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Old 04-02-2013, 03:13 PM   Topic Starter
R8RFAN R8RFAN is offline
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How does one get credit?

Yall know the story about me... I am going to be a bit vague here..

#1 100% Debt Free
#2 Low 6 figure savings
#3 Mid 6 Figure retirement (401k)
#4 No Credit Card debt
#5 DTI (Debt to income ratio =0)
#Paid 30 yr mortgage off in 5.5 years
#Bought car on 4 year financing in 2005 paid off in 2 years
#Bought Car with 4 year financing in 2002 also paid off in 2 years
# Have 1 bank credit card (Visa) Pay off in full every month
Income per year is High 5 figures to low 6 figures per year

No bankruptcies or late payments ever on any thing I ever bought since the early 90's.

I am not interested in buying anything or looking to buy anything but why is my credit score in the mid 600's and how do I get it to go up?

I am fully prepared for a bunch of stupid comments that I am just going to filter through to get to the legitimate ones so fire away... I know there are a bunch of people on this forum that make good money and are pretty smart except for their choice in a football team so give me some pointers.

Being Debt free is wonderful but if I ever choose to go buy someting like a stupid cell phone on a contract (which I haven't) I am going to be super pissed having that kind of coin and getting turned down...

Fire away
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Old 04-02-2013, 03:14 PM   #2
Dicky McElephant Dicky McElephant is offline
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Do you have open credit cards with zero balances?

EDIT: Saw that you have one.
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Old 04-02-2013, 03:15 PM   #3
R8RFAN R8RFAN is offline
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Quote:
Originally Posted by Pestilence View Post
Do you have open credit cards with zero balances?
Just that one and I pay it off in full every month, Should I keep a 10 dollar balance on it or something?
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Old 04-02-2013, 03:16 PM   #4
loochy loochy is offline
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Quote:
Originally Posted by R8ers View Post
Just that one and I pay it off in full every month, Should I keep a 10 dollar balance on it or something?
No, having it is a good thing.

Try to get your limit raised. That will help. The more credit you have available = better. The less debt you have against that available credit = better.
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yeah i may be a retard but I'll be the one banging your girlfriend when you're out with your friends.
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Old 04-02-2013, 03:17 PM   #5
R8RFAN R8RFAN is offline
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Quote:
Originally Posted by loochy View Post
No, having it is a good thing.

