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

The Pest 04-02-2013 02:22 PM

Quote:

Originally Posted by Deberg_1990 (Post 9549892)
Go take out some loans and pay them off within a year.

Just make sure they don't have early payoff penalties tied to them.

cosmo20002 04-02-2013 02:23 PM

Quote:

Originally Posted by R8ers (Post 9549847)

but why is my credit score in the mid 600's and how do I get it to go up?

Probably this:
# Have 1 bank credit card (Visa) Pay off in full every month

Only one card. Does it have a low limit? That hurts as well.
Not having much credit extended to you/available to you makes it hard to get more credit. Makes sense to them.

R8RFAN 04-02-2013 02:23 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

Also
Cell phone companies don't use the Traditional FICO they have an Industry specific credit calculation - but if I was debt free i'd probably look into something like Ting.

We have been working the Dave Ramsey Baby steps for the past month and we should be debt free except the house by the end of the year.

I have cancelled all my credit cards and I vow never to borrow money again - meaning I could give a flick about my FICO score..

Good luck to you

I have lived like this for years and it just pisses me off to all end to know how diciplined and responsible I am with money that I probably would struggle to get a 10k loan somewhere if God forbid I ever had too :cuss:

Dayze 04-02-2013 02:23 PM

5 years ago-ish; laid off; foreclosed; job making 45% less; horrible situation

2013; making more than i did in 2008; paid off 2 cars, sold the motorcycle; paid of 3 cards; just paid 1/2 of the remaining balance of 1 card; paying the next 1/2 here in a few weeks;. paid off another card in full last month.

2 cards to go that are interest and penalty fee because we got on a payment plan. should be 'done' by summer next year. and not have any debt.

haven't used a card since 2008. aside from buying something online, then immediately going to my card site and paying it off/crediting it etc.

Donger 04-02-2013 02:24 PM

By doing something, typically in a good way, obviously.

R8RFAN 04-02-2013 02:24 PM

Quote:

Originally Posted by Pestilence (Post 9549896)
Just make sure they don't have early payoff penalties tied to them.

So by law we are always allowed to pay off a loan at any time but the slimey bastards can penalize you for doing so?

That is real nice

El Jefe 04-02-2013 02:24 PM

Quote:

Originally Posted by Superturtle (Post 9549853)
The more you have open and current the better I guess. The logic doesn't make sense to me either.

That's what they told me, and I have a 799 credit score, also have a 12 inch penis, and I run a 4.3 fourty. #comeatmebro

SLAG 04-02-2013 02:25 PM

Quote:

Originally Posted by Pestilence (Post 9549885)
Link to the Dave Ramsey baby steps?

Here is the book:
http://www.amazon.com/The-Total-Mone...money+makeover

I picked up the Kindle version for $10

He is on the Radio everyday too you can listen here:

http://www.daveramsey.com - hes on for another 30min or so


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.

loochy 04-02-2013 02:25 PM

Quote:

Originally Posted by R8ers (Post 9549898)
I have lived like this for years and it just pisses me off to all end to know how diciplined and responsible I am with money that I probably would struggle to get a 10k loan somewhere if God forbid I ever had too :cuss:

I'd give you a loan mr R8ers

The Pest 04-02-2013 02:25 PM

Quote:

Originally Posted by R8ers (Post 9549906)
So by law we are always allowed to pay off a loan at any time but the slimey bastards can penalize you for doing so?

That is real nice

Think about it. The bank is loaning you the money because they want to make money (interest) off of you. If you pay it off early.....they penalize you because they aren't going to make that money. A lot of banks don't do it anymore.....but there are some that still do.

Pawnmower 04-02-2013 02:26 PM

from what i understand you should have 3-4 credit cards that you charge things to (you can still pay them off) so they remain active....(unsecured aspect)

also, if it has been a while since you have had a secured loan (car or house etc...) you should try and get a secure loan, even if you just pay it off...this could be the biggest factor in why your score is low. You might try to get a HELOC....use it once a year to make a large-ish purchase, then pay it off.....that may be all you need to do for the secured aspect.

I think you are wise to want to raise your score. I'm in a similar position, but my score is now 750ish...I would like to try for 800+

loochy 04-02-2013 02:27 PM

Quote:

Originally Posted by Pawnmower (Post 9549915)
from what i understand you should have 3-4 credit cards that you charge things to (you can still pay them off) so they remain active....(unsecured aspect)

also, if it has been a while since you have had a secured loan (car or house etc...) you should try and get a secure loan, even if you just pay it off...this could be the biggest factor in why your score is low. You might try to get a HELOC....use it once a year to make a large-ish purchase, then pay it off.....that may be all you need to do for the secured aspect.

I think you are wise to want to raise your score. I'm in a similar position, but my score is now 750ish...I would like to try for 800+

I think that stuff falls off of your score after 5 years, right?

cosmo20002 04-02-2013 02:27 PM

Quote:

Originally Posted by tmh (Post 9549871)
You need a few cards that carry a balance each month. They don't need to be high balance just keep the amount carried each month at 35 -40 percent of the card limit.

That is completely not true. Ridiculous.

It would be stupid to purposefully carry a balance for the purpose of paying interest.

R8RFAN 04-02-2013 02:28 PM

Step 1- Save $1000 Emergency Fund--------Done X 100+
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---Done, Years ago
Step 3- Complete the ER fund with 3-6mo of savings--- Done several times over
Step 4- Put 15% of your income toward retirement--- 15% 90% OF THE YEAR 25% when I feel frisky
Step 5 - Save for Kids' college---- Got it covered, Daughter not interested in being a brain surgeon
Step 6 - Pay off House Early--- Done...
Step 7 - Become Wealthy and give a lot of it away ---- Already give alot away, I pay the hell out of taxes while others sit on their ass and play xbox

R8RFAN 04-02-2013 02:30 PM

Quote:

Originally Posted by Pawnmower (Post 9549915)
from what i understand you should have 3-4 credit cards that you charge things to (you can still pay them off) so they remain active....(unsecured aspect)

also, if it has been a while since you have had a secured loan (car or house etc...) you should try and get a secure loan, even if you just pay it off...this could be the biggest factor in why your score is low. You might try to get a HELOC....use it once a year to make a large-ish purchase, then pay it off.....that may be all you need to do for the secured aspect.

I think you are wise to want to raise your score. I'm in a similar position, but my score is now 750ish...I would like to try for 800+

I actually looked at some credit cards that said I had a high possibility of being approved for but they are shit cards that want 39 bucks a year for the privy of taking space up in my wallet...

The system sucks if you ask me


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