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Frequent Contributor
Karatz
Posts: 318
Registered: ‎09-25-2008
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Re: new to the credit card world, need some hep understanding

[ Edited ]

tuffluck wrote:

thanks for the help.  i think i will call on the fidelity card and see what they say.  the problem is that the card is via amex, so i don't know if they would give any more leniency towards fidelity customers since obviously only fidelity customers can get the card anyway.  in other words, i'm sure the card is subject to the same approval as any amex card.

 

thanks for the tips on credit.  i only use my card knowing full well i can pay it off when i get the bill, and keep it under the 30% max.

 

usually i get my statement online say 8/15 and it's due 9/2.  i pay it off a day or two after i get the bill, say 8/17.  if the balance is $500 that is what i pay on 8/17, but then i start using the card again immediately as the balance i accrue from that point is on the next billing cycle.  is there something wrong with this, should i be waiting until AFTER the due date to start a new balance on the card?

 

when talking about a macy's card, are you referring to the visa card or just the non-credit card type card they offer?

Message Edited by tuffluck on 08-19-2009 07:20 AM

Some how deleted a line... Your statement should have 2 dates on it: the due date, and the statement date. Most cards report to credit reporting agencies on the statement date. Obviously pay the full balance due by the due date - no interest and no late fee. Most cards you can log in and see what the balance is, it's up to you to decide what balance you want your card reporting. If you want it zero, then yes, make sure that your additional charges not included in the total-amount-due-by-due-date are also paid; or, like you said, plan your charges. Me, I'm not looking for credit at the moment so I could care less what they report. All my cards like me, except Chase, because I charge everything I buy that will take plastic, and every time I use plastic, that card makes around 2-3% if not more.

 

Regarding the Macy's card: Many years ago I went on an app spree for free stuff at all the department stores at the mall. I got all the cards I asked for and my friend got non of the ones he asked for. I canceled all of the ones I got except for my Sears card which I kept for about 5 years. I thought credit was evil and those were my first cards, also my only store cards so I know little about them other then what I read here.

 

Check back in and let us know how things went :smileyhappy:

Message Edited by Karatz on 08-19-2009 07:49 AM
TransUnion/Equifax
746/754
Date: 9/24/2009/10/02/2009
Senior Contributor
creditwherecreditisdue
Posts: 4,923
Registered: ‎04-19-2009
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Re: new to the credit card world, need some hep understanding


tuffluck wrote:

when talking about a macy's card, are you referring to the visa card or just the non-credit card type card they offer?


This most likely would be the store card. I think you will be approved for this card and most likely not for the Macy's Visa card. The point here is that this is a fairly easy to obtain store card that will grow with you. While you may initially be approved for a CL of $300 the card is capable of growing to $1000's. Very few other store cards will do this for you. If you use the card wisely in time they may even send you an invitation to accept the Macy's Visa card. If on the other hand you chose to a Target red card (for instance) whatever CL you get ($200-$300) is going to be it. They are offering no CLI's now. Gas cards notoriously have low CL's. I'm just trying to help you build your credit - the decision's yours.

Moderator Emeritus
beamMEup
Posts: 4,473
Registered: ‎12-31-2008
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Re: new to the credit card world, need some hep understanding

[ Edited ]

Needing a store or gas card is something of an urban legend.  (Someone will probably TP my house for that comment - sorry!)  There is no fico "hit" for not having one.  You will be "hit" for not having a bank or national credit card - but you only need one & your Wells Fargo fills the bill.  CU cards are a good choice (as Addict mentioned) to go along with your bank & national credit cards. 

 

You will often see your score go up when you add your first two or three cards, as you mentioned.  Having three cards allows you to report only one with a small balance (1/3 of your cc's) which can also give you a boost.

 

You can receive a FICO score "hit" for not having a credit mix - meaning not having a combination of revolving and installment loans.  That means that you will receive some plus points when you open an installment loan if you don't already have one, i.e. a car loan.  (That may be offset by other factors - so you may or may not see your score rise).  You can also receive a "hit" for having an account with a finance company - so make sure your car loan is not from a consumer finance company - that hit will stay with you as long as the account remains on your credit report (that could be 15 years or so).

 

Buy your scores here and check out the information you'll receive under "What's Helping Your Score" and "What's Hurting Your Score."  That information is tailored specifically for you and is extremely helpful.  They also provide a simulator which helps you simulate what will happen to your score if you add inquiries, new accounts,  car loans, etc.

 

The over 30% utilization only applies to balances reported monthly to the CRA's.  The balances reported are usually (check your CR to make sure) the same as your statement balance - that's different than what your maximum balance was during the month.

 

Read Credit Scoring 101 if you haven't had a chance to.

 

Have fun and good luck!

 

edited because my brain cell believes it should type CRA instead of CR.  time for breakfast.  and again! go figure.

Message Edited by beamMEup on 08-19-2009 09:12 AM
Message Edited by beamMEup on 08-19-2009 09:13 AM
Just puttin' syrup on something, don't make it pancakes.
New Contributor
tuffluck
Posts: 75
Registered: ‎08-18-2009
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Re: new to the credit card world, need some hep understanding

[ Edited ]

creditwherecreditisdue,

 

if you think i wouldn't be approved for the macy's visa then you most likely think i definitely wouldn't be approved for the fidelity amex?

 

i am only stressing the fidelity amex so much because it's an awesome card and if i can apply to as few cards as possible, and because i use fidelity, obviously my preference is to go with the better and more applicable card for me.

