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04-02-2013, 02:24 PM | #1 |
Molôn Labé
Join Date: Sep 2001
Location: North Carolina
Casino cash: $8566872
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04-02-2013, 02:25 PM | #2 |
Most Valuable Villain
Join Date: Dec 2006
Casino cash: $2965047
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Think about it. The bank is loaning you the money because they want to make money (interest) off of you. If you pay it off early.....they penalize you because they aren't going to make that money. A lot of banks don't do it anymore.....but there are some that still do.
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04-04-2017, 06:19 AM | #3 | |
In BB I trust
Join Date: May 2003
Location: Boston, Mass.
Casino cash: $10029808
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Quote:
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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04-02-2013, 02:22 PM | #4 |
Most Valuable Villain
Join Date: Dec 2006
Casino cash: $2965047
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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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Posts: 92,208
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04-02-2013, 02:23 PM | #5 | |
Debunking your bullshit
Join Date: Aug 2002
Location: KC area
Casino cash: $5070315
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Quote:
# Have 1 bank credit card (Visa) Pay off in full every month Only one card. Does it have a low limit? That hurts as well. Not having much credit extended to you/available to you makes it hard to get more credit. Makes sense to them. |
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Posts: 52,592
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04-02-2013, 02:23 PM | #6 |
Resident Glue Sniffer
Join Date: Nov 2003
Casino cash: $5059358
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5 years ago-ish; laid off; foreclosed; job making 45% less; horrible situation
2013; making more than i did in 2008; paid off 2 cars, sold the motorcycle; paid of 3 cards; just paid 1/2 of the remaining balance of 1 card; paying the next 1/2 here in a few weeks;. paid off another card in full last month. 2 cards to go that are interest and penalty fee because we got on a payment plan. should be 'done' by summer next year. and not have any debt. haven't used a card since 2008. aside from buying something online, then immediately going to my card site and paying it off/crediting it etc.
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04-02-2013, 02:24 PM | #7 |
"Think BOOM!"
Join Date: Nov 2003
Location: 33.675° N 106.475° W
Casino cash: $10219900
VARSITY
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By doing something, typically in a good way, obviously.
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04-02-2013, 02:26 PM | #8 |
Emporer of Mongo
Join Date: Apr 2010
Location: Milky Way
Casino cash: $2827556
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from what i understand you should have 3-4 credit cards that you charge things to (you can still pay them off) so they remain active....(unsecured aspect)
also, if it has been a while since you have had a secured loan (car or house etc...) you should try and get a secure loan, even if you just pay it off...this could be the biggest factor in why your score is low. You might try to get a HELOC....use it once a year to make a large-ish purchase, then pay it off.....that may be all you need to do for the secured aspect. I think you are wise to want to raise your score. I'm in a similar position, but my score is now 750ish...I would like to try for 800+
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04-02-2013, 02:27 PM | #9 | |
Hey Loochy, I'm hooome!
Join Date: Oct 2008
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Quote:
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Hey Loochy, I'm hoooome! |
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04-02-2013, 02:32 PM | #10 |
Emporer of Mongo
Join Date: Apr 2010
Location: Milky Way
Casino cash: $2827556
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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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04-02-2013, 02:53 PM | #11 |
On Hiatus
Join Date: Aug 2000
Casino cash: $2429700
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It all stays there for 7 years.....unless you have a judgement or a bankruptcy which can cause it to be there for 10.
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04-02-2013, 02:30 PM | #12 | |
Molôn Labé
Join Date: Sep 2001
Location: North Carolina
Casino cash: $8566872
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Quote:
The system sucks if you ask me |
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04-02-2013, 02:34 PM | #13 | |
Emporer of Mongo
Join Date: Apr 2010
Location: Milky Way
Casino cash: $2827556
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Quote:
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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04-02-2013, 02:36 PM | #14 |
Molôn Labé
Join Date: Sep 2001
Location: North Carolina
Casino cash: $8566872
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I have thought about a Lowes card to buy something then pay it off.. That will probably work
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Posts: 23,164
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04-02-2013, 02:46 PM | #15 | |
Hey Loochy, I'm hooome!
Join Date: Oct 2008
Location: PooPooKaKaPeePeeShire
Casino cash: $2000752
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Quote:
Get some kind of card that gives a cashback reward, such as my costco amex or my wells fargo visa. There's no annual fee and I just charge everything I can to the cards - all groceries, gas, bills, everything that is eligible. I just pay them off at the end of the month. I pay no interest and I get 1% back on everything from both of them (sometimes up to 3% back from the amex, depending on what I buy).
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Hey Loochy, I'm hoooome! |
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