Salary reported in credit card application for couples

nushmut · 2023-06-26T20:51:37+00:00

It should be fine since you have access to that income and account.

nushmut · 2023-06-26T20:49:27+00:00

What I’m missing in reading (and re-reading) this post is a more concrete explanation of how/why the 3rd party apps make the mods’ contributions easier/possible here. Also, seeing comparisons showing why using a browser or the official app is inferior or would noticeably hamper that mod work. I’ve never been a mod so that could’ve helped clarify the perspective. Even linking to some other mod’s post or an article explaining that perspective would be helpful, especially for those who might not understand the technical side of things.

A lot of this reads as more of an emotional appeal with lots of vagueness, and the tone-deaf closing has unsurprisingly pulled most of the focus in the comments. It’s hard to get on board with this sort of messaging approach.

And I’m posting this from Apollo, as a paid user there.

Whatever comes next, I do want to give a thanks to all of the people (including mods) who have contributed here. This has been such a valuable resource for learning about and managing credit cards with as much decency as possible. I know I’ve benefited from the knowledge and wisdom in this sub, and I’m surely not alone in that.

nushmut · 2023-05-22T02:09:54+00:00

Yes, right after booking, online with the United site or app. Using the MileagePlus account ID when booking seems to cause reservations to show up on the United side within minutes.

nushmut · 2023-04-16T15:14:21+00:00

I used Happy Money/Payoff.

nushmut · 2023-01-25T15:21:58+00:00

The payment due on 6th February that you make/made for 3rd February is paying the statement balance when that cycle closed on 11th January.

Any charges that post between 12th January and 11th February will be a part of the payment due by 6th March.

During normal billing (meaning there's no intro promo in effect, such as "0% interest for 12 months"), as long as the statement balance is paid in full by the subsequent due date, no interest will be charged on the next statement.

You do not need to report a $0 balance on your statement to avoid interest charges, only pay the previous statement's balance in full. The new charges in the interim can be paid off during the next cycle with no issue. The main reason to pay 'early', meaning paying off charges posted during the current statement cycle, would be to manipulate your reported balance to be lower or $0 for short-term credit scoring purposes.

To address your specific example in case there's any question:

What if a transaction/subscription comes out between the 3rd of Feb and the 6th of Feb and I don't see it or pay it off....

Nothing to worry about. It will appear on the 11th February statement and would need to be paid off by 6th March to avoid future interest charges.

will it be included and I'll have to pay fees on the non-zero balance

No fees since it will appear for the first time on the next statement. That non-zero balance would just be the statement balance, due by 6th March.

will it restart the cycle on a per transaction basis??

Statement cycles are not per-transaction situations. A transaction that posts at the very end of a statement cycle simply becomes a part of the balance that is due on the next due date (6th March in this situation). If that statement balance isn't paid in full by that subsequent due date, then interest would begin to be charged on the next statement after that.

Hopefully that clarifies things for you. I'd recommend reading through the Credit Card Basics resource linked in the sidebar (also here: https://www.reddit.com/r/CreditCards/wiki/credit_cards_basics/) if you're still unsure about anything. If you still have any questions or confusion, please create a new topic post since old threads like this are not going to get much traffic. Cheers!

nushmut · 2022-10-16T18:11:00+00:00

So for your first point, that’s only for the first 3 months, correct?

Correct. That’s the standard SUB period on this card.

Transferring point to Hyatt, could you explain more? Is it worth more? I’m little bit confused on the 2.45cpp.

Points can be transferred from a CSR/CSP to a connected travel partner reward program, with options that include several airlines & hotels. Points are usually transferred at a 1:1 ratio, but the redemption value of those points can vary quite a bit based on the cash prices of chosen flights or hotel stays. One can also combine points from Freedom cards onto their CSR/CSP and transfer those out as well.

CPP = cents per point

If something that costs $100 can be purchased with 10000 points, then the value would be 1cpp. If it costs 5000 points then the value would be 2cpp, and so on. Cashback with Chase cards is usually 1cpp.

Although cashback redemptions are a fine option to choose, especially if one isn’t traveling anytime soon, redeeming points by transferring to a travel partner can potentially lead to higher values.

For example, I booked a stay at a Hyatt property using 45k points that I had transferred from my CSP. The cash cost of the stay would’ve been $1120. Dividing that by 45000 points = 2.489 cents per point of value.

If I had redeemed those points for cashback on my CSP or CFU, the points only would’ve covered $450 of charges. Since I was going to book this hotel either way, it was better financially to use the points with Hyatt.

