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/biz/ - Business & Finance

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5822361 No.5822361 [Reply] [Original]

Hey /biz/,
I just acquired my first credit card through pic related like a good goy. I made the mistake of waiting until my early 20's to even bother trying to build my score, but I'm starting with something like a 570. The limit on my card is also about $300. That being said, I've read on several other sites that you normally shouldn't go above 30% of your credit limit if you intend to build your score, rather than making a negative impact on it.
Can anyone advise me on how I can go about building my score as efficiently as possible (hopefully in about a year) without falling prey to any tricks or the trap of crippling debt?

>> No.5822618

>>5822361
What you do is get a few cards and max them all out however you want. Once you're in well over your head you stop paying them and file for bankruptcy. You now have all this cool shit for free. Just rent or live at your parents house until your credit is OK.

America baby

>> No.5822641

>>5822361
the 30% is a bit dated you can go over, just try not to max out. Do you have student loans? make sure you are paying those down. actually having multiple lines of credit is good. maybe look into buying a new car. You'll get shafted on the interest rate, but you can refi once you get in the mid 600s Use the app Credit Karama it doesn't dock you for checking, and it gives you good advice. honestly it is mostly a waiting game of paying youd loans off on time.Since you;re young that also works against you, maturity of credit lines is a pretty big factor

>> No.5822727

>>5822361
do you know why your credit is so low? have you gone to collections, or missed payments?

>> No.5822781

>>5822361
keep utilization to 0%-10% a month, download credit karma app, it doesnt hurt your credit score when YOU check your own credit score, turn on autopayments.

>> No.5822844

>>5822781
also, just be patient, eventually, your credit card will increase your credit limit, and when it does increase, your credit score will get a nice bump too.

>> No.5823045

>>5822727
Everyone without a credit history starts that low. Dude has probably never had any bills under his name or any type of financing before. The best way to build up credit is to pay off your utilities every month, but that only works if you have your own place. Next step is what he is doing, getting a credit card and using it to buy gas or groceries and paying it off every month. He will have a 700+ score in a year or two doing this.

>> No.5823236
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5823236

>>5822361
Kek 21 with a 750 score and 8k limit
You fucked up op

>> No.5823393

>>5822361
If you just want to build your credit, use the card to purchase things you normally purchase on a regular basis. I would recommend gas, if you drive.

Use your credit card only for gassing up, and make absolutely sure you pay it off every month.

>> No.5823454

I have 10k revolving credit debt that I can pay off right now if I cashed out, but I’m not gonna

>> No.5823468
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5823468

>credit score

>> No.5823578

I'm 47 and have had credit cards my entire life. I have never paid 1 cent in interest or fee on a credit card. I use them for everything. I take vacations every year using reward points. I can not understand how you stupid poor nocoiners even tie your shoes.

>> No.5823759

>>5822361
Make sure you apply for 0% APR cards so that you don't have to worry about getting fucked in the arse in interest.

>> No.5824402

>>5823759
no credit card is going to have 0% APR. How would the lender make any money?

>> No.5824438

I just bought $2500 ETH from CoinMama.com and had to pay $250.00 in fees. 5% for them and 5% for the CC transaction. Is that fucked up?

>> No.5824553

Make your payments each month, you don’t want to roll over.
If you’re using capital one they let you request a credit limit increase every month that doesn’t ding your credit. Do it every time.

>> No.5824598

>>5824402
There are windows when there is no interest and a lot of cards offer it on certain amounts

>> No.5824640

>>5824402
I opened 3 cards in the summer that all have at least 12 months of 0% APR as an introductory promotion.

>> No.5825362

>>5824402
You have no idea what you're talking about. 0% APR credit cards are the only cards I ever apply for. (It's only temporarily at 0% APR, anywhere from 12 to 21 months.)

They make money from it because most people aren't responsible. They max out their cards and pay minimums. Once 0% APR expires, they get fucked with interest.