Credit cards/score general

i like amazons card. 5% reward for amazon purchases if you are a prime member and no annual fee. 2% back on groceries and gas i think and 1% everything else. fuck i sound like a shill, but it is honestly pretty decent. 740 ish credit score.

i bought parts for my mining computer with it and wound up getting like $150+ back. using credit cards is awesome if you pay it off every month in time.

Credit score 820. Feels good.

You do realize that by using credit, the merchant has to pay a small fee to the creditor, which are passed onto the consumer through higher prices, don't you?

Credit and debt in general is for retards.

Found the poorfag

I like using metal cards. My personal favorite is my capital one card

My credit score is 770.

I never have payments on my credit cards (3 of them) because I pay every single one off in one payment, regardless of how much it is.

People who let themselves get into debt are fucking retards who should not be adults dealing with finances

>needs to borrow money that isn't his to pay for things
>calls others poorfags

top kek

They make more money in the long run because people are more willing to spend.

no it isn't

It’s called leverage you mongoloid. Veeky Forums is easily the stupidest board on here.

eurofag here, whats the thing with credit score, do you get free burgers once you pay of your mortage for the dog house via credit card?

>thinks the only reason people use credit cards is because theyre in debt

hoo wee

nigga its safer to buy on a credit card than a debit card and I get points and shit, theres no fucking advantage whatsoever to using a debit

Score is 800+
Rotate between:
Uber Visa — 4% cash back at restaurants + bars
Chase Freedom — rotating 5% back, 7.9APR
Amazon Visa — 3% back at Amazon
Discover IT — used to be a miles card
Also have an ancient BoA Visa that I never use. Pay balances in full every month, easy peasy

I use American express blue preferred card

It's pretty good but I regret getting preferred instead of the regular. My score is like 750 right now

You're missing the point, unsurprisingly.

it is a way for lenders to assess risk. lower score means the person is a risk to lend to and they get worse rates on loans and higher scores are deemed safer and get premium rates and more credit

Enjoy making absolutely nothing back on stuff you purchase every single day you poor faggot

eurofag aswell, I only use a debit card because it has the same protections for me and I am not an american retard who has 20 credit cards

Debit cards are retarded and don’t provide the same protection as credit cards at all

having lots of credit cards is good if you aren't retarded and understand how the system works

>uses credit
>dependent on "muh cash back"
>makes purchases everyday
>still insists he isn't the poorfag

This board is truly special

>have job
>have car on credit
>constantly use credit card for most purchases
>use lots of buy now pay 6 months and pay off early for free credit score points

Now I guess constant spam mail from banks wanting to loan me money, feels good.

23 yo with a 5k limit blue cash everyday ~700ish goy score

Is I could pay the exact same price with cash or debit, but I’m not an irresponsible nigger like you so I’ll take advantage of that leverage. Stay poor faggot

>using debit cards in this day and age
For what purpose?

passive income is passive income. who gives a fuck if it isn't very much? over the long run it addes up and if you get a card with no annual fee there is literally no reason not to do it. if you can't understand that then nothing anyone here says will help you

My country doesn't use credit score and all of this bullshit. They look at how much money I have in the bank, how much I earn per month and how long I have been employed

they're probably 16 years old

Literally only used as an ATM card for me

going to burgerland soon, which credit card should I get and what score do I need to get a 5% discount on the 1$ hot dog stands in new york?

youtube.com/watch?v=8n6O82_VCuo

4 VISA, 2 AMEX, 1 Master Card, 1 Discover

814 and 811

loving the free cashback and points for making purchases i was going to make anyways

stay poor forever faggot

That’s a great video for poor people, thanks for sharing

Make sure to use it as much as possible to increase your credit score and the limit so you can get even more debt!

>D9or
Yea Dave Ramsey gives good financial advice, if people listened to him, they wouldn't have so much. The average american has 15k in credit card debt.

I have 0, credit lines of $50k+

yeah you are lucky then. digging yourself out of a bad credit score literally takes years to do. i am not saying i like the system, i am only saying that it is what it is. people in the states generally don't understand credit scores and that is very very foolish because like it or not it governs a large amouny of our lives regarding finance.

People should learn not to just accept the system, system is one of the leading countries in terms of finance, and it is for a reason

i'm not entirely sure what you are suggesting. revolution? over credit scores? there is a logic as to why they are used like it or not.

No, I think it is just better not to have credit card debt, learn to live below your means and save money. And as far as I know, it is possible to get a mortgage in the use with no credit score. They do a manual check to see your credit worthiness

it's about getting a better rate mortgage you fool

784 credit score and 25k credit line between my two cards.

You can get a good rate for mortgage from a company that does manual check and you showing them that you have a stable, well-earning job

Dave Ramsey gives good advice for financial retards. retard tier advice. (dont use credit cards cause they are bad mmmmk!)