 

and also i will read credit scoring 101 and look into purchasing my real FICO score as well, thanks for that post.  very helpful.

Message Edited by tuffluck on 08-19-2009 08:30 AM
New Contributor
tuffluck
Posts: 75
Registered: ‎08-18-2009
0

Re: new to the credit card world, need some hep understanding

"Your statement should have 2 dates on it: the due date, and the statement date. Most cards report to credit reporting agencies on the statement date. Obviously pay the full balance due by the due date - no interest and no late fee. Most cards you can log in and see what the balance is, it's up to you to decide what balance you want your card reporting. If you want it zero, then yes, make sure that your additional charges not included in the total-amount-due-by-due-date are also paid; or, like you said, plan your charges."

 

so my statement date was 8/13 and due date is 9/8.  so basically i should make sure the balance is 0 on 9/8 if i plan to apply for something in the coming month, and if i do apply for something, it should be after 9/8 so that the 0 balance can be reflected?

 

some seriously confusing stuff.  you guys that understand credit scoring, have you figured out how to please women yet too?

Senior Contributor
creditwherecreditisdue
Posts: 4,923
Registered: ‎04-19-2009
0

Re: new to the credit card world, need some hep understanding

[ Edited ]

Contrary to what you might think the Fidelity Amex card is not an Amex product. It is an FIA Card Services product (which is part of BofA):

 

http://personal.fidelity.com/misc/buffers/retirement-rewards-card.shtml.cvsr

 

 

You stated that your score from freecreditreport.com was about 650. This is not a FICO score - it is a FAKO. I doubt a 650 FICO score would get you into this product. A 700 probably would. The only score pull you can trust is one you pulled yourself from a site that provides FICO scores. Never apply for credit without knowing exactly what is on you CBR's!

 

Direct approvals for Macys Visa a difficult to come by. According to the Macy's website this app must be done in store:

 

http://www1.macys.com/service/credit/index.ognc

 

You can app for the store card online. The store card approval is considerably easier.

Message Edited by creditwherecreditisdue on 08-19-2009 11:53 AM
Senior Contributor
creditwherecreditisdue
Posts: 4,923
Registered: ‎04-19-2009
0

Re: new to the credit card world, need some hep understanding


tuffluck wrote:

some seriously confusing stuff.  you guys that understand credit scoring, have you figured out how to please women yet too?


If you are female: "Sure!"

 

If you are male: "No comment..."

Valued Contributor
Jazzzy
Posts: 2,679
Registered: ‎07-29-2009
0

Re: new to the credit card world, need some hep understanding


tuffluck wrote:

"Your statement should have 2 dates on it: the due date, and the statement date. Most cards report to credit reporting agencies on the statement date. Obviously pay the full balance due by the due date - no interest and no late fee. Most cards you can log in and see what the balance is, it's up to you to decide what balance you want your card reporting. If you want it zero, then yes, make sure that your additional charges not included in the total-amount-due-by-due-date are also paid; or, like you said, plan your charges."

 

so my statement date was 8/13 and due date is 9/8.  so basically i should make sure the balance is 0 on 9/8 if i plan to apply for something in the coming month, and if i do apply for something, it should be after 9/8 so that the 0 balance can be reflected?

 

some seriously confusing stuff.  you guys that understand credit scoring, have you figured out how to please women yet too?



tuffluck wrote:

"Your statement should have 2 dates on it: the due date, and the statement date. Most cards report to credit reporting agencies on the statement date. Obviously pay the full balance due by the due date - no interest and no late fee. Most cards you can log in and see what the balance is, it's up to you to decide what balance you want your card reporting. If you want it zero, then yes, make sure that your additional charges not included in the total-amount-due-by-due-date are also paid; or, like you said, plan your charges."

 

so my statement date was 8/13 and due date is 9/8.  so basically i should make sure the balance is 0 on 9/8 if i plan to apply for something in the coming month, and if i do apply for something, it should be after 9/8 so that the 0 balance can be reflected?

 

some seriously confusing stuff.  you guys that understand credit scoring, have you figured out how to please women yet too?


No...if you are trying to have a zero balance reported, you will want to make sure your balance is zero before the statement cuts (if your credit card reports statement balances). Your balance is not reported as of due date..it is likely reported as the balance that shows on the statement.

 

To make matters even more confusing...many here would tell you to let your card report a small balance so that it shows that you are using your credit cards.

Senior Contributor
creditwherecreditisdue
Posts: 4,923
Registered: ‎04-19-2009
0

Re: new to the credit card world, need some hep understanding


LynetteM wrote:

To make matters even more confusing...many here would tell you to let your card report a small balance so that it shows that you are using your credit cards.


Most here are going to tell you to allow one CC to report a small balance to optimize your FICO score.

Moderator Emeritus
beamMEup
Posts: 4,473
Registered: ‎12-31-2008
0

Re: new to the credit card world, need some hep understanding


tuffluck wrote:

you guys that understand credit scoring, have you figured out how to please women yet too?


Hey.  We're easy!!!  *wink, wink, nod, nod*

 

Guy:  "So, how come God made you women without a sense of humor?"

Gal:  "Easy.  It's so we would love you guys instead of laugh at you!"

 

Always makes me smile......:smileywink:

 

Plus - when you DO understand credit scoring, you get points!!!! 

Winking smiley emoticon
Just puttin' syrup on something, don't make it pancakes.

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