I'm brand new to credit, got any advice?

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I'm brand new to credit, got any advice?

Postby ModdedMach » Sun May 13, 2012 2:54 am

Hey guys, Im interested in building my credit and earning cash back and rewards for money that i will spend anyway. I do already have decent credit, i own a house, and have a car note, and a small student loan ive been paying on for a few years. Im 23 with an income of around 55k, ive applied for an amex in the past (denied lol) but recently got a preapproval for the new Discover More card, which by the reviews ive read, seems to be a nice start. Im supposed to call them back in correspondence to my app tomorrow.

My Dad always had a ton, i mean a ton, of credit cards, he also had an amazing credit score, until the economy tanked and messed everything up. He had everything from Amex, Visa, Discover, Mastercard, you name it, like 15-20 cards, business and personal. While i do want to build credit quickly i want to be more responsible. I plan on paying all balances in full very billing cycle, the big thing im interested in is getting rewards and benefits for spending my own money, basically.

My current goal is something like the Amex Blue Cash Preferred card, i spend around 7k a year at gas stations (i drive alot) and the 3% there would be sweet. That probably seems tiny compared to some spending giants on here, but hey im just a youngin, lol. The supermarket rewards are nice to on the groceries.

Any advice or suggestions for where to start and ways to go about building a nice Credit history?

Thanks in advance

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Postby paymentguru » Mon May 14, 2012 11:50 am

My advice to you is to live beneath your means. Create a budget and measure actual results against that budget. Do not utilize credit card lines just because they are available.

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Postby DavidNY » Mon May 14, 2012 2:05 pm

My advice: Pay in full and what paymentguru said.

For gas cards I think your best bet without a lot of credit history would be the Chase Freedom card, which has rotating 5% categories, including gas. You could also check out the Bank of America Cash Rewards card which has 3% gas rewards. With $7k annual gas spending you will probably exceed the maximum spending amounts for which you would get the 3% and 5% bonuses, so you may want both cards.

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Postby Crashem » Mon May 14, 2012 8:41 pm

What fico scores? Check out pen fed. They have 5 pt gas card
Amex Centurion, Amex Platinum, Amex BCP 8k->24k (5/23/12), Amex TE 15k, Cap One 1.5% 15k->20k (8/7/13), CSP 25k, Chase Palladium 100k, Citibank AA 35k (AU), Firestone 1.8k->2.2k->2.4k (8/20/12), JFCU Jloc 30k, PenFed Plat Rewards 30k, SF Fire 30k, US Bank Cash+ 25k

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