How did you learn to master your credit cards and other random newbie questions.

[Anonymous]

Hey everyone!

I have basically had one credit card the last 10 years of my life (until this last year - I have 4 now), but have never taken the time to really "master" the game, or even learn how to maximize their benefits. For those much more seasoned than myself, how did you learn this? Are there any good references (other than this forum) I should check out that will help me learn how to understand credit cards better, maximize rewards, and improve my credit score? I understand the basics, but want to know as much as I can.

Other random and not related question:

For those with two Sallie Mae cards in your name, do you have two seperate reward accounts or share the same? I am wondering if I should wait the 6 months to apply for my second, or just go ahead and have my spouse apply.

Thanks in advance!

[Anonymous]

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@Anonymous wrote:

Hey everyone!

I have basically had one credit card the last 10 years of my life (until this last year - I have 4 now), but have never taken the time to really "master" the game, or even learn how to maximize their benefits. For those much more seasoned than myself, how did you learn this? Are there any good references (other than this forum) I should check out that will help me learn how to understand credit cards better, maximize rewards, and improve my credit score? I understand the basics, but want to know as much as I can.

Other random and not related question:

For those with two Sallie Mae cards in your name, do you have two seperate reward accounts or share the same? I am wondering if I should wait the 6 months to apply for my second, or just go ahead and have my spouse apply.

Thanks in advance!

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You can learn a lot by visiting the forums and maybe some others.  Frequent the credit card, general credit, understanding my FICO score, and the rebuilding forums of this board and in a very short period of time you will be amazed at the wealth of knowledge here.  Also, ask questions.

[Roarmeister]

School of Hard Knocks - I made many mistakes but learned from them and changed my ways. 

[takeshi74]

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@Anonymous wrote:

For those much more seasoned than myself, how did you learn this?

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From reading up here and on other credit related sites.  If you haven't read this then try starting here:

http://www.myfico.com/crediteducation/whatsinyourscore.aspx

Don't overlook the various subfora, their stickies and existing discussions as resources.

[Anonymous]

Mastering your credit cards IMHO means never running a balance. The answer to your question I was brought up that way -- I was an authorized user on my parent's credit card when I was a teenager, and they made me pay the full balance of every cent I spent on it from my part-time job.

As for rewards, all I ever do is look around for the card with the highest cash-back. I can't be bothered trying to figure out what "points" are worth. I will pay an annual fee if I can see from my existing spending that the additional cash back would be greater than the fee. So for me it's just a straight cash question.

[scorewatcher7]

You ask a very loaded question. 'Mastering' credit is a balance of several variables that even when done properly don't always yield the top result. You can look at the pie chart with the typical credit evaluation weight for each factor which is a good general guide, but the algorithm is very complex and takes into account nuances that aren't always apparent.
IMHO, paying your bills on time- sometimes the full balance, sometimes partially- shows credit worthiness and responsibility. Really, to me that's the biggest factor, considering that's the unequivocal reason that credit was invented.. Type, age, variety, utilization, and number of accounts you have all have their place as well, but impact differently. It's such a variety of weights that it would be hard to say which combination is the best. If you have a good mix of accounts, good payment history, and you've made use of your credit, you're more than likely to have a good score. Good luck.