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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, 02:30 PM   #46
Pawnmower Pawnmower is offline
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http://www.clarkhoward.com/news/clar...t-score/nTWGX/

a quick blurb, but around 45% (15+30) has to do with number of lines, utilation rate, and open accounts vs closed.......i think you could raise your score pretty drastically by just having more accounts, higher limits and keepingyour utilaztion rate at zero like it is now.......just use them every few months and pay them off.

ill try to find a link about the secured aspect
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Old 04-02-2013, 02:31 PM   #47
3rd&48ers 3rd&48ers is offline
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Quote:
Originally Posted by cosmo20002 View Post
That is completely not true. Ridiculous.

It would be stupid to purposefully carry a balance for the purpose of paying interest.
Man I shudder to think about paying 24% interest on credit cards with 3k on them
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Old 04-02-2013, 02:32 PM   #48
Pawnmower Pawnmower is offline
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Quote:
Originally Posted by loochy View Post
I think that stuff falls off of your score after 5 years, right?
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
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Old 04-02-2013, 02:32 PM   #49
3rd&48ers 3rd&48ers is offline
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Oh, like a year ago my credit was like 699 then it dropped to mid 600's and I haven't done a damn thing
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Old 04-02-2013, 02:32 PM   #50
Dayze Dayze is online now
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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.
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Old 04-02-2013, 02:34 PM   #51
Pawnmower Pawnmower is offline
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Quote:
Originally Posted by R8ers View Post
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
try to find some with no fees - like credit union or open another savings at another local bank etc...

also if you shop at home depot or something...even dept store cards will work...

you just need something you can use once in a while
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Old 04-02-2013, 02:34 PM   #52
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Quote:
Originally Posted by R8ers View Post
Oh, like a year ago my credit was like 699 then it dropped to mid 600's and I haven't done a damn thing
Mine jumped from the low 600s into the low 700s because I paid off about half of my debt. I still have 2 cards left to pay off and the student loans that are hanging over my head.
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Old 04-02-2013, 02:34 PM   #53
3rd&48ers 3rd&48ers is offline
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Quote:
Originally Posted by Dayze View Post
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.

That sounds good right there.. I am not above doing this...
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Old 04-02-2013, 02:35 PM   #54
3rd&48ers 3rd&48ers is offline
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Quote:
Originally Posted by Pestilence View Post
Mine jumped from the low 600s into the low 700s because I paid off about half of my debt. I still have 2 cards left to pay off and the student loans that are hanging over my head.
I heard paying the cards off is ok but don't close the account or it will actually hurt your score
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Old 04-02-2013, 02:35 PM   #55
cosmo20002 cosmo20002 is offline
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Quote:
Originally Posted by R8ers View Post
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
There are tons of credit cards out there with no annual fee. Get a couple from different companies, buy some stuff and pay off the balance. It will raise your score.

http://www.capitalone.com/credit-cards/
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Old 04-02-2013, 02:36 PM   #56
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Quote:
Originally Posted by Dayze View Post
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.
The wife and I are friends with a younger couple who did precisely this after going through a bankruptcy. It apparently works.
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Old 04-02-2013, 02:36 PM   #57
3rd&48ers 3rd&48ers is offline
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Quote:
Originally Posted by Pawnmower View Post
try to find some with no fees - like credit union or open another savings at another local bank etc...

also if you shop at home depot or something...even dept store cards will work...

you just need something you can use once in a while
I have thought about a Lowes card to buy something then pay it off.. That will probably work
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Old 04-02-2013, 02:36 PM   #58
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Quote:
Originally Posted by R8ers View Post
I heard paying the cards off is ok but don't close the account or it will actually hurt your score
Yep. Although I did close one of my credit cards because they refused to increase my limit and lower my interest rate even though I've been with them for 7 years.
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Old 04-02-2013, 02:38 PM   #59
cosmo20002 cosmo20002 is offline
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Quote:
Originally Posted by R8ers View Post
Man I shudder to think about paying 24% interest on credit cards with 3k on them
Absolutely no need to carry a balance/pay interest. It won't necessarily hurt you, but it would be crazy to do so for the purpose of trying to raise your score.
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Old 04-02-2013, 02:39 PM   #60
cosmo20002 cosmo20002 is offline
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Quote:
Originally Posted by R8ers View Post
I heard paying the cards off is ok but don't close the account or it will actually hurt your score
True.
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