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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, 02:41 PM   #61
Dayze Dayze is offline
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i think my buddy has also done the same thing with like a Best Buy card etc; he'll 'buy' a TV with the CC, then go home, log in and pay it off in a day or two. Same thing at Lowes (Lawn mower) etc.

He said something to the effec that he'll use a card for everything he can pay off in full, without penalty. I might be mis-speaking a bit, but you get the idea.
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Old 04-02-2013, 02:43 PM   #62
mlyonsd mlyonsd is offline
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Donate a $1000 per month to CP and pay for it with a credit card.

Problem solved.
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Old 04-02-2013, 02:43 PM   #63
Pestilence Pestilence 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.
I wanted to help build my score by using a credit card to pay off all of my monthly bills and then pay it off at the end of the month.....but my bills don't take ****ing credit cards as payments. Dicks.
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Old 04-02-2013, 02:45 PM   #64
3rd&48ers 3rd&48ers is offline
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Quote:
Originally Posted by mlyonsd View Post
Donate a $1000 per month to CP and pay for it with a credit card.

Problem solved.
Austin is rich, he does not need my chump change

All that I contribute to this forum, You guys should be stroking me a check
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Old 04-02-2013, 02:46 PM   #65
loochy loochy is offline
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Quote:
Originally Posted by R8ers View Post
I have thought about a Lowes card to buy something then pay it off.. That will probably work
yeah, but do that with EVERYTHING

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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Old 04-02-2013, 02:47 PM   #66
KCGal KCGal 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

Good luck to you
Yep we are brainwashed into thinking we need a good FICO score. All that does is show the bank if you are a good little customer. Meaning you like to borrow money and you are pretty good at paying them when you tell you too.

The ultimate goal is to have a fico score of zero because that means you don't need to borrow money.
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Old 04-02-2013, 02:47 PM   #67
Pestilence Pestilence is offline
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Quote:
Originally Posted by loochy View Post
yeah, but do that with EVERYTHING

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).
I've got a credit card with Wells Fargo that takes 3% of everything I purchase and applies it to the principal on my mortgage. Best credit card ever.
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Old 04-02-2013, 02:47 PM   #68
3rd&48ers 3rd&48ers is offline
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Quote:
Originally Posted by loochy View Post
yeah, but do that with EVERYTHING

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).
Yea I will probably try this...

Thanks to all of you.
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Old 04-02-2013, 02:49 PM   #69
Jewish Rabbi Jewish Rabbi is offline
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If you really want to have a high credit score, put everything on credit cards. Seriously.

It will take a while to build up your average age of accounts, so your score may take a short term hit, but will benefit in the long run.

Make sure to pay them off every month though.
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Old 04-02-2013, 02:49 PM   #70
3rd&48ers 3rd&48ers is offline
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Quote:
Originally Posted by KCGal View Post
Yep we are brainwashed into thinking we need a good FICO score. All that does is show the bank if you are a good little customer. Meaning you like to borrow money and you are pretty good at paying them when you tell you too.

The ultimate goal is to have a fico score of zero because that means you don't need to borrow money.
I don't need to borrow any money ..

I get the FICO thing but it should also go by the Debt to credit ratio thing

The system is flawed and penalizes disciplined savers
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Old 04-02-2013, 02:52 PM   #71
MTG#10 MTG#10 is offline
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You dont need to carry a balance at all. Just open up 2-3 more credit cards with no monthly or yearly fees and let them sit.
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Old 04-02-2013, 02:53 PM   #72
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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
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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Old 04-02-2013, 02:54 PM   #73
3rd&48ers 3rd&48ers is offline
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Originally Posted by MTG#10 View Post
You dont need to carry a balance at all. Just open up 2-3 more credit cards with no monthly or yearly fees and let them sit.
Hell I don't even see a credit card without a yearly fee I qualify for
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Old 04-02-2013, 02:54 PM   #74
BeMyValentine BeMyValentine is offline
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Did I miss why you are wanting good credit? The only thing I can think of is some insurance companies factor in your credit score. It seems to me you are well off without a decent credit score.
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Old 04-02-2013, 02:55 PM   #75
KCGal KCGal is offline
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If you don't want to spend the rest of your living month to month this is the best advice you will ever find.

I have not had a credit card in at least 5 years. It is silly to maintain a bunch of credit crds to keep a high FICO score if your long term goal is to be financially healthy and independent.


Quote:
Originally Posted by SLAG View Post
Here is the book

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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