Credit card research 2021 - Revision history

Issa: /* Utilization */

2021-10-23T21:11:34Z

‎Utilization

Issa: /* Utilization */

2021-10-23T21:07:36Z

‎Utilization

Issa at 21:05, 23 October 2021

2021-10-23T21:05:40Z

Issa: /* Credit scores */

2021-10-23T21:03:10Z

‎Credit scores

Issa: /* Credit scores */

2021-10-23T21:01:45Z

‎Credit scores

Issa at 21:00, 23 October 2021

2021-10-23T21:00:28Z

Issa at 20:59, 23 October 2021

2021-10-23T20:59:08Z

Issa at 20:57, 23 October 2021

2021-10-23T20:57:31Z

Issa: /* Reasons I decided to get a credit card */

2021-10-23T20:57:00Z

‎Reasons I decided to get a credit card

Issa at 20:56, 23 October 2021

2021-10-23T20:56:27Z

@@ Line 64: / Line 64: @@
 ===Utilization===
-I'm still confused about this/have seen contradictory info. [https://www.reddit.com/r/personalfinance/comments/44x621/best_credit_utilization_ratio/ This thread] seems to imply that utilization doesn't matter unless one is going to have one's credit score checked soon, and that utilization has no history, so one can just use the card very little shortly before applying for a new credit card or something? Other sources recommend only using 10-30% or the available credit.
+I'm still confused about this/have seen contradictory info. [https://www.reddit.com/r/personalfinance/comments/44x621/best_credit_utilization_ratio/ These] [https://www.reddit.com/r/personalfinance/comments/9tme3w/reason_to_not_exceed_30_of_your_credit_limit_if/ threads] seem to imply that utilization doesn't matter unless one is going to have one's credit score checked very soon, and that utilization has no history, so one can just use the card very little shortly before applying for a new credit card or just make sure the balance is 0 before applying or something? Other sources recommend only using 10-30% or the available credit.
 [[Category:Finances]]

← Older revision		Revision as of 21:07, 23 October 2021
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	===Utilization===		===Utilization===
		+
		+	I'm still confused about this/have seen contradictory info. [https://www.reddit.com/r/personalfinance/comments/44x621/best_credit_utilization_ratio/ This thread] seems to imply that utilization doesn't matter unless one is going to have one's credit score checked soon, and that utilization has no history, so one can just use the card very little shortly before applying for a new credit card or something? Other sources recommend only using 10-30% or the available credit.

	[[Category:Finances]]		[[Category:Finances]]

← Older revision		Revision as of 21:05, 23 October 2021
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	One of my confusions was that credit card recommendation sites ([https://www.nerdwallet.com/best/credit-cards/no-foreign-transaction-fee example]) list credit score ranges that are good for each card (i.e. where you have a good chance of being accepted), but that I didn't even know my credit score or if I even had one. And the only way to find out for sure my credit score seems to be to get a credit card. From reading a bunch of threads on r/personalfinance it seemed like I should get an "easy" credit card for now, and then later switch to a better card once my credit score was higher.		One of my confusions was that credit card recommendation sites ([https://www.nerdwallet.com/best/credit-cards/no-foreign-transaction-fee example]) list credit score ranges that are good for each card (i.e. where you have a good chance of being accepted), but that I didn't even know my credit score or if I even had one. And the only way to find out for sure my credit score seems to be to get a credit card. From reading a bunch of threads on r/personalfinance it seemed like I should get an "easy" credit card for now, and then later switch to a better card once my credit score was higher.
		+
		+	There are also pre-approval tools like [https://www.discovercard.com/application/prequal these] [https://www.capitalone.com/credit-cards/prequalify two] which can give you some indication of your credit score.
		+
		+	And then there are tools like creditwise and credit karma that seem to give some estimate.
		+
		+	I'm honestly not really sure how credit scores work and didn't try to investigate this deeply.

