I was approved for an unsecured credit card when I was only expecting to be able to get a secured one, when should I apply for a different one with better rewards or some other return input?
6 days ago by cheese_greater to c/nostupidquestions
Was honestlty unexpected but it seems banks still see some blood to squeeze from this freshly tumbled stone
I understand that regardless, I should keep it open and periodically use it
How long should I wait while just doing normal stuff with the current and always paying it off every month?
I seriously doubt i get those, my application was completely unsolicited (by them, obviously I started the ball rolling)
It's so weird to see you post a legitimate question, u/cheese_greater
Just use it until you get a better pre-approved offer. If you have no credit score history, aim to carry about 20% of the balance to help accelerate your credit score growth. You will end up paying some interest if you do that, though, so decide whether thats worth it or not.
Properly close your old revolving credit accounts when you don't want to use them anymore. That helps as well.
❌Isnt that incorrect about closing recolving credit accounts, that hurts your credit no matter which way you swing it i thought
❌isnt that incorrect about there being a benefit to carrying a balance? I would just be paying interest for the fuck of it altho im sure the bank approves your advice
Would be funny if all this was ❗️legit advice
Use your credit card exactly like a debit card. Pay off the balance each month. You won't be paying interest this way. This is very important. Don't treat a credit card like free money.
You want to use a certain amount of your credit line each month to build a history. But this is very important...do NOT let your statement balance be 50% or more of your credit line. It will actively hurt your credit. You want your statement balance to be more than zero, but still less than around 45% of your credit line.
I have seen my credit go up and down by doing or not doing these things.
I have never heard of a secured versus unsecured credit card before though. Why are you looking for one versus the other?
kinda salty, but think whatever you like.
No, it tends to more easily encourage pre-approved balance increase offers on your preffered accounts.. which you should take over having crappy accounts remain open.
I'll be interested to see if there is consensus its, indeed, legit
Feel like someone made that same advice on my previous thread and it was debunked. Like, it seemed good advice to give an enemy maybe 💅
weird to cheese_greater post a legit question
is it...?
I think it is.
how very neurotypical of you to notice
k
Rewards are fine, if you pay it off every month like OP is suggesting. The APR doesn't matter in that use case.
Otherwise, if APR does matter and you need to carry a balance, no-fee and low interest is your best option and then, you're correct, the rewards don't matter.
Im never using them in a way that would matter (%APR) so i wouldnt be using APR as a criteria
On a long-enough timeframe it would yield something at least nominally significant
@lemmy.ca
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@lemmy.ca
There is no such thing as a Stupid Question!
Don't be embarrassed of your curiosity; everyone has questions that they may feel uncomfortable asking certain people, so this place gives you a nice area not to be judged about asking it. Everyone here is willing to help.
Reminder that the rules for lemmy.ca still apply!
Thanks for reading all of this, even if you didn't read all of this, and your eye started somewhere else, have a watermelon slice 🍉.
go to feed...
Like others said, keep using it and pay if off on time until you start getting pre-approved offers. That’s a sign you already have sufficient history. If that’s your first card and there’s no annual fee, don’t close it even when you get a better card. Just keep it and use it from time to time.
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