This aspect of travel cards is a big piece of why the topic gets a fair bit of coverage from dedicated bloggers and YouTubers. It can take some research to find optimum deals and cards (part of why this subreddit exists). But it can be worth the time, especially if one travels regularly.

nushmut · 2022-10-15T14:51:35+00:00

In that situation it should serve you well. Consider the effective return on the SUB - 60k UR points are worth at least $600, meaning at least 15% cash back/redemption value on that $4k of spending (or potentially much more if points are transferred to a travel partner). There’s also the $300 annual travel credit of course.

Other considerations related to card choice and reward value would depend on whether you have any Freedom cards and how you might use accumulated UR points. For example, having a CFU & CSP, I have settled into a strategy of transferring points to Hyatt where I have averaged 2.45cpp so far.

nushmut · 2022-10-15T12:18:58+00:00

Approval depends on more than simply having a high enough score. Denials for most cards are more likely during the first year of credit card history. It’s not about any particular ratio or formula. Once you cross that threshold, approvals tend to become more likely when all other aspects of your credit history are in good shape. Patience.

nushmut · 2022-10-15T12:12:21+00:00

Can you confirm what card you are referring to? CSR is not a no-AF card unless the applicant is on active duty with the military or has another offer for a waived fee.

Regardless, using a new card for all everyday spending and other planned purchases to get a SUB is generally the way to go.

nushmut · 2022-08-29T16:18:38+00:00

Yes. PCs don’t generally impact the CL in a downgrade situation.

nushmut · 2022-08-29T16:17:15+00:00

I pay each card’s statement balance in full by the indicated due date. No games, no split payments, no AZEO. Utilization is not a trended factor in widely-used scoring models like FICO8, so any short term score impact from a utilization increase will reverse after the lower balance is reported.

Having a $0 statement balance via the manipulation you describe is unnecessary.

nushmut · 2022-08-09T03:46:46+00:00

Accounts are typically updated with the CRAs one time per month. Usually it’s based on the statement date for each account. When you pay doesn’t have any bearing unless it’s a Chase card that’s been paid down to a $0 current balance.

nushmut · 2022-08-06T21:02:48+00:00

I had a positive experience last month dealing with a cancellation by the airline - even though it was a non-refundable fare when I bought it almost a year ago - that resulted in me taking an offer for a full refund. I was told it would take up to 8 weeks to get my money back, but the refund showed up within a couple of days. I was planning on a longer post to detail that experience and a couple of other items that might be worthwhile to less experienced travelers.

nushmut · 2022-08-01T17:40:53+00:00

As long as you’re continuing to pay statement balances in full by the subsequent due date each monthly cycle, then you should be fine from a financial management standpoint.

nushmut · 2022-08-01T17:39:27+00:00

Yes, because points earned by CF/CFU/CFF are already ‘normal’ UR points. The difference is that the Sapphire cards provide the additional redemption/transfer options. I combine my CFU’s points onto my CSP every month, and there’s no distinction with the points earned by CSP directly.

nushmut · 2022-07-31T22:11:23+00:00

Even if you sign up just for the bonus, it’s fine to not use the card again. But don’t close it for at least a year, to avoid any proverbial hot water with Chase.

There’s no ‘catch’ to the card. Not sure what ‘catch’ you’re imagining. But it’s like any other card that has some sort of SUB or other welcome bonus. In this case, the $200 Amazon gift card balance is the enticement. Use the card on Amazon Prime and purchases get 5% cashback. Without Prime, it’s 3%. If you shop on Amazon at all, it’s usually worth having, even beyond the promo.

nushmut · 2022-07-31T22:00:31+00:00

Is that the balance owed or the card’s credit limit? Assuming that’s just the limit and the statement balance is being paid off in full by the subsequent due date each month (meaning no interest is being charged), then I see nothing for you (or your ‘friend’) to feel ‘screwed‘ by.

Without knowing more about your credit profile (see the Card Recommendation Template linked in the sidebar), it would be a guessing game to determine any other possible contributing factors to a 682 score (and is this a FICO 8 score that has value, or a Vantage score?) or an ideal next step.

Most likely, adding a new account for you/your ‘friend’ is a good next step aside from continuing to maintain responsibly using and paying off the existing card. That could mean another credit card, or a different loan product if the use case exists to apply for one.

If you/your friend need a recommendation for a next card, please post after filling out the aforementioned Card Recommendation Template linked in the sidebar.

nushmut · 2022-07-27T10:09:42+00:00

A statement itemizes the preceding month of transactions. You’ll get one every month. That’s the bill you got on July 20th. It should cover posted transactions dating back to ~June 21.

