthwhile? You can call Bank of America and have them convert your existing credit card into a cash rewards card, it's not applying for a new card so there is no credit check and you keep your same account, credit limit, etc. 1% for most purchases, 2% back for others and a 10% bonus when you transfer rewards into a BofA checking or savings account. It's not too bad IMO. Just a heads up. Quote Link to comment Share on other sites More sharing options...
Tardcore Posted October 19, 2015 Share Posted October 19, 2015 32 years old....literally NO credit...no debt though Tried to get one via Macy's for our couch we bought in February and got denied....had to go through the lady. I sincerely HATE credit system. I've never been late on a single payment of anything in my life (lived on my own for 14 years now and had multiple bills in my name since then). I pay everything on time. But I make almost no money (even working two jobs) so nobody will give me a card. My "graduation present" from high school was the vehicle I'm still driving....which my father told me I was responsible for half the cost of....which at the time seemed fair and logical. Older now....pretty fucking pissed off that I paid for half of a vehicle but wasn't a signee on the bill so I received no credit what so ever for it (even more pissed off that I can't get my dad to sign the fucking thing over to me 14 years later either.....been paying insurance on it for 14 years under my name). I know life isn't fair, but I find it insanely frustrating that having never missed a payment on any bill in 14 years despite how little money I make basically means nothing in America. If my vehicle eats shit I'm basically S.O.L. because I don't have credit OR money upfront. I had a friend who found himself in a similar situation. He was a grown-up with a grown-up job and was completely incapable of getting any kind of credit simply because the systems had no data on him. It became a real problem when he was looking to buy a house. I think he ended up needing to getting a goofy pre-paid "credit card" simply to get into the system. You basically pre-pay the balance and then pay some sort of fee on top simply to have a "credit card". It's a complete scam but it gets you in the door. Quote Link to comment Share on other sites More sharing options...
TheGhostOfRandySavage Posted October 19, 2015 Share Posted October 19, 2015 32 years old....literally NO credit...no debt though Tried to get one via Macy's for our couch we bought in February and got denied....had to go through the lady. I sincerely HATE credit system. I've never been late on a single payment of anything in my life (lived on my own for 14 years now and had multiple bills in my name since then). I pay everything on time. But I make almost no money (even working two jobs) so nobody will give me a card. My "graduation present" from high school was the vehicle I'm still driving....which my father told me I was responsible for half the cost of....which at the time seemed fair and logical. Older now....pretty fucking pissed off that I paid for half of a vehicle but wasn't a signee on the bill so I received no credit what so ever for it (even more pissed off that I can't get my dad to sign the fucking thing over to me 14 years later either.....been paying insurance on it for 14 years under my name). I know life isn't fair, but I find it insanely frustrating that having never missed a payment on any bill in 14 years despite how little money I make basically means nothing in America. If my vehicle eats shit I'm basically S.O.L. because I don't have credit OR money upfront. Talk to your bank. I'd been banking with Chase for years and was in the same situation as you. They set me up with a Chase Freedom card, and now I probably actually have a credit score. Haven't checked since, but it's been a couple years now, and I got a limit increase, so I must be doing something right. Quote Link to comment Share on other sites More sharing options...
TheGhostOfRandySavage Posted October 19, 2015 Share Posted October 19, 2015 32 years old....literally NO credit...no debt though Tried to get one via Macy's for our couch we bought in February and got denied....had to go through the lady. I sincerely HATE credit system. I've never been late on a single payment of anything in my life (lived on my own for 14 years now and had multiple bills in my name since then). I pay everything on time. But I make almost no money (even working two jobs) so nobody will give me a card. My "graduation present" from high school was the vehicle I'm still driving....which my father told me I was responsible for half the cost of....which at the time seemed fair and logical. Older now....pretty fucking pissed off that I paid for half of a vehicle but wasn't a signee on the bill so I received no credit what so ever for it (even more pissed off that I can't get my dad to sign the fucking thing over to me 14 years later either.....been paying insurance on it for 14 years under my name). I know life isn't fair, but I find it insanely frustrating that having never missed a payment on any bill in 14 years despite how little money I make basically means nothing in America. If my vehicle eats shit I'm basically S.O.L. because I don't have credit OR money upfront. Talk to your bank. I'd been banking with Chase for years and was in the same situation as you. They set me up with a Chase Freedom card, and now I probably actually have a credit score. Haven't checked since, but it's been a couple years now, and I got a limit increase, so I must be doing something right. Quote Link to comment Share on other sites More sharing options...