Try to get your limit raised. That will help. The more credit you have available = better. The less debt you have against that available credit = better.
It's set at 4k limit.. is that too low?
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Old 04-02-2013, 03:19 PM   #6
loochy loochy is offline
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Quote:
Originally Posted by R8ers View Post
It's set at 4k limit.. is that too low?
Yeah, probably. Just call and ask them to raise the limit. I'm sure they will.
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Quote:
Originally Posted by big nasty kcnut View Post
yeah i may be a retard but I'll be the one banging your girlfriend when you're out with your friends.
Posts: 19,390
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Old 04-02-2013, 03:20 PM   #7
SLAG SLAG is offline
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Quote:
Originally Posted by R8ers View Post
Just that one and I pay it off in full every month, Should I keep a 10 dollar balance on it or something?
myfico.com forums suggest keeping about a 10-15% of limit balance to keep score high
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Old 04-02-2013, 03:20 PM   #8
loochy loochy is offline
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Quote:
Originally Posted by SLAG View Post
myfico.com forums suggest keeping about a 10-15% of limit balance to keep score high
F that mess
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Quote:
Originally Posted by big nasty kcnut View Post
yeah i may be a retard but I'll be the one banging your girlfriend when you're out with your friends.
Posts: 19,390
loochy is obviously part of the inner Circle.loochy is obviously part of the inner Circle.loochy is obviously part of the inner Circle.loochy is obviously part of the inner Circle.loochy is obviously part of the inner Circle.loochy is obviously part of the inner Circle.loochy is obviously part of the inner Circle.loochy is obviously part of the inner Circle.loochy is obviously part of the inner Circle.loochy is obviously part of the inner Circle.loochy is obviously part of the inner Circle.
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Old 04-02-2013, 03:14 PM   #9
loochy loochy is offline
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you get credit by having lines of credit open. having a larger credit to debt ratio is better.
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Quote:
Originally Posted by big nasty kcnut View Post
yeah i may be a retard but I'll be the one banging your girlfriend when you're out with your friends.
Posts: 19,390
loochy is obviously part of the inner Circle.loochy is obviously part of the inner Circle.loochy is obviously part of the inner Circle.loochy is obviously part of the inner Circle.loochy is obviously part of the inner Circle.loochy is obviously part of the inner Circle.loochy is obviously part of the inner Circle.loochy is obviously part of the inner Circle.loochy is obviously part of the inner Circle.loochy is obviously part of the inner Circle.loochy is obviously part of the inner Circle.
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Old 04-02-2013, 03:16 PM   #10
R8RFAN R8RFAN is offline
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Quote:
Originally Posted by loochy View Post
you get credit by having lines of credit open. having a larger credit to debt ratio is better.
So what do I do? Go borrow money I don't need and just pay it back to get credit?
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Old 04-02-2013, 03:17 PM   #11
Dicky McElephant Dicky McElephant is offline
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Quote:
Originally Posted by R8ers View Post
So what do I do? Go borrow money I don't need and just pay it back to get credit?
You can....yeah. It can be as simple as taking out a $2000 loan....putting the money into a savings account and then making the monthly payments every month. You'll lose a little money in the interest you pay over the loan....but it will build your credit history.
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Old 04-02-2013, 03:19 PM   #12
R8RFAN R8RFAN is offline
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Quote:
Originally Posted by Pestilence View Post
You can....yeah. It can be as simple as taking out a $2000 loan....putting the money into a savings account and then making the monthly payments every month. You'll lose a little money in the interest you pay over the loan....but it will build your credit history.
Where should I go? My local bank where I have my money at... I heard once you should never have loans where you bank is there any truth to this?
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Old 04-02-2013, 03:20 PM   #13
loochy loochy is offline
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Quote:
Originally Posted by R8ers View Post
Where should I go? My local bank where I have my money at... I heard once you should never have loans where you bank is there any truth to this?
Go wherever give you the lowest rate.
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Quote:
Originally Posted by big nasty kcnut View Post
yeah i may be a retard but I'll be the one banging your girlfriend when you're out with your friends.
Posts: 19,390
loochy is obviously part of the inner Circle.loochy is obviously part of the inner Circle.loochy is obviously part of the inner Circle.loochy is obviously part of the inner Circle.loochy is obviously part of the inner Circle.loochy is obviously part of the inner Circle.loochy is obviously part of the inner Circle.loochy is obviously part of the inner Circle.loochy is obviously part of the inner Circle.loochy is obviously part of the inner Circle.loochy is obviously part of the inner Circle.
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Old 04-02-2013, 03:18 PM   #14
loochy loochy is offline
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Quote:
Originally Posted by R8ers View Post
So what do I do? Go borrow money I don't need and just pay it back to get credit?
You COULD...but it might be cheaper to just pay the high interest rates for having bad credit.

Open some more high limit credit cards and keep them paid off or something.

Yeah, I know, the way this thing works is absolutely retarded. If they just looked at your situation they'd see that you can easily pay off whatever...
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Quote:
Originally Posted by big nasty kcnut View Post
yeah i may be a retard but I'll be the one banging your girlfriend when you're out with your friends.
Posts: 19,390
loochy is obviously part of the inner Circle.loochy is obviously part of the inner Circle.loochy is obviously part of the inner Circle.loochy is obviously part of the inner Circle.loochy is obviously part of the inner Circle.loochy is obviously part of the inner Circle.loochy is obviously part of the inner Circle.loochy is obviously part of the inner Circle.loochy is obviously part of the inner Circle.loochy is obviously part of the inner Circle.loochy is obviously part of the inner Circle.
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Old 09-18-2014, 12:31 PM   #15
JohnnyHammersticks JohnnyHammersticks is offline
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Quote:
Originally Posted by loochy View Post
you get credit by having lines of credit open. having a larger credit to debt ratio is better.
Actually, this is 100% false. The higher your credit usage is--i.e., ratio of credit used to credit available--the lower your credit score is. If you have $50,000 in available credit and have a revolving balance of around $25K, you're going to get dinged pretty hard for having 50% credit usage. The lower your credit usage ratio is, the higher your credit score.

Sounds like the original poster is getting screwed. I underwrote residential and commercial loans for years, and if the scenario the OP laid out is accurate, his FICO should be in the high 700's to low 800's. I would recommend ordering a full tri-merge credit report which shows all 3 scores. Maybe one of the 3 credit bureaus--Experian, Equifax, or TransUnion--has erroneous info. Make sure to look at all pages of the credit report, including the Public Records section, which shows any past or outstanding liens and/or judgements.

Unfortunately the credit bureaus intentionally make it almost impossible to contact them and review things that may be impacting your credit score negatively. Just another in a long line of banking/finance-related scams that Wall Street and its minions use to screw the average hard-working person.
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