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Old 04-02-2013, 02:13 PM  
3rd&48ers 3rd&48ers 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, 02:18 PM   #16
Dayze Dayze is offline
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Old 04-02-2013, 02:18 PM   #17
tmh tmh is offline
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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.
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Old 04-02-2013, 02:19 PM   #18
SLAG SLAG is offline
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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
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Old 04-02-2013, 02:19 PM   #19
loochy loochy is online now
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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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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, 02:19 PM   #20
3rd&48ers 3rd&48ers 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, 02:19 PM   #21
Pestilence Pestilence is online now
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Originally Posted by MIAdragon View Post
The older your credit lines are also plays into your score.
This.

Having a line of credit for 3-4 years looks better.
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Old 04-02-2013, 02:20 PM   #22
loochy loochy is online now
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Originally Posted by tmh View Post
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.
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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.
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Old 04-02-2013, 02:20 PM   #23
SLAG SLAG is offline
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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, 02:20 PM   #24
loochy loochy is online now
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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: 18,049
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Old 04-02-2013, 02:20 PM   #25
Pestilence Pestilence is online now
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Quote:
Originally Posted by SLAG View Post
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
Link to the Dave Ramsey baby steps?
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Old 04-02-2013, 02:20 PM   #26
loochy loochy is online now
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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.
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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, 02:21 PM   #27
3rd&48ers 3rd&48ers is offline
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Quote:
Originally Posted by loochy View Post
Yeah, probably. Just call and ask them to raise the limit. I'm sure they will.
i have had the card for like 10 years and never had a late payment of any kind on it... Weird thing is I go to creditkarma and it does not list that credit card on me and it's in my name.. are they not reporting it or is credit karma just not accurate?
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Old 04-02-2013, 02:21 PM   #28
loochy loochy is online now
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i have had the card for like 10 years and never had a late payment of any kind on it... Weird thing is I go to creditkarma and it does not list that credit card on me and it's in my name.. are they not reporting it or is credit karma just not accurate?
That's weird. You DO use it, right? And it IS a credit card, not a debit card, right?
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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: 18,049
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, 02:22 PM   #29
Deberg_1990 Deberg_1990 is offline
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Go take out some loans and pay them off within a year. My credit score is in the 800s.

I have zero CC debt, but i will take out loans for stuff like furniture from time to time even though i dont have to.
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Old 04-02-2013, 02:22 PM   #30
Pestilence Pestilence is online now
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It sounds like that card is a debit/credit card that's tied to your account. Those won't report the credit bureau.
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