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New to Credit Cards, just approved for Discover IT! Questions!

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tennisfan78
Established Contributor

Re: I started with 3k and while the increases started small,...

Thanks E150GT, thats cool. Hope you get another great CLI soon.


Starting Score: EQ=665,TU=618 on Oct 9,2010
EQ=702,TU=725 on Apr 11, 2012 EQ=705 on Oct 31, 2012 Current Score: EQ=702, TU=714 on Dec 8, 2012
Goal Score: 750

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Message 11 of 18
UberAlec
New Member

Re: I started with 3k and while the increases started small,...

Thanks guys a ton for the responses.

 

It's massively appreciated, fantastic forum so far!

Message 12 of 18
WarJar101
Frequent Contributor

Re: I started with 3k and while the increases started small,...

Hey UberAlec, technically how long was your credit history (student loan) b efore you applied for the card? Any late payments or derogs as well?

Rebuilding...been out of the game for a minute. Now, after suffering I'm back with greater wisdom. Scores: Currently @ around 6 teens to 20's, across all three EQ,TU, EX
Message 13 of 18
codimom
Frequent Contributor

Re: New to Credit Cards, just approved for Discover IT! Questions!

if it were me, I would just keep paying in full.  Interest rate doesn't matter if you never carry a balance, right?  Since you don't like to spend what you don't have, you have the right attitude for a good rewards card.  Use the card as if it were your debit card, and pay it off IN FULL every month.  You get rewards, and don't pay interest. 

Back in the garden!
App free since 23Oct2012 reset to 27Aug13 and reset again 4nov13
Message 14 of 18
jsucool76
Super Contributor

Re: New to Credit Cards, just approved for Discover IT! Questions!

I'll agree with the others and say PIF if you can. I have a 0% offer on my capital one card, but I carried a balance simply because I keep all my money in a money market account, and since it was a 0% offer, I'm earning more than it is costing me to carry the balance.

Otherwize, interest is a killer, and it is good to get in the habit of PIF
Message 15 of 18
UberAlec
New Member

Re: I started with 3k and while the increases started small,...

Sorry for the late reply,

 

I am still in school and I took out my first student loan roughly a year ago.  Other than student loans and being in a credit union I have absolutely zero credit history, no late payments or anything.  Everything else all in cash.

 

Also rewards you get for instance 5% on gas at certain times in the year give you just a one time reward credit correct? Keeping a revolving balance on a purchase of gas does not add more to the reward?

 

Thanks

Message 16 of 18
E150GT
Frequent Contributor

Re: I started with 3k and while the increases started small,...

not only does revolving a balance not add to the rewards, it takes away in the form of inetrest. Well once you are out of the 0% time frame. Remember to pay a couple of days early of the due date. I was going to make a payment on my due date, but it slipped my mind and I lost my intro rate and paid a $35 fee!


CSP-$8700, Amex BCE-17.2k, Chase Freedom-$5700
Discover It-$6600, USAA MC-$5900 Ink Bold- $12k United Explorer-$5k
Message 17 of 18
UberAlec
New Member

Re: I started with 3k and while the increases started small,...

So even if I make the minimum balance, and I certainly always plan on paying in full, the interest still applies to the left over revolving amounth correct?

 

Thanks again

Message 18 of 18
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