Bank of America custom cash (1st card ever years ago) Apple Card Savor One Freedom Flex Getting the CSP next and then hopefully the Venture X after that. Would like the finish the chase trifecta and get the freedom unlimited at some point too.
Sounds like an awesome setup! I think the CFU is strong, though if you have the VentureX for 2x miles everything, do you value Chase points much much higher?
Thanks @@KevinYang , I'll keep the longest card history (One of the Quicksilver's) & cancel the other. Branch out to other cards from Chase & Citi for variety.
I walked into a national bank chain, which is mainly in southeastern United States. I won’t mention their name, but I have a 700 credit score and they basically told me to kick rocks because my credit profile was very thin so it’s possible to have a high credit score but you’re in the same category as a person with a 500 score
That's a great point! Sometimes no matter how strong the number is, if your history is very short, that can still be a piece of risk lenders will look at
Amounts owed isn’t just credit card utilization, although it is a lot (about 2/3 of that 30%). It factors in installment loan payments too. Another thing to note is utilization doesn’t have any memory, it resets every month so KEEPING utilization low doesn’t build credit. It’s just a single moment in time metric. As long as your utilization is low when lenders are checking your credit, it doesn’t matter what utilization was in the past (i.e. keeping it below 30%)
100% although for ease of explanation purposes (with most people's basic experience with credit being credit cards) hopefully the concept was clear! And same with utilization! One could time it so you can spend as much as you want but pay everything down to near 0 before each date issuers report, but then they could also report at different times. Although technically that's a valid tactic, I think the general theme of good credit habits and having a low utilization still holds!
❓Question for you: How many credit cards do you have? What has been your credit score journey like? Would love to hear about it! ⬇
2x Quicksilver
1x Savor
1x Ventur X
1x AA Citi Platinum
1x Chase Shappire Preferred
@@Turnip_Tyme Nice setup! Heavy into Cap1!
Bank of America custom cash (1st card ever years ago)
Apple Card
Savor One
Freedom Flex
Getting the CSP next and then hopefully the Venture X after that. Would like the finish the chase trifecta and get the freedom unlimited at some point too.
Sounds like an awesome setup! I think the CFU is strong, though if you have the VentureX for 2x miles everything, do you value Chase points much much higher?
Thanks @@KevinYang , I'll keep the longest card history (One of the Quicksilver's) & cancel the other. Branch out to other cards from Chase & Citi for variety.
I walked into a national bank chain, which is mainly in southeastern United States. I won’t mention their name, but I have a 700 credit score and they basically told me to kick rocks because my credit profile was very thin so it’s possible to have a high credit score but you’re in the same category as a person with a 500 score
That's a great point! Sometimes no matter how strong the number is, if your history is very short, that can still be a piece of risk lenders will look at
It’s so easy to drop your credit score but hard to build it…. Bummer!
Yeah, gotta pay attention to that number!
FACTS !
Amounts owed isn’t just credit card utilization, although it is a lot (about 2/3 of that 30%). It factors in installment loan payments too. Another thing to note is utilization doesn’t have any memory, it resets every month so KEEPING utilization low doesn’t build credit. It’s just a single moment in time metric. As long as your utilization is low when lenders are checking your credit, it doesn’t matter what utilization was in the past (i.e. keeping it below 30%)
100% although for ease of explanation purposes (with most people's basic experience with credit being credit cards) hopefully the concept was clear! And same with utilization! One could time it so you can spend as much as you want but pay everything down to near 0 before each date issuers report, but then they could also report at different times. Although technically that's a valid tactic, I think the general theme of good credit habits and having a low utilization still holds!
Once you get your balance under 10 percent your score will goes up anything over 30 percent the score drops