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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, 02:22 PM   #31
Pestilence Pestilence is offline
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Quote:
Originally Posted by Deberg_1990 View Post
Go take out some loans and pay them off within a year.
Just make sure they don't have early payoff penalties tied to them.
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Old 04-02-2013, 02:23 PM   #32
cosmo20002 cosmo20002 is offline
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Quote:
Originally Posted by R8ers View Post

but why is my credit score in the mid 600's and how do I get it to go up?
Probably this:
# 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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Old 04-02-2013, 02:23 PM   #33
3rd&48ers 3rd&48ers is offline
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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
I have lived like this for years and it just pisses me off to all end to know how diciplined and responsible I am with money that I probably would struggle to get a 10k loan somewhere if God forbid I ever had too
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Old 04-02-2013, 02:23 PM   #34
Dayze Dayze is offline
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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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Old 04-02-2013, 02:24 PM   #35
Donger Donger is offline
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Old 04-02-2013, 02:24 PM   #36
3rd&48ers 3rd&48ers is offline
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Quote:
Originally Posted by Pestilence View Post
Just make sure they don't have early payoff penalties tied to them.
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
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Old 04-02-2013, 02:24 PM   #37
El Jefe El Jefe is offline
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Quote:
Originally Posted by Superturtle View Post
The more you have open and current the better I guess. The logic doesn't make sense to me either.
That's what they told me, and I have a 799 credit score, also have a 12 inch penis, and I run a 4.3 fourty. #comeatmebro
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Old 04-02-2013, 02:25 PM   #38
SLAG SLAG is offline
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Quote:
Originally Posted by Pestilence View Post
Link to the Dave Ramsey baby steps?
Here is the book:
http://www.amazon.com/The-Total-Mone...money+makeover

I picked up the Kindle version for $10

He is on the Radio everyday too you can listen here:

http://www.daveramsey.com - hes on for another 30min or so


But here are the steps:

Step 1- Save $1000 Emergency Fund
Step 2- Pay off all Debts Smallest to Largest - using the funds you free up to add to the payment of the next debt - aka the debt snowball
Step 3- Complete the ER fund with 3-6mo of savings
Step 4- Put 15% of your income toward retirement
Step 5 - Save for Kids' college
Step 6 - Pay off House Early
Step 7 - Become Wealthy and give a lot of it away


Thats the VERY high level overview but the Key to step 1-3 is budgeting - give every dollar a name -- on paper - on purpose every month - Keep a $0 Budget meaning every dollar has a Job


we are hooked
We want to live like no one else so later we can live like no one else.
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Old 04-02-2013, 02:25 PM   #39
loochy loochy is offline
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Quote:
Originally Posted by R8ers View Post
I have lived like this for years and it just pisses me off to all end to know how diciplined and responsible I am with money that I probably would struggle to get a 10k loan somewhere if God forbid I ever had too
I'd give you a loan mr R8ers
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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, 02:25 PM   #40
Pestilence Pestilence is offline
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Quote:
Originally Posted by R8ers 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
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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Old 04-02-2013, 02:26 PM   #41
Pawnmower Pawnmower is offline
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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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Old 04-02-2013, 02:27 PM   #42
loochy loochy is offline
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Quote:
Originally Posted by Pawnmower View Post
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+
I think that stuff falls off of your score after 5 years, 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.
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Old 04-02-2013, 02:27 PM   #43
cosmo20002 cosmo20002 is offline
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Quote:
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.
That is completely not true. Ridiculous.

It would be stupid to purposefully carry a balance for the purpose of paying interest.
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Old 04-02-2013, 02:28 PM   #44
3rd&48ers 3rd&48ers is offline
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Join Date: Sep 2001
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Step 1- Save $1000 Emergency Fund--------Done X 100+
Step 2- Pay off all Debts Smallest to Largest - using the funds you free up to add to the payment of the next debt - aka the debt snowball---Done, Years ago
Step 3- Complete the ER fund with 3-6mo of savings--- Done several times over
Step 4- Put 15% of your income toward retirement--- 15% 90% OF THE YEAR 25% when I feel frisky
Step 5 - Save for Kids' college---- Got it covered, Daughter not interested in being a brain surgeon
Step 6 - Pay off House Early--- Done...
Step 7 - Become Wealthy and give a lot of it away ---- Already give alot away, I pay the hell out of taxes while others sit on their ass and play xbox
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Old 04-02-2013, 02:30 PM   #45
3rd&48ers 3rd&48ers is offline
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Quote:
Originally Posted by Pawnmower View Post
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+
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
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