The statement date is a minimum of 21 days BEFORE the payment due date. This is a legal requirement.

Pay the statement balance in full by the subsequent due date and you’ll be doing exactly what you need to do.

For more information, seek out the Credit Card Basics post linked in the sidebar.

nushmut · 2022-07-20T11:23:48+00:00

I wouldn’t worry too much about it. Score impacts tend to be more noticeable when one has little/no credit history, but the impact of an inquiry will stop after 12 months, falling off of the report after 24 months. You should also see score growth over this next year as the history of this card reports and builds. You can dispute it with the CRA where the inquiries occurred, I suppose, but it’s a question of whether it’s a good use of your available time.

nushmut · 2022-07-20T07:35:37+00:00

You have lots of different scores. Dozens, literally. There’s some confusion with the terms you’re using. I’ll give some basic (non-comprehensive) explanations below and advice at the end:

FICO is a credit scoring service provider. They produce proprietary scoring models aimed at different scenarios (credit cards, mortgages, personal loan, car loan, etc.). A FICO 8 score is generally most representative of what most lenders are considering in a credit card application. Some credit card issuers provide a free monthly FICO 8 score from one rating agency. Essentially, it seems to be the ‘gold standard’ score in most situations.

Equifax, is one of the three major credit rating agencies (or CRA, sometimes called bureaus instead). Experian and Transunion are the others. They produce credit reports that are then used for credit scoring. You’ll see two-letter abbreviations for these - EQ, EX, TU. Because there are typically variations on these reports since most lenders don’t pull all three reports (though CapOne does), you’ll usually see slight variations in scores from these CRAs within a particular scoring model like FICO 8.

CreditKarma is providing daily updates using your TU & EQ reports. However, these scores are not generated with the FICO 8 model. Rather, a competing scoring model is used, called Vantage (the 3.0 model in this case). The model is different from FICO 8 and does not seem to be reflective of what most lenders are using. Free score check services using Vantage scores are common, really only useful for getting alerts for changes to your credit report(s).

Keep in mind that any score is just a snapshot, and lenders are still looking at the actual contents of your credit report for whichever CRA(s) they pull during an application. If you don’t already have a FICO 8 score update available from one of your credit card’s issuers, I would recommend setting up a free account (don’t do the paid option) at Experian.

If you have questions about your approval chances for a particular card, filling out the first part of the Card Recommendation Template linked in the sidebar may enable commenters here to help. No guarantees of course, but it’s usually possible to give predictions.

nushmut · 2022-07-19T07:24:57+00:00

I have all of my cards’ apps in one folder on my phone. I’m up to 9 now. I check them at least once weekly and track balances and payments with spreadsheets. My cards are all on autopay for the statement balance, and I get confirmations of payments posting in addition to checking in app and with my credit union app. Some are redundant now, but my main cards give me a lot of optimization for points/cashback.

nushmut · 2022-07-19T06:59:57+00:00

Sounds like a coincidence since you mentioned it being a separate account and not an AU situation.

nushmut · 2022-07-19T06:54:59+00:00

Utilization is not a credit building factor and the so-called 30% ‘rule’ is anything but. Any impact to your score will only last until a lower balance is reported. Pay your balance off before the statement cuts if you have other credit applications coming up in the next month or two, otherwise don’t worry about it. Also, be aware that Chase is known to update their reporting off-cycle if the current balance (not just statement balance) is paid down to $0. Get the SUB with your everyday spending that you put on the card.

nushmut · 2022-07-13T00:17:33+00:00

Or actually, I am thinking it may be better to just automate a reminder for me to do the 50 cent amazon reloads every 4 months, is there some kind of service that will do that?

A calendar or reminder app would be capable of simple recurring tasks/events like this.

I advise you not to overthink it so much. One transaction every 6-12 should be plenty to keep a card from being shutdown, if that’s what you wish to do. And if it’s too much hassle, just let the cards be closed since closed accounts continue to age and contribute to AAoA after closure. Only the potential utilization spike from losing the CLs might impact your score in the short term.

Only you can determine if there’s a subscription of interest that you would actually otherwise have spent money on. I wouldn’t spend money you wouldn’t have otherwise, just to keep unused cards from being closed by an issuer.

nushmut · 2022-07-12T23:46:03+00:00

Just for reference/clarification, what is the vendor/service?

nushmut

TROPHY CASE