Yeah i believe you are right that you can get a mortgage without a score, not positive though and i would suspect that it is a lot harder to do. more hoops and possibly a worse rate on it.

you don't need to have credit card debt if you own a credit card. Just buy what you normally buy, continue to live below your means, and collect rewards you otherwise wouldn't have just by doing this. pay it off in full at the end of each month.

you dont need credit card debt to build credit. use it like a debt card and pay it in full at the end of the month. you will avoid all interest charges and build credit. I got a credit card when i was 18 and literally used it to buy everything instead of cash. Im sitting at 784 credit score (it was over 800 before the adjustment)

Chase Sapphhire preferred
Rating is around ~800.

This is true. Got myself in alot of debt when i was young. I kind of blame the credit card company because they gave a 18 year old kid a 3000$ credit line. So of course i ran it up and didnt pay it for years.

I eventually paid it off when i got a better job, got a car loan with high interest some shitty small cards with like 400$ limits. Kept my debt low and paid loan off quickly and built my score back up. Took about 5 years but im sitting at 720. My current card has a 15000 limit and 0% interest for a year. Not to bad i guess.

It has 0% interest forever if you pay off your balances every month

I managed to get this card without ever serving in the military. $40k credit limit
801 credit score

I keep my balance usually at 0. Just paid off my new PC i had up there.

I heard its good to leave a little but of debt on your card and notpall it fully off.

Thoughts?

Stock to the first method. You absolutely do NOT have to carry over any debt, it will not increase your score at all. You’ll likely have a balance that carries over to the next month, anything above the posted statement, and that is fine to carry over since you’re not being charged interest on it. Stick to the first part and enjoy your riding score

*rising
damn phone posters

He makes a decent point, but if you have self-control and track your budget well enough, you will make more. Logic and planning trumps emotion.

He makes an argument about how millionaires didn't make all their money off of debit cards, but that's such a stupid point; You can't really become a millionaire simply by saving or investing money in the usual manner either because you're still limited by what you can put in.
Becoming a millionaire takes a lot of work. That doesn't mean you can't be in a better financial situation with credit cards. It doesn't even mean that credit cards can't play a small role.
You know what else doesn't make millions? Picking up $500 off the street. Doesn't mean you shouldn't do it.

They make money off the people who fuck up, but they also make money off the retailers for accepting their cards, so its not like that's the only way it works.They want at least some people to have money so they can make money. Now I'm not saying that doesn't mean their evil or don't fuck people over, I'm just saying their continued existence in the present doesn't inherently prove that people always use them wrong.

Okay, so studies show that people spend more with a credit card than without. That's too broad to say that any one person who uses a credit card is not going to be better off.

"All the behavioral studies", "tons"... Okay, cite them then.
You still save on the purchase. If you spend and don't go into debt, you're still getting something in exchange at a discount.

He acts like credit cards are brainwashing. Like I can't watch a Superbowl ad and resist buying some nacho cheese Doritos. Prove to me that my brain makes it impossible for me to not spend more on a credit card.

Other than that, if you want to get your finances in order, credit cards should definitely not be your first step if you should ever even use them at all. He doesn't seem like a bad advisor, but I disagree with him here.

Not really a CC but I use amex plat.

That's an old myth. The idea is that creditors want to see that you used their card at least a bit, so you don't pay everything on the card so they see it. But in reality, the payment date comes after the statement date. They can see everything that's on the statement to see how much you utilized your credit and then you can pay the statement in full so that you don't pay interest.

It is true though that not using your card at all can hurt your credit. And if you don't lose a card for a long enough time the creditor may close your credit card. So you should try to have something on your statement if you want a high credit score for the month after that statement

This is true. I had an old Citi Visa that I never used and they closed it on me. I also have an old BoA Visa that I never use that is still open, but I’m not gonna close it because it helps my overall utilization score. Also, the account history is like 8-10 years or so which also helps

Yeah, but your personal decision to not use credit isn't going to make normies stop using it, or merchants to stop accepting it.

You might as well use it intelligently, pay your balance in full, build a credit score and get the cashback.

Once your credit score is high enough you can leverage cheap debt to buy more cashflow-generating assets.

You sound like a Jewish banker. There’s no other reason why you would be promoting someone to use credit unless you have to justify the reasoning to yourself. Here’s an idea, unless you’re a business that needs a line of credit simply don’t spend money on useless shit and save yourself getting a credit card altogether. These ‘rewards’ only mean something if you truely utilise that card. They are ‘rewards’ that could be saved in a week by being smart with your money. Nobody who has a credit card has ever not made impulse purchases because their card allowed them the financial freedom too and anyone who says they haven’t is full of shit.

do you not buy gas? most credit cards give up to a 5% discount on gas. why would you not use your credit card to pay for gas if only for that? Dont get self control and financial skills confused with credit cards

thats what im doing. i've got a credit card that i'm using for gas only, so I can start building a history.

