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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 04-03-2017, 08:00 PM   #256
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Originally Posted by R8RFAN View Post
Credit card apps Noob
Haven't checked my credit score in a while, but I assume it's ok. Your advice a few years ago encouraged me to pay off my house and now I have no debt and put away over 35 grand into my savings account in the last year with no house or car payment. The Raiders still suck, but cheers for the good advice.
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Old 04-03-2017, 08:15 PM   #257
R8RFAN R8RFAN is offline
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Originally Posted by Spott View Post
Haven't checked my credit score in a while, but I assume it's ok. Your advice a few years ago encouraged me to pay off my house and now I have no debt and put away over 35 grand into my savings account in the last year with no house or car payment. The Raiders still suck, but cheers for the good advice.
That's freaking great, I got so much shit on this forum from people because I chose to do it a different way than most... Keep going , you will have 100k banked before you know it.

If you have cash you never have to worry about credit, I use credit cards for everything and don't have to use much money to get stuff at amazon because of the points. I pay my credit card off every week

I am happy for you, feels good not to give the bank that interest every month, when I bought my house I had like 100k or so in the bank and made half the house payment with the interest on that money (early 2ks) but after the crash and interest on my money came to near zero I decided to not pay the bank all that money and paid it off with only about 10k left, I was nervous as hell but since then I have went over 150k in cash and 300k in my 401k with everything paid off.
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Old 04-04-2017, 04:58 AM   #258
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Quote:
Originally Posted by R8RFAN View Post
That's freaking great, I got so much shit on this forum from people because I chose to do it a different way than most... Keep going , you will have 100k banked before you know it.

If you have cash you never have to worry about credit, I use credit cards for everything and don't have to use much money to get stuff at amazon because of the points. I pay my credit card off every week

I am happy for you, feels good not to give the bank that interest every month, when I bought my house I had like 100k or so in the bank and made half the house payment with the interest on that money (early 2ks) but after the crash and interest on my money came to near zero I decided to not pay the bank all that money and paid it off with only about 10k left, I was nervous as hell but since then I have went over 150k in cash and 300k in my 401k with everything paid off.
Do you get a pension too, or are you on your own when you retire?
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Old 04-04-2017, 05:09 AM   #259
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Quote:
Originally Posted by R8RFAN View Post
That's freaking great, I got so much shit on this forum from people because I chose to do it a different way than most... Keep going , you will have 100k banked before you know it.

If you have cash you never have to worry about credit, I use credit cards for everything and don't have to use much money to get stuff at amazon because of the points. I pay my credit card off every week

I am happy for you, feels good not to give the bank that interest every month, when I bought my house I had like 100k or so in the bank and made half the house payment with the interest on that money (early 2ks) but after the crash and interest on my money came to near zero I decided to not pay the bank all that money and paid it off with only about 10k left, I was nervous as hell but since then I have went over 150k in cash and 300k in my 401k with everything paid off.
I do the same thing with my Amazon card. It's great. Bought some Jordans and after I redeemed my points I ended up paying like $30 for them. Visa probably hates people like me because I pay off my balance in full every month via autopay.
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Old 04-04-2017, 05:42 AM   #260
R8RFAN R8RFAN is offline
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Quote:
Originally Posted by loochy View Post
Do you get a pension too, or are you on your own when you retire?
I will get a small pension from Fedex....and I have about 300k in my 401k and about to be 51

Last edited by R8RFAN; 04-04-2017 at 06:02 AM..
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Old 04-04-2017, 05:51 AM   #261
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Originally Posted by Chief Pote View Post
You checked your credit score on your phone? How old are you 16?
Wut?
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Old 04-04-2017, 06:19 AM   #262
Amnorix Amnorix is offline
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Quote:
Originally Posted by R8RFAN View Post
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

Well, "law" has nothing to do with it. It's the contract. Most consumer loans -- loans not given to businesses -- do not have prepayment penalties. Mortgages, for example, do not.

Business loans, however, often do.
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Old 04-04-2017, 06:20 AM   #263
Amnorix Amnorix is offline
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Originally Posted by R8RFAN View Post
4 years after start of thread


Nice!

And ignore my last post, responding to an ancient post.
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Old 04-04-2017, 10:44 AM   #264
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Quote:
Originally Posted by R8RFAN View Post
That's freaking great, I got so much shit on this forum from people because I chose to do it a different way than most... Keep going , you will have 100k banked before you know it.