iron666monkey Posted October 19, 2015 Share Posted October 19, 2015 I travel a lot, so the card I use racks up airline miles for AA, which is what I always fly. Pretty sweet, I've flown first class quite a few times for free as a result. Quote Link to comment Share on other sites More sharing options...
deafening Posted October 19, 2015 Share Posted October 19, 2015 I think he ended up needing to getting a goofy pre-paid "credit card" simply to get into the system. You basically pre-pay the balance and then pay some sort of fee on top simply to have a "credit card". It's a complete scam but it gets you in the door. Secured credit card. You pay a deposit and most of the time get set up with a credit limit the same amount as the deposit. It's one of the only doors left that people with no credit can open, and I have read many reviews of people not getting their deposits back. It sucks. I'm back at zero credit (no credit score), and I really want don't want to have to take this route. Quote Link to comment Share on other sites More sharing options...
Guest Posted October 19, 2015 Share Posted October 19, 2015 I haven't used my bank card in years. Rarely, if I need to withdraw cash, is the only time I will use it. I have about 5 main reward credit cards I use for all purchases. And then a couple store credit cards. I'm working my way up to more cards. I would eventually like to have about 15. One financial podcast I listen to suggested having 30. I feel more protected making purchases with my credit cards. I had some fraudulent purchases on my bank card once, and it took about 2 weeks to get the money bank. Same thing happened with my AMEX and I had the money back in 2 days. And the rewards are great, cash back on money I'm already spending, hell yes. Off the top of my head I can't remember exactly what cards I have, but I have 2 Amex, Discover IT, chase, and barclaycard. I make all purchases with those, rotating depending on what qualifies for reward points (gas one month, Amazon purchases next month). I pay off each card in full every month. It's been a great system for me, I've kind of gotten obsessed with it. I also had almost no credit history to speak of about 3-4 years ago, and am now sitting around a 760-780 credit score. I know my frequent use of credit and my credit utilization ratio has helped that a lot! Quote Link to comment Share on other sites More sharing options...
birdwell Posted October 19, 2015 Share Posted October 19, 2015 Yeah, my problem with secured CC is I have no money to put into that.....if I did I would've purchase the things I need a CC for in the first place. I don't make enough to save up. To purchase bigger ticket items im selling guitars and musical equipment I don't jam anymore. The system is broken....but we probably all already knew that. With the couch purchase with the Macy's card, because it straight denied me it also wouldn't let me co-sign or get my name on the card too or whatever with my GF who ended up having to open a card with them in order for us to get the couch.....I was fucking pissed. Anywho, long and the short, I'm scared shitless when it comes time for a new vehicle. Also the neighborhood we live in had ASS-cheap houses (I'm talking Detroit/Cleveland prices) but I can't get a loan or a mortgage even though the loan/mortgage payments would be half of what we're paying in rent.....even after insurance and property tax paid....fucking disconcerting. Also has really made me fucking hate my parents for a.) never explaining any of this shit to me (yeah, could've/should've looked into it myself and technically have nobody to blame but myself) b.) not even giving me the option to co-sign on my vehicle c.) never talking to me about opening a savings account or a CC with their name on the card as well. All of this no longer surprises me now that I look at my parents finances and realize that they're literally on the verge of filing for bankruptcy because of how out of control their credit shit is. I have no savings, no credit, not a lot of shit that's worth much to sell....a vehicle I paid half for that's not in my name despite the insurance being in my name....but, I don't carry any debt....just live paycheck to paycheck down to $6.77 Quote Link to comment Share on other sites More sharing options...