>t. firsttime card user

I live in Australia where credit cards are only used by a fraction of people.
These offers simply don’t exist, the idea of credit cards here is a completely different mindset. Why would companies reward you for paying a bill in credit? How do they know that you aren’t using a debit card?

I use my credit card as if it were a debit card because I'm not a retard. It might be hard for you to comprehend that some people may have enough self control to not spend money they don't have, but those people do exist

>promoting someone to use credit
I actually do think not using credit is a valid strategy and if you have trouble with finance, you shouldn't be using CC.
>justify the reasoning to yourself.
What? Well yes, I'm opening up what I said to questioning and providing my own current answer. That's fine. Its called discussion.
>[...] unless you’re a business that needs a line of credit simply don’t spend money on useless shit and save yourself getting a credit card altogether.
I don't require a credit card because I'm out of money. I use a credit card because it effectively saves me money when I have to make a purchase on anything.
>These ‘rewards’ only mean something if you truely utilise that card. They are ‘rewards’ that could be saved in a week by being smart with your money.
Or I can make the reward and the save money. I don't even pay attention to the rewards, I just make my regular purchases and save a % on everything I normally purchase plus maybe sometimes more.
>Nobody who has a credit card has ever not made impulse purchases because their card allowed them the financial freedom too and anyone who says they haven’t is full of shit.
>anyone who says they haven't is full of shit
Prove it then.
There's also the question of how often they fuck up.

Credit card companies offer you cashback when you make purchases with their credit card. They do it because most people are retards who don't pay their credit cards off in time, so they're paying more in interest than they're getting in cashback. The people who pay their credit cards every month and aren't retards paying interest just get free money from the deal.

So you just need something on your statement to raise the score?

credit score is such an american thing lmao

Credit card companies also make money off the services required to facilitate the transactions/payments. Even if you don't carry a balance they still make money off you because when you use their card the vendor is paying a fee to be able to accept your card in the first place.

720.

Just got a Capital One Venture card for that super dank 50,000 miles sign on bonus ($500 of your plane ticket whatttt). It's also metal too which is awesome. It's heavier than traditional plastic but it feels so substantial and like classy and stuff. Highly recommend!

Yes. Credit score utilization is a point of interest in itself. The general agreed upon facts are that you should aim to use less than 30% of your total available credit and you should aim to use more than 0% of your available credit. But credit utilization has no "memory". The most recent utilization you had is the one that's reflected in your credit score. So if you're not applying for a loan next month then you don't need to think about it. But as previously mentioned, you should probably use a credit card at least once every few months so the card issuer doesn't close it for inactivity

It is an American thing and if you don't understand it (which most Americans don't either) then it seems strange and esoteric. But if you're a landlord or a bank or anyone who wants to know if someone can reliably pay you money, credit scores are the best way to tell. All of the factors that go in to credit scores are factors that prove your trustworthiness. Some people say shit like "fuck my credit is ruined all because I didn't pay off my car loans for the last 2 years credit scores are dumb". Well no shit, I wouldn't want to let you borrow money either if you can't pay back money. Having a good credit score is pretty simple if you don't make retarded decisions

>And as far as I know, it is possible to get a mortgage in the use with no credit score

HAHAHHAHAHAHAHAHHAHA
no.

>They do it because most people are retards who don't pay their credit cards off in time, so they're paying more in interest than they're getting in cashback.

So I'm just curious and there is a good chance I'm fundamentally misunderstanding something which is why I ask, but, putting things like the immediate competition aside, if all people suddenly started making their payments on time or the APR and shit was adjusted to something reasonable or whatever and they made some adjustments, could CC companies hypothetically exist simply by charging companies to accept them and giving back the consumers a small percentage of that charge?

Like that thing they kind of already do that I don't know the name of right now, but more massively?
It seems to me that if even debit cards are Visa, then they could just make money this way and use rewards to increase adoption.
Is the interest really the only reason they can do that?

Makes sense. i always went by that old saying to keep a little debt up there.

Yeah. In that case the cashback rewards would probably have to decrease too as a result. I've heard the margins for sign up bonuses and regards are thin as it stands, which is why the difference between the "best" and "worst" cashback cards is only a few percentages at most. The interest companies make on retards is definitely subsidizing the cashback regards for non-retards but the card issuer would still make money on purchase charges too depending on how big the cashback is. And as you note, offering competitive rewards also increases adoption.

Also, note that credit card companies are typically big banks. They're not existing with their credit card alone. Bringing you into their overall ecosystem is also an important part of their profits