Credit Cards

Faldoe · Post by **Faldoe** » Fri Nov 10, 2017 1:42 am

I've had a secured card for a few years that I've used to build my credit. I'm looking to increase my credit line (can't do that with the current secured card) and get a card with some benefits and a good APR. I'd use this card solely for larger purchases and use it sparingly.

Any suggestions on cards? My current card is with Capital One. I tend to pay the monthly balance off in full each month on this card.

echorec · Post by **echorec** » Fri Nov 10, 2017 2:24 am

I would recommend getting a second Capital One card or a Chase card. Both seem to be consistently ranked in the top-5 of consumer lists for things like 0% APR introductory periods and basic rewards (for people with average to good credit). I hated CITI, so I would tell you to avoid them.

echorec · Post by **echorec** » Fri Nov 10, 2017 2:26 am

Also, if your big purchases will be gear, then I'd look at PayPal Credit or just getting a financing account with Synchrony. They have partnerships with Vintage King, Sweetwater, Musician's Friend, Amazon, et cetera.

weebles · Post by **weebles** » Fri Nov 10, 2017 3:44 am

Chase Sapphire is the way to go.

Over the past year, my wife and I have used points accumulated to take a trip to Spain and then another to Baja California Sur.

MEC · Post by **MEC** » Fri Nov 10, 2017 8:03 am

Chase Freedom Unlimited has been good to me.
No fees, 0% for 15 months & cash back benefits.

Faldoe · Post by **Faldoe** » Fri Nov 10, 2017 11:44 am

echorec wrote:Also, if your big purchases will be gear, then I'd look at PayPal Credit or just getting a financing account with Synchrony. They have partnerships with Vintage King, Sweetwater, Musician's Friend, Amazon, et cetera.

I have a Guitar Center card through Synchrony. I only got it to buy a $400 Guitar. The pentaly percentage - at least on the GC card - is pretty crazy.

I’d maybe buy some gear but it would mostly be for tools or a purchase for something for my home.

Strange Tales · Post by **Strange Tales** » Fri Nov 10, 2017 11:57 am

echorec wrote:Also, if your big purchases will be gear, then I'd look at PayPal Credit or just getting a financing account with Synchrony. They have partnerships with Vintage King, Sweetwater, Musician's Friend, Amazon, et cetera.

I've always been told that PayPal Credit doesn't ever actually tie in to your credit score. I don't know how that works or how it makes sense but yea.

lordgalvar · Post by **lordgalvar** » Fri Nov 10, 2017 12:13 pm

PayPal credit can only be negative for a score...they only report their credit check and missed payments. I've never gotten a straight answer on affirm, but I assume it is the same (being former PayPal people). It's on the creditor to report to the evil three what they want.

Fingerhut, though expensive, is a good way to quickly increase credit if that is your goal. Limited catalog items are the only available purchases, but they report several times a year and the minimum payments are meant to pay off your card, not just pay off interest. (I know it isn't what you are looking for, but I've known people that use this and raised their score significantly and quickly and as a bridge to get better cards).

Discover has been good to most everyone I've talked to about cards. The cash back can be applied to the payments on some of the cards.

Chase Freedom/other cards have been excellent to people I know too.

Freeze your credit after too. Don't let checks down the road hurt your score (plus helps fight identity theft).

xrleroyx · Post by **xrleroyx** » Fri Nov 10, 2017 1:12 pm

If you pay it off every month, get an AMEX. One of the ones with no yearly fees if that’s your thing.

Alternatively, buy yourself something nice with a store card. GC is offering 36 months no interest with equal monthly payments. Easy way to build credit and get something nice! Just make sure you keep up on those payments or your Waller will hurt with those interest charges.

I’ve been in finance in some way or another for the past 5 years including financial advising, let me know if you have specific questions

Faldoe · Post by **Faldoe** » Fri Nov 10, 2017 2:10 pm

Thanks for the advice. My current credit score is good. The Chase freedom unlimited looks good.

Edit*** applied for the Freedom unlimited and was approved. Thanks for the input!

PeteeBee · Post by **PeteeBee** » Fri Nov 10, 2017 11:44 pm

Yo I’m curious about this too! I still need to get one of those protected cards since I’ve never had credit at all, but I’d like to buy a house some time or a reliable car, which pretty well requires credit. I can save up a few grand for a beater but the van we want is like 40 grand...

MEC · Post by **MEC** » Sat Nov 11, 2017 3:51 pm

Faldoe wrote:Thanks for the advice. My current credit score is good. The Chase freedom unlimited looks good.

Edit*** applied for the Freedom unlimited and was approved. Thanks for the input!

If you spend $500 in the first three months, you’ll get $150 in points. Just make sure to pay the $500 of in the first 15 months and that equals a 30% discount on whatever you bought.

Also, https://www.creditkarma.com is a free way to keep an eye on your credit and help you learn how to improve it.

Jwar · Post by **Jwar** » Mon Nov 13, 2017 4:51 pm

Faldoe wrote:I've had a secured card for a few years that I've used to build my credit. I'm looking to increase my credit line (can't do that with the current secured card) and get a card with some benefits and a good APR. I'd use this card solely for larger purchases and use it sparingly.

Any suggestions on cards? My current card is with Capital One. I tend to pay the monthly balance off in full each month on this card.

I'll tell you this as I own a business.

I've expensed almost 20k to my Amex over the last three months and have earned less than 200 bucks back. In fact it was barely over 100. lol.

CC benefits other than flier miles are fucking BS. It's not worth it. They all feed you some bullshit about getting good stuff back but 9/10 it's not going to really benefit you unless you spend 50k a year or more like my parents who get hundreds back in gift cards for Christmas.

If you go this route, really do your research. Don't just hop on the first good looking deal. Research the flier miles. My buddy Matt has done that and has gotten so many miles by manipulating the CC system it's insane. There's some big ass loop hole he's manipulating there. I don't quite understand it but he's able to fly anywhere for free a ton of times if he wants now simply by paying his bills and then paying off his cards.

smallsnd/bigsnd · Post by **smallsnd/bigsnd** » Mon Nov 13, 2017 6:19 pm

i got a chase sapphire reserve about a year or two ago and it's awesome. very good for business expenses and such for redeemable points plus lots of nice travel perks including lounge access! tsa precheck! global entry! $300 annual travel credit (which if you use it will basically offset most of the annual fee)! etc. i have solid credit but even still i pay it off in full every month since the apr is pretty high.

all that being said, if you're not traveling often or don't really plan to at all then it may not be the card for you.
i think they have some other options that don't have annual fees as well which might be more your speed?

Strange Tales · Post by **Strange Tales** » Mon Nov 13, 2017 7:52 pm

I really need to look into a card with travel rewards. My Discover IT card has treated me well but I don't think it's cutting it for me anymore.

ilovefuzz.com

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