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-   -   Money How does one get credit? (https://www.chiefsplanet.com/BB/showthread.php?t=271699)

Dayze 04-02-2013 02:41 PM
i think my buddy has also done the same thing with like a Best Buy card etc; he'll 'buy' a TV with the CC, then go home, log in and pay it off in a day or two. Same thing at Lowes (Lawn mower) etc.

He said something to the effec that he'll use a card for everything he can pay off in full, without penalty. I might be mis-speaking a bit, but you get the idea.

mlyonsd 04-02-2013 02:43 PM
Donate a $1000 per month to CP and pay for it with a credit card.

Problem solved.

The Franchise 04-02-2013 02:43 PM
Quote:
Originally Posted by Dayze (Post 9549938)
I think a buddy of mine has a 800 score; he's debt free etc; he just uses 3 cards; and rotates them each month in terms of what he buys, then pays off.

he'll use card A for a month for food, gas, etc. then card B for the same thing etc.

I'm sure there are other things he does to improve it, but it seems like that helps significantly.
I wanted to help build my score by using a credit card to pay off all of my monthly bills and then pay it off at the end of the month.....but my bills don't take ****ing credit cards as payments. Dicks.

R8RFAN 04-02-2013 02:45 PM
Quote:
Originally Posted by mlyonsd (Post 9549960)
Donate a $1000 per month to CP and pay for it with a credit card.

Problem solved.
Austin is rich, he does not need my chump change :D

All that I contribute to this forum, You guys should be stroking me a check

loochy 04-02-2013 02:46 PM
Quote:
Originally Posted by R8ers (Post 9549948)
I have thought about a Lowes card to buy something then pay it off.. That will probably work
yeah, but do that with EVERYTHING

Get some kind of card that gives a cashback reward, such as my costco amex or my wells fargo visa. There's no annual fee and I just charge everything I can to the cards - all groceries, gas, bills, everything that is eligible. I just pay them off at the end of the month. I pay no interest and I get 1% back on everything from both of them (sometimes up to 3% back from the amex, depending on what I buy).

KCGal 04-02-2013 02:47 PM
Quote:
Originally Posted by SLAG (Post 9549873)
dude - your FICO score is your " I love debt" Score or "I care what banks think of me" score

If you truly live debt free you shouldn't care about your FICO score

Good luck to you
Yep we are brainwashed into thinking we need a good FICO score. All that does is show the bank if you are a good little customer. Meaning you like to borrow money and you are pretty good at paying them when you tell you too.

The ultimate goal is to have a fico score of zero because that means you don't need to borrow money.

The Franchise 04-02-2013 02:47 PM
Quote:
Originally Posted by loochy (Post 9549965)
yeah, but do that with EVERYTHING

Get some kind of card that gives a cashback reward, such as my costco amex or my wells fargo visa. There's no annual fee and I just charge everything I can to the cards - all groceries, gas, bills, everything that is eligible. I just pay them off at the end of the month. I pay no interest and I get 1% back on everything from both of them (sometimes up to 3% back from the amex, depending on what I buy).
I've got a credit card with Wells Fargo that takes 3% of everything I purchase and applies it to the principal on my mortgage. Best credit card ever.

R8RFAN 04-02-2013 02:47 PM
Quote:
Originally Posted by loochy (Post 9549965)
yeah, but do that with EVERYTHING

Get some kind of card that gives a cashback reward, such as my costco amex or my wells fargo visa. There's no annual fee and I just charge everything I can to the cards - all groceries, gas, bills, everything that is eligible. I just pay them off at the end of the month. I pay no interest and I get 1% back on everything from both of them (sometimes up to 3% back from the amex, depending on what I buy).
Yea I will probably try this...

Thanks to all of you.

Jewish Rabbi 04-02-2013 02:49 PM
If you really want to have a high credit score, put everything on credit cards. Seriously.

It will take a while to build up your average age of accounts, so your score may take a short term hit, but will benefit in the long run.

Make sure to pay them off every month though.

R8RFAN 04-02-2013 02:49 PM
Quote:
Originally Posted by KCGal (Post 9549968)
Yep we are brainwashed into thinking we need a good FICO score. All that does is show the bank if you are a good little customer. Meaning you like to borrow money and you are pretty good at paying them when you tell you too.

The ultimate goal is to have a fico score of zero because that means you don't need to borrow money.
I don't need to borrow any money ..

I get the FICO thing but it should also go by the Debt to credit ratio thing

The system is flawed and penalizes disciplined savers

MTG#10 04-02-2013 02:52 PM
You dont need to carry a balance at all. Just open up 2-3 more credit cards with no monthly or yearly fees and let them sit.

Mosbonian 04-02-2013 02:53 PM
Quote:
Originally Posted by Pawnmower (Post 9549933)
im not 100% but i heard a similar call on a radio show i listened to and the host said even if you dont need it, secured loans are huge on your credit score....but yes i think 7 or 5...trying to cite it now
It all stays there for 7 years.....unless you have a judgement or a bankruptcy which can cause it to be there for 10.

R8RFAN 04-02-2013 02:54 PM
Quote:
Originally Posted by MTG#10 (Post 9549981)
You dont need to carry a balance at all. Just open up 2-3 more credit cards with no monthly or yearly fees and let them sit.
Hell I don't even see a credit card without a yearly fee I qualify for :cuss:

BeMyValentine 04-02-2013 02:54 PM
Did I miss why you are wanting good credit? The only thing I can think of is some insurance companies factor in your credit score. It seems to me you are well off without a decent credit score.

KCGal 04-02-2013 02:55 PM
If you don't want to spend the rest of your living month to month this is the best advice you will ever find.

I have not had a credit card in at least 5 years. It is silly to maintain a bunch of credit crds to keep a high FICO score if your long term goal is to be financially healthy and independent.


Quote:
Originally Posted by SLAG (Post 9549911)
Here is the book

But here are the steps:

Step 1- Save $1000 Emergency Fund
Step 2- Pay off all Debts Smallest to Largest - using the funds you free up to add to the payment of the next debt - aka the debt snowball
Step 3- Complete the ER fund with 3-6mo of savings
Step 4- Put 15% of your income toward retirement
Step 5 - Save for Kids' college
Step 6 - Pay off House Early
Step 7 - Become Wealthy and give a lot of it away


Thats the VERY high level overview but the Key to step 1-3 is budgeting - give every dollar a name -- on paper - on purpose every month - Keep a $0 Budget meaning every dollar has a Job


we are hooked
We want to live like no one else so later we can live like no one else.


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