Credit Card Recommendations?

Tx5811 said:

Don’t get another credit card. Start saving your money up and when the time comes buy cash only. Also make sure your 401k is maxed out.

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This guy knows what's up. OP wants to buy a house, so the best option is to save cash to buy outright. Median price is $300k, given Amex cited too low income, plan on saving $400k by the time you finally may have enough to buy a house outright around the age of 60. Don't forget to hide your savings in a mattress, bank might lose it.

That's why I come to SVTP, for the financial experts hiding among us.

Denied with Amex? Damn they gave me $500 just to milk me when my score was 600 in 2012. I fought a shit load of creditors 5yrs ago. Won some lawsuits, settled a few and lost 1. Represented by pro se

Don’t even sweat a credit card get a line of credit with a solid credit union that does mortgages. Build a relationship with bank so you can get an easy mortage. Small credit unions majority don’t have pmi on the loan. At least my credit union doesn’t.

Screw-Rice said:

This guy knows what's up. OP wants to buy a house, so the best option is to save cash to buy outright. Median price is $300k, given Amex cited too low income, plan on saving $400k by the time you finally may have enough to buy a house outright around the age of 60. Don't forget to hide your savings in a mattress, bank might lose it.

That's why I come to SVTP, for the financial experts hiding among us.

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You do not need to have credit to get a mortgage. If you are financially stable then it’s not a big deal with some lenders. Median home price in CT is 250k. And since his income isn’t that high I’m guessing he will look for a home in the low 100’s. If he puts his mind to it, he can accomplish it.

You don’t need another credit card. You are fine. I’d rather have cash than than credit anyway.

How do you increase your income is the question you need to be asking.

Tx5811 said:

You do not need to have credit to get a mortgage. If you are financially stable then it’s not a big deal with some lenders. Median home price in CT is 250k. And since his income isn’t that high I’m guessing he will look for a home in the low 100’s. If he puts his mind to it, he can accomplish it.

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Nice insult, guess you're triggered.

You don't need credit to get a mortgage...which is credit based. Maybe you don't with habitat for humanity...So how exactly does this work when the bare minimum is something like 560 for FHA. $300k is in the more decent areas from a quick search, so something in the 100's isn't going to be in a good area. Which is a horrible plan. If his income is lower, let's say he can put away $5000/year. For a $150k place, it's only going to take him 30 years to buy a place. A perfect strategy.

OP your credit score should be good enough to get a good rate, plus no debt is ideal for DTI. Look into a local credit union, find a good one and start to build a relationship with them. Move over your accounts, talk to their loan officers to go get a plan to proceed.

Screw-Rice said:

Nice insult, guess you're triggered.

You don't need credit to get a mortgage...which is credit based. Maybe you don't with habitat for humanity...So how exactly does this work when the bare minimum is something like 560 for FHA. $300k is in the more decent areas from a quick search, so something in the 100's isn't going to be in a good area. Which is a horrible plan. If his income is lower, let's say he can put away $5000/year. For a $150k place, it's only going to take him 30 years to buy a place. A perfect strategy.

OP your credit score should be good enough to get a good rate, plus no debt is ideal for DTI. Look into a local credit union, find a good one and start to build a relationship with them. Move over your accounts, talk to their loan officers to go get a plan to proceed.

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A credit rating is simply I have had debt score. A credit rating is garbage and does not create wealth. Money and income do.

Who would you lend money for a house: 1. 100k income 50k debt 0 savings and a 800 credit score. 2. 100k income 0 debt 50k savings and 0 credit score?

Mortgage with no credit, 4 to 1 take home to mortgage 20% down is easy with manual underwriting.

Sure as hell beats 175k income and no saving I can’t make my payments you people like to live!

ON D BIT said:

A credit rating is simply I have had debt score. A credit rating is garbage and does not create wealth. Money and income do.

Who would you lend money for a house: 1. 100k income 50k debt 0 savings and a 800 credit score. 2. 100k income 0 debt 50k savings and 0 credit score?

Mortgage with no credit, 4 to 1 take home to mortgage 20% down is easy with manual underwriting.

Sure as hell beats 175k income and no saving I can’t make my payments you people like to live!

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I think we have gone round and round in the past with this.

You just blew my mind that money and income create wealth. Was always under the impression it was bits of string and lint. You can build wealth with good credit and low interest rates, and this can be discussed at length.

Your fantasy scenario is great, but operating in reality would be more beneficial. From what little data we have from OP, it is highly unlikely he has $50k sitting in an account and makes $100k/year. He's going to better off having a strong credit score and getting the lowest interest rate possible. Even if he had your perfect scenario, he's going to be hit with a high interest rate.

