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Old 04-02-2013, 02:13 PM  
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, 02:14 PM   #2
Pestilence Pestilence 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, 02:14 PM   #3
loochy loochy is online now
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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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Old 04-02-2013, 02:15 PM   #4
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, 02:15 PM   #5
Superturtle Superturtle is offline
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The more you have open and current the better I guess. The logic doesn't make sense to me either.
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Old 04-02-2013, 02:16 PM   #6
Pestilence Pestilence is offline
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You won't get turned down for a cell phone if you went to get one. They'd ask you for a cash deposit. And I'm pretty sure that with a credit score in the mid 600s....they won't even require one of those.
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Old 04-02-2013, 02:16 PM   #7
KC Tattoo KC Tattoo is offline
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Credit report is a fraud. In order to get credit you have to create dept to pay off in time. When you have everything paid off and don't generate more credit debt then you just stay the same. It's ****ing dumb. Kids out of high school have to earn credit to start out in life and that meens they have to create debt to have credit. This is how I see it.
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Old 04-02-2013, 02:16 PM   #8
tooge tooge is offline
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do you have an income?
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Old 04-02-2013, 02:16 PM   #9
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, 02:16 PM   #10
loochy loochy is online now
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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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Old 04-02-2013, 02:16 PM   #11
R8RFAN R8RFAN is offline
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Quote:
Originally Posted by tooge View Post
do you have an income?
High 5 figures to low 6 figures per yr
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Old 04-02-2013, 02:17 PM   #12
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, 02:17 PM   #13
Pestilence Pestilence 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, 02:18 PM   #14
MIAdragon MIAdragon is offline
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The older your credit lines are also plays into your score.
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Old 04-02-2013, 02:18 PM   #15
loochy loochy is online now
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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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