If you have cash you never have to worry about credit, I use credit cards for everything and don't have to use much money to get stuff at amazon because of the points. I pay my credit card off every week

I am happy for you, feels good not to give the bank that interest every month, when I bought my house I had like 100k or so in the bank and made half the house payment with the interest on that money (early 2ks) but after the crash and interest on my money came to near zero I decided to not pay the bank all that money and paid it off with only about 10k left, I was nervous as hell but since then I have went over 150k in cash and 300k in my 401k with everything paid off.
That's pretty sweet. I had a good amount of money in the bank and the housing prices had dropped over 60 percent, so I paid cash for a house that had been foreclosed on. The previous owner completely redid the entire interior of the house so I had very little work to do on it. Freeing myself up from that mortgage payment allowed me to pay off my other debts, including my car payment within a a year, and then I was able to really start saving some money.
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Old 04-04-2017, 11:18 AM   #265
R8RFAN R8RFAN is offline
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Quote:
Originally Posted by Spott View Post
That's pretty sweet. I had a good amount of money in the bank and the housing prices had dropped over 60 percent, so I paid cash for a house that had been foreclosed on. The previous owner completely redid the entire interior of the house so I had very little work to do on it. Freeing myself up from that mortgage payment allowed me to pay off my other debts, including my car payment within a a year, and then I was able to really start saving some money.
You will never regret paying off that house, The only possible way you could screw up is want for a bigger house and go into debt... Resist the urge.

i have a work buddy, we have been working together for 30 years between 2 jobs ... He is the kind of guy that still lives paycheck to paycheck, I have tried to help him but I think his wife thinks she is a Princess...

They have lost 2 homes to foreclosure and an Expedition with an 800 dollar a month payment that I know of... He had his wages garnished because he used to claim about 5 more dependents than he had (when you could do that). Then he would cuss every year because he had to pay taxes. His mother and father in law passed in the past couple of years and left them some money, He just bought a house at 53 with a 1100 dollar a month mortgage and I think he will lose that too, I hope not but I know him.
His wife is a stay home wife with no minor kids and she spends her days shopping and eating at the cheesecake factory or the likes .

They got a 14k insurance settlement and spent the money on 4 wheelers that they had to sell a year later for 20% of what they paid for them because they tore them all to hell.

I remember back in the 90's he would sell me one of his guns for money he needed then take the next 2 days off work.
It drives me nuts but I keep my mouth shut because its none of my business.
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Old 04-04-2017, 11:50 AM   #266
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Quote:
Originally Posted by R8RFAN View Post
You will never regret paying off that house, The only possible way you could screw up is want for a bigger house and go into debt... Resist the urge.

i have a work buddy, we have been working together for 30 years between 2 jobs ... He is the kind of guy that still lives paycheck to paycheck, I have tried to help him but I think his wife thinks she is a Princess...

They have lost 2 homes to foreclosure and an Expedition with an 800 dollar a month payment that I know of... He had his wages garnished because he used to claim about 5 more dependents than he had (when you could do that). Then he would cuss every year because he had to pay taxes. His mother and father in law passed in the past couple of years and left them some money, He just bought a house at 53 with a 1100 dollar a month mortgage and I think he will lose that too, I hope not but I know him.
His wife is a stay home wife with no minor kids and she spends her days shopping and eating at the cheesecake factory or the likes .

They got a 14k insurance settlement and spent the money on 4 wheelers that they had to sell a year later for 20% of what they paid for them because they tore them all to hell.

I remember back in the 90's he would sell me one of his guns for money he needed then take the next 2 days off work.
It drives me nuts but I keep my mouth shut because its none of my business.
I'm not really into buying bigger and better. My ex-wife liked to do that shit, but have found that I would rather spend money on things like travel and I don't need to accumulate stuff. The guys I work with keep telling me to buy a new car, but my Civic runs perfect and I've never seen a car as anything more than a tool to get me from point A to point B. After I paid everything off I began upping my 401K contributions because I don't have many tax deductions now. I think the best part about being debt free is not having to worry about my employer cutting back like they did a few years ago. Even if they decide to lay me off, I could go be a barista at Starbucks and easily be able to afford taxes and insurance on the house.
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Old 08-27-2017, 07:08 PM   #267
R8RFAN R8RFAN is offline
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For those interested after 4 years, I have a score of 824 now only using credit cards and paying them off in full e a couple times a month.

When I started this mission I think my score was 669
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Old 08-27-2017, 07:09 PM   #268
Hog's Gone Fishin Hog's Gone Fishin is offline
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Originally Posted by R8RFAN View Post
For those interested after 4 years, I have a score of 824 now only using credit cards and paying them off in full e a couple times a month.

When I started this mission I think my score was 669
So what good is it doing you ?
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Old 08-27-2017, 07:11 PM   #269
R8RFAN R8RFAN is offline
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So what good is it doing you ?
nothing... But I get a shitload of points to buy shit on amazon
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Old 08-27-2017, 07:14 PM   #270
Hog's Gone Fishin Hog's Gone Fishin is offline
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nothing... But I get a shitload of points to buy shit on amazon

I see. I thought maybe you were smart or something and using it to build an empire.My bad. I'm sure you have an Xbox though.
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