iron666monkey Posted October 20, 2015 Share Posted October 20, 2015 I haven't used my bank card in years. Rarely, if I need to withdraw cash, is the only time I will use it. I have about 5 main reward credit cards I use for all purchases. And then a couple store credit cards. I'm working my way up to more cards. I would eventually like to have about 15. One financial podcast I listen to suggested having 30. I feel more protected making purchases with my credit cards. I had some fraudulent purchases on my bank card once, and it took about 2 weeks to get the money bank. Same thing happened with my AMEX and I had the money back in 2 days. And the rewards are great, cash back on money I'm already spending, hell yes. Off the top of my head I can't remember exactly what cards I have, but I have 2 Amex, Discover IT, chase, and barclaycard. I make all purchases with those, rotating depending on what qualifies for reward points (gas one month, Amazon purchases next month). I pay off each card in full every month. It's been a great system for me, I've kind of gotten obsessed with it. I also had almost no credit history to speak of about 3-4 years ago, and am now sitting around a 760-780 credit score. I know my frequent use of credit and my credit utilization ratio has helped that a lot! You do realize every time you get a card on your way to 30 they check your credit, which negatively impacts your credit score for to many queries. Plus, 30 cards seems insane, like setting yourself up for major potential fraud issues insane. Quote Link to comment Share on other sites More sharing options...
psus2h Posted October 20, 2015 Share Posted October 20, 2015 You do realize every time you get a card on your way to 30 they check your credit, which negatively impacts your credit score for to many queries. Plus, 30 cards seems insane, like setting yourself up for major potential fraud issues insane. the dip is insignificant. You take a harder hit for late payments and non approvals on cards. Quote Link to comment Share on other sites More sharing options...
iron666monkey Posted October 20, 2015 Share Posted October 20, 2015 the dip is insignificant. You take a harder hit for late payments and non approvals on cards. Right on, I still think having upwards of 30 cards is excessive, but it's not my deal, so I have zero reason to care. Quote Link to comment Share on other sites More sharing options...
Twistedshabazz Posted October 20, 2015 Share Posted October 20, 2015 Whatever podcast that is is not giving sound advice for having 30 credit cards. By having one and paying it all on time and in full you will help your credit just as much as having a multitude of them and less worry having to alternate and monitor all of them. Quote Link to comment Share on other sites More sharing options...
TheGhostOfRandySavage Posted October 20, 2015 Share Posted October 20, 2015 Whatever podcast that is is not giving sound advice for having 30 credit cards. By having one and paying it all on time and in full you will help your credit just as much as having a multitude of them and less worry having to alternate and monitor all of them. Fact. If you have credit cards you aren't using for a while it will do negatively affect your credit. Credit is some crazy shit. Also, don't cancel your cards, because that'll fuck you up too. Quote Link to comment Share on other sites More sharing options...
psus2h Posted October 20, 2015 Share Posted October 20, 2015 Fact. If you have credit cards you aren't using for a while it will do negatively affect your credit. Credit is some crazy shit. Also, don't cancel your cards, because that'll fuck you up too. You're better off downgrading than canceling. For instance if you have a CC with an annual fee you can ask the provider to downgrade it to another card they offer that does not carry a fee. 30 cards is nuts, but some travel hackers really know how to work the system and usually have ridiculous credit score. It's the debit to credit ratio. Probably zero debt with a huge credit line which is a low ratio and good for your score. There's manufactured spending and all sorts of crazy stuff people do. That's for another discussion. Quote Link to comment Share on other sites More sharing options...
Guest Posted October 20, 2015 Share Posted October 20, 2015 I guess I personally thought you couldn't have too many cards. I would love to know more about this though I'm pretty new to the CC game and want to learn as much as possible. The podcast was 'Listen Money Matters' but I would have to ask my boyfriend if he remembers what episode it was. How would having a lot of cards hurt me if I used them all properly and paid them off each month? I definitely see how someone is fucking up if they keep opening cards, maxing them out, and repeat repeat... I don't see an issue with increasing my credit utilization ratio, while maximizing cash back and rewards points on money I am already spending. If I get a hard pull for putting in a credit card app, the effect on my credit score is minimal and doesn't hurt it in the long run. Quote Link to comment Share on other sites More sharing options...
BuzzersonKillwell Posted October 20, 2015 Share Posted October 20, 2015 I don't actually know much about having too many, not enough or whatever but I will say you certainly don't need a lot If cards to have great credit. To The original question, I agree with other people. Decide on the type of rewards that work for you and choose that way. Quote Link to comment Share on other sites More sharing options...
Korgull Of Morgoth Posted October 20, 2015 Share Posted October 20, 2015 Hope you guys realize that outside of the US most people have MAYBE 2 credit cards tops and it all works fine and dandy. It usually is one regular cc and one for cash withdrawals. There are also not many reward programs. With my own Visa I get a few small discounts here and there and a 15 euro Amazon coupon every 7k euro spent. Quote Link to comment Share on other sites More sharing options...
