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40 yrs old & 1 CC(!)

MaizeandBlue
Senior Contributor

Re: 40 yrs old & 1 CC(!) Need advice

Its not possible to sign in unless you're already an Amex member.

 

Try this link for possible pre-approvals from Amex:

https://www.americanexpress.com/us/credit-cards/check-for-offers/




Message 11 of 76
EastTortall
Established Member

Re: 40 yrs old & 1 CC(!) Need advice

@MaizeandBlue  Ty for explaining that. I forgot that I was an authorized user on a relative's Amex account until he closed it (he offered to put me on, knowing that I was thankfully responsible).

 

1- I wonder if that would help?

 

2- If he closed the card (he switched to Chase Visa. Forgetting the name. It's the metal card if that helps), could that be why my score isn't rising much? I guess AU is a double-edged sword as I'm learning.. :/

Message 12 of 76
EastTortall
Established Member

Re: 40 yrs old & 1 CC(!) Need advice

@AllZero  Ty for the fine-print explanation. If I hope to never owe money if I can help it (I treat CCs like debit cards), can I assume APR shouldn't mean much to me?

Message 13 of 76
EastTortall
Established Member

Re: 40 yrs old & 1 CC(!)

@Girlzilla88 That's a great trip for looking for a card that gives me back more in the grocery category. I do shop at Target, Amazon, Walmart, Carvel etc (clothing for the kids when outgrown, household odds & ends, an ice cream treat here and there), Black Friday a tiny bit (kids clothing and maybe tiny stuff for the house. Under $200 max), Home Depot & Michael's when we need stuff for crafts 3x a year, so it's not just grocery stores, but we really don't spend a lot elsewhere. Just wanted to clarify. 

 

Also, thank you for the reassurance that being in the 7s,at the 2 year mark, is a good sign. Whew! I don't get that validation anywhere, so it really did make my day to read that. I work SUPER hard on being responsible with how I handle cards and purchases, so it's a relief to hear that cheering Smiley Happy TY!

 

Also, ty for the tip on making sure it's the bank card that's reporting a balance. It's tips like this that really make a difference to newbie-ishs! Does it matter how much of a balance is there when my account cycles, or even  a dollar is fine?

Message 14 of 76
Girlzilla88
Valued Contributor

Re: 40 yrs old & 1 CC(!)

@EastTortall     You don't want it to be so low that it reports it at 0% but a good place to report to Statement is 8.9% or below 9% if you are wanting it that way but you still want to make sure you use your card too, don't not use it thinking that will help you more and possibly end up with a CLD (credit limit decrease) or a Closure for nonuse.     ^^










Message 15 of 76
MaizeandBlue
Senior Contributor

Re: 40 yrs old & 1 CC(!) Need advice

Your relative probably has the Chase Sapphire Reserve or Chase Sapphire Preferred card.

 

If you were previously an AU on an Amex card they'd already have some information on you and that would make an approval much likelier.





Message 16 of 76
EastTortall
Established Member

Re: 40 yrs old & 1 CC(!)

@Girlzilla88  Gotcha, I usually report at 1% with my Discover It (I leave small amounts like $20 for when it cycles. Then pay immediately. I hope I'm doing it the correct way).

 

It once cycled at $170, because I had just stocked up on groceries 2 days prior and the charge hadn't hit my account when I paid the other charges..and that sent it up to 9%.

 

Other than that, I think I'm getting a handle on making sure I stop using my card for purchases a few days before it cycles (I'm sure there's a term for that Smiley Very Happy ) to make sure I don't carry too large of a balance when it cycles, and bump my credit utilization up too much.

 

PLEASE LMK if it sounds like I'm doing this correctly.

Message 17 of 76
AllZero
Super Contributor

Re: 40 yrs old & 1 CC(!) Need advice


@EastTortall wrote:

@AllZero  Ty for the fine-print explanation. If I hope to never owe money if I can help it (I treat CCs like debit cards), can I assume APR shouldn't mean much to me?


@EastTortall . That's a good method to treat it like a debit card.

 

If you're a transactor, then APR might not be too relevant.

 

On a pre-qualification page, it's a way to gauge your creditworthiness with the lender without applying. In general, the lower the APR, the better.

Message 18 of 76
EastTortall
Established Member

Re: 40 yrs old & 1 CC(!) Need advice


@AllZero wrote:

@@@

If you're a transactor, then APR might not be too relevant.

 

On a pre-qualification page, it's a way to gauge your creditworthiness with the lender without applying. In general, the lower the APR, the better.


 

 

Cool! I learned a new term today, transactor! Smiley Happy

 

So if I pay in full (bec I treat like debit), but I carry a tiny balance when my card cycles, is that good?

 

I was under the impression you want that so it doesn't look like your card is dormant (keep in mind I was never taught anything about CCs, so whatever I know is from hours spent poring over articles and forums. If I'm totally off with understanding anything, PLEASE feel free to steer me the correct way). 

Message 19 of 76
Girlzilla88
Valued Contributor

Re: 40 yrs old & 1 CC(!)

@EastTortall      So you can use up to your CL don't be scared to use it as long as you make Larger than the Payment Due (I usually make a few large payments randomly then pay it off on Payment Due date, then add a small bit after to report for statements (which I do NOT touch until after everything has cleared) Then I go back to spending Smiley Very Happy      So if you limit is 200 don't be scared to use 198 as long as you can afford to knock that off then add a small amount, or down below 9% that same month.     Don't stretch yourself to thin trying to show you can use your whole limit ^^.     But I noticed doing it that way that I have done it I had the largest jumps in CLI faster (even automated CLI) and was offered more than when I wasn't.   YMMV of course but it worked wonders for me when I did it and I do plan to go back to doing that once I get other things squared away Smiley Very Happy










Message 20 of 76
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