Not sure who you mean by you people.

You people that preach money through debt.

I’ve known a number who have mode money that way, most if not all have gone bankrupt. It’s not if but when.

Like I said before he needs to seek more income, creating wealth, rather than debt or spending money!

Depends on where you like to travel. Some cards may be great on the rewards and absolutely dick you on currency translation.

I have a chase and get flight mileage with United. It has a high APR 21% , but I pay if off as I use it. Only cost 99bucks a year and in 10 months I accrued 150,000 flight miles

tones_RS3 said:

And bench 250 for reps.
lol

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Bicep curls I'm assuming...

Read the fine print, many cards have a max amount annually on how much you can get back.

I travel weekly for work and have to use my card for expenses (yes I do get reimbursed) and have used every card out there. The best I have found to date is the Citi Double card. That card pays you 2% cash back with no limits or restrictions. You get 1% when you buy and 1% when you pay so as long as you pay off the balance each month you get 2% back. This year I have charged just over $70k on that card and have received over $1400 cash back. Can’t complaint about free money!!


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ON D BIT said:

You don’t need another credit card. You are fine. I’d rather have cash than than credit anyway.

How do you increase your income is the question you need to be asking.

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A credit card with cash back and $0 annual fee is to your advantage if you use it right.

If you pay the card and leave $0 balance before end of statement, you'll be having cash back and zero debt for using a card just like your debit. In fact, its more secure than a debit card and certain cards like the Amex gives you an extra warranty protection for whatever item you buy.

Ex. If you buy a TV with an Amex card for 2k and its stolen or broken, an Amex card will give you the full money back with proof that such thing happen.

I have a Capital One Quicksilver card. I prefer to use my CC versus bank card because it is easier to dispute fraud charges, so I use this card everywhere. I also get notification every time the card is used or if there is a change to my account. Earlier this month I received a notification that I purchased some I-tunes but neither my wife or I have I-phones. Called Capital One and 10 minutes later I had a refund for those charges and a new card on the way for the wife. We have the same account but two different credit card numbers, therefore my CC was still good to use.

Increasing your credit limit might increase your credit score but do you have a history of paying off a loan over a long period of time? Creditors like to see that you can make on-time payments over a long period of time. Having some debt is good.

BlueSnake01 said:

A credit card with cash back and $0 annual fee is to your advantage if you use it right.

If you pay the card and leave $0 balance before end of statement, you'll be having cash back and zero debt for using a card just like your debit. In fact, its more secure than a debit card and certain cards like the Amex gives you an extra warranty protection for whatever item you buy.

Ex. If you buy a TV with an Amex card for 2k and its stolen or broken, an Amex card will give you the full money back with proof that such thing happen.

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It’s not to your advantage you go in debt every time you use it. Banks make billions of dollars every year betting that we can’t control our expenses. They win big every year.

Take the 70k example to make 1400. Yes 1400 is nice but it will not make anyone rich. Yet people go broke($175k a year and can’t pay my bills) every year because they want the 1400 too. To put it bluntly, I make $175,000 each each but I want to try to save $1,400. Because of this I will spend all my money to try to save nothing. How absurd!

Pay with cash find the 10/15/30 percent discounts save way more than the 1400 and don’t go broke!

Bdubbs said:

Bicep curls I'm assuming...

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lol
But, of course!!! lol

ON D BIT said:

It’s not to your advantage you go in debt every time you use it. Banks make billions of dollars every year betting that we can’t control our expenses. They win big every year.

Take the 70k example to make 1400. Yes 1400 is nice but it will not make anyone rich. Yet people go broke($175k a year and can’t pay my bills) every year because they want the 1400 too.

Pay with cash find the 10/15/30 percent discounts save way more than the 1400 and don’t go broke!

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Which is why I said if you use it right. If you use the credit card like you use the debit card, you'll be fine and will get nothing from the negatives only the positives (aka zero debt). Of course, its temptation and hard to do but possible.

I know people who live that way and I educated myself more on its benefits. Credit cards can be the worst thing you can ever get in life or can be one of the smartest things ever.

There is no using a credit card right. There are no benifits from a credit card. I’m not sure how I can say this clearer.

Your credit score is affected by a number of things, the biggest being amount of credit available vs amount of credit used. You want to increase your already good score? Ask for credit limit increases on any cards you already have...and then don't use it. There are other factors but that is the biggest.