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« Last edited by DoreshEmes on April 11, 2019, 03:54:27 AM »

Author Topic: Questions and Help for BEGINNERS!  (Read 1737955 times)

Offline AJK

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Re: Questions and Help for BEGINNERS!
« Reply #880 on: April 07, 2013, 05:43:22 PM »
Would a negative balance (meaning the CC company owes me money on the card)  help your credit score or me owing them $1 is better?

I doubt it would help your score, but it seems that owing $1 is better than owing $0.
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Re: Questions and Help for BEGINNERS!
« Reply #881 on: April 07, 2013, 05:44:03 PM »
Would a negative balance (meaning the CC company owes me money on the card)  help your credit score or me owing them $1 is better?
Credit balance does not help your score and can cause AA.
Only on DDF does 24/6 mean 24/5/half/half

Offline AJK

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Re: Questions and Help for BEGINNERS!
« Reply #882 on: April 07, 2013, 05:45:03 PM »
@AJK I got it thanks.

One more quick question: I am a college student and as i wrote above, I just opened my first card. How many months should i wait before i start applying for the non-student cards? In other words, how many months does it take to start building your credit?

That varies for different people and you'll likely get different answers.

Personally, I'd wait 6 months just because I don't want to risk a pull and receive nothing from it (in the event I was declined for insufficient credit history).

Use this card, pay it off diligently, and move to the next level in 3-6 months.
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Re: Questions and Help for BEGINNERS!
« Reply #883 on: April 07, 2013, 05:46:07 PM »
I doubt it would help your score, but it seems that owing $1 is better than owing $0.
If anyone wants to know more about this search BobWang's post at CB. He did a test of this and tracked his real FICO score.
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Offline AJK

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Re: Questions and Help for BEGINNERS!
« Reply #884 on: April 07, 2013, 05:46:45 PM »
If anyone wants to know more about this search BobWang's post at CB. He did a test of this and tracked his real FICO score.

Save me some time -- do I recall correctly?

1% > 0% or 2%-100%
« Last Edit: April 07, 2013, 05:49:54 PM by AJK »
2015: 116K bkd | 1.6M brnd | F: OZ,NH,AA,EK | J: UA,CA,TK,DL,TN,AF,VA | LIH,NRT,ROR,PEK,CNS,BOB,MEL,TLV & Pacific Hopper

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Re: Questions and Help for BEGINNERS!
« Reply #885 on: April 07, 2013, 05:50:01 PM »
Save me some time -- do I recall correctly?
Sorry, I can't remember.
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Offline AJK

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Re: Questions and Help for BEGINNERS!
« Reply #886 on: April 07, 2013, 05:52:14 PM »
2015: 116K bkd | 1.6M brnd | F: OZ,NH,AA,EK | J: UA,CA,TK,DL,TN,AF,VA | LIH,NRT,ROR,PEK,CNS,BOB,MEL,TLV & Pacific Hopper

Offline joey123

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Re: Questions and Help for BEGINNERS!
« Reply #887 on: April 07, 2013, 05:58:13 PM »
So what do you guys say in conclusion?

Does this sound like a safe plan?

I will spend around 20% of my spending limit per month and pay off around 5-10% when it posts, and the rest at the time i receive my statement.

I really want to build an excellent credit score, so that i can apply and get approved for the awesome cards in like 6 months. Also, the points i will receive on this citi student forward card are going to be nothing compared to 1 sign up bonus on one of Dan's recommended cards. So basically, keeping a pristine credit is my chief objective.

Thanks again

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Offline AJK

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Re: Questions and Help for BEGINNERS!
« Reply #888 on: April 07, 2013, 06:01:49 PM »
Either I'm not being clear, or you're not reading what I'm writing  ;)

For perfect, pristine credit, you should be paying off all but 1% of your utilization, not as your seem to saying, 10-15%.

But:

Again, I don't worry about such things. And, different issuers report at different times, so you trying to payoff before the "statement date" maybe be a fool's game too late.

Having 70% usage, though not recommended, is really irrelevant unless, as I mentioned above, you're doing a round of apps in the near future, or you're super sensitive to the possibility of A/A or FR.

2015: 116K bkd | 1.6M brnd | F: OZ,NH,AA,EK | J: UA,CA,TK,DL,TN,AF,VA | LIH,NRT,ROR,PEK,CNS,BOB,MEL,TLV & Pacific Hopper

Offline joey123

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Re: Questions and Help for BEGINNERS!
« Reply #889 on: April 07, 2013, 06:04:32 PM »
K. Thanks. Now, I got it.

Have a good evening.
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Offline AJK

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Re: Questions and Help for BEGINNERS!
« Reply #890 on: April 07, 2013, 06:05:35 PM »
K. Thanks. Now, I got it.

Have a good evening.

You, too!
2015: 116K bkd | 1.6M brnd | F: OZ,NH,AA,EK | J: UA,CA,TK,DL,TN,AF,VA | LIH,NRT,ROR,PEK,CNS,BOB,MEL,TLV & Pacific Hopper

Offline yuneeq

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Re: Questions and Help for BEGINNERS!
« Reply #891 on: April 08, 2013, 08:12:35 PM »
Does the address you write in app have an effect on your likelihood of getting approved for a card (at least instantly)? For example, applying from my parents address (better credit history), instead of my own?

While I'm asking already, where I can find the thread that lists which company CC companies pull from?
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Offline AJK

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Re: Questions and Help for BEGINNERS!
« Reply #892 on: April 08, 2013, 08:30:09 PM »
Does the address you write in app have an effect on your likelihood of getting approved for a card (at least instantly)?

Yes.
2015: 116K bkd | 1.6M brnd | F: OZ,NH,AA,EK | J: UA,CA,TK,DL,TN,AF,VA | LIH,NRT,ROR,PEK,CNS,BOB,MEL,TLV & Pacific Hopper

Offline Moshe123

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Re: Questions and Help for BEGINNERS!
« Reply #893 on: April 08, 2013, 08:31:18 PM »
Yes.

Please elaborate if possible.

Offline AJK

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Re: Questions and Help for BEGINNERS!
« Reply #894 on: April 08, 2013, 09:02:26 PM »
Please elaborate if possible.

The likelihood of automagic approval decreases if the addresses do not match.
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Offline Moshe123

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Re: Questions and Help for BEGINNERS!
« Reply #895 on: April 08, 2013, 09:05:22 PM »
The likelihood of automagic approval decreases if the addresses do not match.

Ah, ok.
So what he wanted to do would have made it worse.

Offline MEIR613

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Re: Questions and Help for BEGINNERS!
« Reply #896 on: April 08, 2013, 09:16:02 PM »
The likelihood of approval decreases if the addresses do not match.
FTFY


Offline yuneeq

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Re: Questions and Help for BEGINNERS!
« Reply #897 on: April 08, 2013, 09:47:01 PM »
The likelihood of automagic approval decreases if the addresses do not match.

Whose talking about putting two addresses on an app?
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Offline AJK

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Re: Questions and Help for BEGINNERS!
« Reply #898 on: April 08, 2013, 10:13:51 PM »
Whose talking about putting two addresses on an app?

No one. Or at least not me.
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Re: Questions and Help for BEGINNERS!
« Reply #899 on: April 08, 2013, 10:14:43 PM »
No one. Or at least not me.

So which addresses have to match? I will put down one address , shalom al yisrael.
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