	===Choosing a card===		===Choosing a card===

@@ Line 30: / Line 30: @@
 Unlike many products, one cannot just order any credit card and receive one. Instead, one must apply for a credit card (or go through some automated pre-approval process) in order to qualify for it. The main (sole?) determinant of whether one qualifies for a card seems to be one's credit score.
-One of my confusions was that credit card recommendation sites ([https://www.nerdwallet.com/best/credit-cards/no-foreign-transaction-fee example]) list credit score ranges that are good for each card (i.e. where you have a good chance of being accepted), but that I didn't even know my credit score or if I even had one. And the only way to find out my credit score seems to be to get a credit card. From reading a bunch of threads on r/personalfinance it seemed like I should get an "easy" credit card for now, and then later switch to a better card once my credit score was higher.
+One of my confusions was that credit card recommendation sites ([https://www.nerdwallet.com/best/credit-cards/no-foreign-transaction-fee example]) list credit score ranges that are good for each card (i.e. where you have a good chance of being accepted), but that I didn't even know my credit score or if I even had one. And the only way to find out for sure my credit score seems to be to get a credit card. From reading a bunch of threads on r/personalfinance it seemed like I should get an "easy" credit card for now, and then later switch to a better card once my credit score was higher.
 this tool was also somewhat helpful https://wallethub.com/credit-cards/no-credit-no-annual-fee-no-foreign-transaction-fee/

@@ Line 30: / Line 30: @@
 Unlike many products, one cannot just order any credit card and receive one. Instead, one must apply for a credit card (or go through some automated pre-approval process) in order to qualify for it. The main (sole?) determinant of whether one qualifies for a card seems to be one's credit score.
-One of my confusions was that credit card recommendation sites list credit score ranges that are good for each card (i.e. where you have a good chance of being accepted), but that I didn't even know my credit score or if I even had one. And the only way to find out my credit score seems to be to get a credit card. From reading a bunch of threads on r/personalfinance it seemed like I should get an "easy" credit card for now, and then later switch to a better card once my credit score was higher.
+One of my confusions was that credit card recommendation sites ([https://www.nerdwallet.com/best/credit-cards/no-foreign-transaction-fee example]) list credit score ranges that are good for each card (i.e. where you have a good chance of being accepted), but that I didn't even know my credit score or if I even had one. And the only way to find out my credit score seems to be to get a credit card. From reading a bunch of threads on r/personalfinance it seemed like I should get an "easy" credit card for now, and then later switch to a better card once my credit score was higher.
 this tool was also somewhat helpful https://wallethub.com/credit-cards/no-credit-no-annual-fee-no-foreign-transaction-fee/

@@ Line 21: / Line 21: @@
 * No annual fee (don't want to be incentivized to make purchases)
 * Card reliably works abroad (e.g. I found some mentions that Discover It cards don't work well outside the US)
 ===Credit scores===

@@ Line 12: / Line 12: @@
 * Some travel plans I have meant I was expecting to make more purchases, and might benefit from some more of the benefits of a credit card
 * Building a credit score might be useful in the future (though at the moment I don't have any concrete plans to borrow any money)
 ==Choice of credit card==
@@ Line 46: / Line 44: @@
 capital one's creditwise tool says "looks like you're still building credit" instead of giving me a score, so that seems to confirm that i have no score yet
-==Utilization==
+==General credit cards info==
 [[Category:Finances]]

@@ Line 10: / Line 10: @@
 * I was taking care of a few other financial things, so I was already in the "mood" for doing some credit card research
 * I recently learned that credit cards seem to have better protection against false purchases made using the card
-* Some travel plans meant I was expecting to make more purchases, and might benefit from some more of the benefits of a credit card
+* Some travel plans I have meant I was expecting to make more purchases, and might benefit from some more of the benefits of a credit card
 * Building a credit score might be useful in the future (though at the moment I don't have any concrete plans to borrow any money)

@@ Line 4: / Line 4: @@
 * Mostly, I was too lazy to do the research and didn't have an urgent need
-* I don't buy a lot of things, so some of the benefits of a credit card don't matter to me
+* I don't buy a lot of things nor do I have a need to borrow money, so some of the benefits of a credit card don't matter to me
 ==Reasons I decided to get a credit card==