dustinrox

4 Contributions 1,575 People Helped

Member Since: May 2013

About Me: I'm an Engineer and take my credit serious.

Most Helpful Contribution

Credit card utilization and your credit score

Jun 27, 2014
Helpful to 1560 out of 1636 people

I'm not sure where you folks get your information that says you have to leave a balance on any credit card. A year and a half ago I had never owned a credit card my entire life, however I had a lot of collections for medical since I didn't have insurance. There was close to 25k worth of this. I paid quite a few of them in full and settled about 5 that still show on my credit report as settled in full. No company would give me a credit card. I started with a 572 credit score and by the time all of my debts were paid or settled, I had a 620 credit score. I had to get a capitalone prepaid card. After a few months I applied for Bank of America and they denied me even though I bank with them. So what I had to do with Bank of America is give 500 cash as a deposit. So my limit was 500, then six months later I called them and asked for a real credit card. They finally approved me and gave a 1k limit. After 9 months of using that and the Capitalone.. I was approved for Chase Sapphire. My score had raised to a 705 with a 5k limit.

My wife had zero credit and I had her get a credit card. She started off with a Kohls card to establish some credit. About six months later she had a 720 credit score strictly because of that card, and later she got a Bank of America, then after a few more months her score raised to 750. She then applied for Chase Sapphire and got a 11k limit.

The point of this story is.. my wife and I pay our credit cards the same day we use them. We never wait until the due date and we never carry a balance. My wife has a 780 credit score and I now have a 705. My advice is do not fall into the carrying a balance trap. It's not needed.

Activity (4 Total Contributions)

Credit card utilization and your credit score

Jun 27, 2014
Helpful to 1560 out of 1636 people

I'm not sure where you folks get your information that says you have to leave a balance on any credit card. A year and a half ago I had never owned a credit card my entire life, however I had a lot of collections for medical since I didn't have insurance. There was close to 25k worth of this. I paid quite a few of them in full and settled about 5 that still show on my credit report as settled in full. No company would give me a credit card. I started with a 572 credit score and by the time all of my debts were paid or settled, I had a 620 credit score. I had to get a capitalone prepaid card. After a few months I applied for Bank of America and they denied me even though I bank with them. So what I had to do with Bank of America is give 500 cash as a deposit. So my limit was 500, then six months later I called them and asked for a real credit card. They finally approved me and gave a 1k limit. After 9 months of using that and the Capitalone.. I was approved for Chase Sapphire. My score had raised to a 705 with a 5k limit.

My wife had zero credit and I had her get a credit card. She started off with a Kohls card to establish some credit. About six months later she had a 720 credit score strictly because of that card, and later she got a Bank of America, then after a few more months her score raised to 750. She then applied for Chase Sapphire and got a 11k limit.

The point of this story is.. my wife and I pay our credit cards the same day we use them. We never wait until the due date and we never carry a balance. My wife has a 780 credit score and I now have a 705. My advice is do not fall into the carrying a balance trap. It's not needed.

Chase Sapphire® Card

Jun 20, 2014
Approved with 705 credit score
Helpful to 10 out of 10 people

A yea ago around this time I was struggling to get approved for any card. I started with like a 200 limit with CapitalOne, then applied had to give Bank of America 500 to start a card with them. 6 months later CapitalOne raised me to 300 I think, and BoA raised me to 2k, and gave back my 500 dollar deposit. I just applied to this card , it took 5 seconds for a response and received a 5,000 limit. So I'm excited. My credit is finally becoming good. My wife applied and received a 11,000 limit. So I'm a little jealous.

Chase Sapphire® Card

Jan 29, 2015
Best card out there.
Helpful to 4 out of 5 people

This card has a 0 annual fee, you collect awesome rewards, and the customer support is fantastic. I use both this and my Bank of America cash rewards mostly except the occasional purchase on my other cards to keep them active. I'm not sure why exactly some go for the Chase Preferred being that it has a steep yearly fee. This card is better to me in any respect. If you're choosing a card to go with, I say Chase Sapphire is definitely a winner. I was stoked last Summer when I got approved for it and still stoked to this date. I've already received one balance increase on this bad boy and didn't even have to call in to Chase to request that to happen.

credit scores vs credit karma scores

Aug 11, 2016
Helpful to 1 out of 1 people

The only debt I have is my mortgage. I pay my credit cards in whole before the due date and according to CreditKarma I have a 770 equifax and 768 Transunion. I don't believe these to be accurate, HOWEVER,.. keeping a balance on credit cards is a farse. You do not have to keep a balance to have a good credit score. Quit lying to yourself.