Team Avatar Posted October 20, 2015 Author Share Posted October 20, 2015 according to credit karma the number of accounts does help calculate your total score.. So of the eight accounts: 1 BOA cc federal union cc and the other five are loans // auto payments on my card. Interesting.. Quote Link to comment Share on other sites More sharing options...
BuzzersonKillwell Posted October 20, 2015 Share Posted October 20, 2015 Got me curious. Lifehacker says: Your payment history makes up 35% of your FICO score, while your total debt owed amounts to 30% of your final FICO score. Making up the final 15%, 10% and 10% of your FICO score are the length of your credit history, any new credit that you have taken on, and the type of credit you have used. When calculating your individual FICO score, the number of credit cards that you have will influence the smallest weighted category: the type of credit that you use. The number of credit accounts you have altogether—not just credit cards, but things like auto loans, mortgages, student loans, and store revolving accounts—make up 10% of your score. You could have one or two cards or twenty-two, but the much more important factors are if you pay your bills on time and how you're utilizing your credit. Quote Link to comment Share on other sites More sharing options...
Tardcore Posted October 20, 2015 Share Posted October 20, 2015 I think the biggest drawback to having a large number of cards is probably the hit you take to the average age of your credit accounts rather than the hard inquiry. You have to keep an eye on branded store accounts for the same reason (like a Best Buy card). They switch credit companies relatively frequently (like going from Capital One to Chase) and in the background, your old account closes and a new one opens automatically without any input from you. In order to push your credit score up into the upper 7-800s, you have to have long-standing accounts. If you're relatively young and don't have a long credit history, it won't matter that much. Just remember that it can be beneficial to keep accounts around and use them occasionally. I have a few cards that I set up to pay stuff like Netflix and just auto pay the balance every month. Quote Link to comment Share on other sites More sharing options...
Guest Posted October 20, 2015 Share Posted October 20, 2015 So interesting, I mean I still think 30 cards seems excessive but it's nice to know that wasn't an entirely insane amount. Shit I think I'm on credit card forums more now than I come here. Quote Link to comment Share on other sites More sharing options...
psus2h Posted October 21, 2015 Share Posted October 21, 2015 If you're in the game your not wasting a hard pull on a retail card. I had a friend who used to sign up for cards, that have great signup bonuses (spend 3k in 3 months for 50k points) he would use the card to order 3k of dollar coins from the U.S. mint (they were trying to push these into circulation, so they shipped for free). He would then call his bank and tell them he had a large coin deposit. He'd then used the coins he just orders on his CC to pay it off and suddenly have ~$400 in airline travel or hotel stays. This was before the mint started capping orders and when CC issuers stopped counting purchases from the Mint towards the required spend. The days.... Quote Link to comment Share on other sites More sharing options...
Team Avatar Posted October 21, 2015 Author Share Posted October 21, 2015 i think i'm leaning to just upgrading my BOA if they don't change the number /// it's that easy and getting a target card. Food at target is cheaper and pretty much the same as at other local stores, so I think that's really cool. I also learned that you can get a 'debit' card for target that still offers the 5% off so, again, also cool and considerable for me. thanks everyone for your input and knowledge. there is a plethora of shit i dont know about that could quickly benefit my life! Quote Link to comment Share on other sites More sharing options...
homework Posted October 21, 2015 Share Posted October 21, 2015 Max those cards out baby! Quote Link to comment Share on other sites More sharing options...
Guest Posted October 21, 2015 Share Posted October 21, 2015 Just did this today. I had been mulling over the Southwest Premier rapid rewards card since I fly southwest a lot and work sends me on southwest too. The sign up bonus was 50,000 points (about $700 worth of flights) if you spend $2000 in the first 3 months. Last week I got a bill in the mail for almost $700 because I apparently did not pay city of saginaw taxes when I lived there in 2013. So, I just applied for the card and got approved. I will put the $700 bill on that card, pay it off, and use that card on groceries/gas/misc. (and pay it off) until I get to $2000 in order to quality for the 50,000 point bonus. It makes the sting of that bill not so bad when I'll be getting $700 worth of flights back. Quote Link to comment Share on other sites More sharing options...
Recommended Posts
Join the conversation
You can post now and register later. If you have an account, sign in now to post with your account.
Note: Your post will require moderator approval before it will be visible.