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/biz/ - Business & Finance

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55730485 No.55730485 [Reply] [Original]

I just got a new Prime credit card with a $5,000 limit, in addition to a Discover It card with a $3,800 limit and a business credit card with a $13,000 limit. What can I do to legitimately take advantage of this? How much of my credit should I actually be using? Should I ever carry a balance? Should I get the Prime Amex for my business?

I know some of you probably have some serious credit card hacks, this is where I got the advice that took my credit score from 650 to 785 within six months. I just don't know what's really worth the trouble or if the 1-5% back on purchases will ever make a difference

>> No.55730560

Anyone?

>> No.55730567

>>55730485
Buy everything on credit. Pay off the statement balance every month. Pick cards that give max rewards for the stuff you spend the most on.

>> No.55730585

>>55730567
I've only really ever used credit cards like debit cards, as in I usually pay what I owe before my statement shows a balance. Is that dumb? I just do it that way to avoid accruing interest

>> No.55730619

>>55730485
Coinbase debit card nigger. Stack XLM

>> No.55730634

>>55730619
I have zero interest in crypto, just asking about traditional credit card usage

>> No.55730651
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55730651

>>55730485
>What can I do to legitimately take advantage of this?
Use it on purchases you can afford and pay it off in full

>How much of my credit should I actually be using?
No more than 33% but ideally under 20%

>Should I ever carry a balance?
You want to give them a tip?

>Should I get the Prime Amex for my business?
Yes but you should use it for actual business shit or risk getting butt fucked

>> No.55730698

>>55730651
>No more than 33% but ideally under 20%
Is that per card?

>You want to give them a tip?
lol point taken

>Yes but you should use it for actual business shit or risk getting butt fucked
I would, I buy most of the stuff for my LLC on Amazon. I guess a no-fee Amex is a pretty good deal if it gives you cash back?

>> No.55730781
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55730781

>>55730698
Its your total utilization across all accounts. Your FICO score measures it that way. Yeah no fee with cashback is a good deal. Personally I hate AMEX because I had one late payment in 8 years of using them and they refused to reverse it while Chase and Capital One bent over backwards to reverse it for me. Also their call center is in India.

>> No.55730808

>>55730781
What impact did the late payment have on your account? Also aren't all the call centers in India lol

>> No.55730825
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55730825

>>55730808
None, late payments dont ACTUALLY show up on your credit until you miss it by 45+ days. I paid it 1 day late because autopay wasnt set up. They charged me 29 dollars for that so I took all of my bills off the card, paid it off and closed the account in spite.

>> No.55730901

>>55730567
This

>> No.55731716

>>55730585

JFC how is the population of people who don't know how to use credit cards so high

Just put the card on autopay - last statement balance - due date

Do the above and you'll never pay a cent in interest

>> No.55731921

>>55730567
Get up to 100k in credit, then buy gold and crypto, then stop paying. 7 years later it’s off your record, that’s $15k extra per year in free money. Much higher than 3% reward points.
I did this during 2017 buying PC parts for mining and crypto directly. I think only 1 bad mark is left on my credit report that will be removed within a year. Never paid any back. Already have new cards but no plans to maxx again as I retired off ETH.

>> No.55732107

>>55731921
based