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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, 02:55 PM   #76
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Old 04-02-2013, 02:56 PM   #77
SLAG SLAG is offline
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Originally Posted by R8ers View Post
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
The FLAW is that you think you need to have a good credit score

It only Penalizes you if you need to borrow money - from what you say it seems like you don't need to borrow any.

I don't understand why you are obsessed with your FICO score.

You can usually get a substantial discount no matter what you're buying if you take your cash out of your wallet ask for a discount or tell them you're going to walk - watch their mouth drool
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Old 04-02-2013, 03:01 PM   #78
R8RFAN R8RFAN is offline
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Originally Posted by BeMyValentine View Post
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.
Well I think it would be better to have it and not need it than the opposite.

I am blessed and very grateful for the ability to take care of my family.

Everything I own is average.

Average cars, boat, Home.. It takes me days to buy something for myself that costs 100 bucks, I think it's some sort of mental problem with me. But when I was a kid my family was dirt poor, My mom cooked in a restaurant and my Dad (who died in 1981) never made over 6.50 per hour in his whole life that I know of...
I have nobody to turn to in life if I ever needed money.
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Old 04-02-2013, 03:03 PM   #79
R8RFAN R8RFAN is offline
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Quote:
Originally Posted by SLAG View Post
The FLAW is that you think you need to have a good credit score

It only Penalizes you if you need to borrow money - from what you say it seems like you don't need to borrow any.

I don't understand why you are obsessed with your FICO score.

You can usually get a substantial discount no matter what you're buying if you take your cash out of your wallet ask for a discount or tell them you're going to walk - watch their mouth drool
Well I tried to buy a new Harley with cash one day and they told me I didn't get a dime discount for buying it with cash so of course I walked (this has been several years ago when the economy was good, don't know how it would work today)
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Old 04-02-2013, 03:03 PM   #80
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I couldn't get mine above 720 until I decided to run a balance on my credit cards for a few months and then pay the balance off. I've done that a couple of times and my score is 805 now. Forever I paid the balance off every month and my credit score wouldn't change. It seems a little silly now, considering the fact that I have about 80K in my savings account now but I can't refinance my home with that high of a credit score because my mortgage with BOA wasn't sold to Fannie Mae or Freddie Mac. Banks punish people for being responsible and paying their bills on time every month yet will refinance and modify loans for all of the people that are months behind on their mortgage and borrowed more than they can afford.
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Old 04-02-2013, 03:04 PM   #81
Ming the Merciless Ming the Merciless is offline
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Quote:
Originally Posted by R8ers View Post
The ultimate goal is to have a fico score of zero because that means you don't need to borrow money.
bah.....

credit is a tool, just like a rifle or a tractor....

you can do a lot with tools, or you can roll your self over on your riding lawn mower if you are a moron

just be wise and use your tools properly..

you never know when you may need credit...it sure is handy....when you need it

keep your rifle oiled up....ready for battle
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Old 04-02-2013, 03:04 PM   #82
R8RFAN R8RFAN is offline
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Quote:
Originally Posted by Spott View Post
I couldn't get mine above 720 until I decided to run a balance on my credit cards for a few months and then pay the balance off. I've done that a couple of times and my score is 805 now. Forever I paid the balance off every month and my credit score wouldn't change. It seems a little silly now, considering the fact that I have about 80K in my savings account now but I can't refinance my home with that high of a credit score because my mortgage with BOA wasn't sold to Fannie Mae or Freddie Mac. Banks punish people for being responsible and paying their bills on time every month yet will refinance and modify loans for all of the people that are months behind on their mortgage and borrowed more than they can afford.
That is totally ****ed up...

No wonder why this country is in the shape it's in
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Old 04-02-2013, 03:08 PM   #83
Ming the Merciless Ming the Merciless is offline
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Quote:
Originally Posted by Spott View Post
I couldn't get mine above 720 until I decided to run a balance on my credit cards for a few months and then pay the balance off. I've done that a couple of times and my score is 805 now.
i could be wrong but i dont believe you need to run a balance, you just need to pay the bill AFTER the report date so your balance gets reported......so pay it online like the last day you can, and it SHOULD have the same affect...

from what i understand.....and i guess it could depend on the card....

as long as the debt is reported you should not need to keep the balance.....thats the idea anyway...(if you charge something, and pay it off before it is reported to the big 3, they may never know you HAD the debt...)
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Old 04-02-2013, 03:10 PM   #84
Ming the Merciless Ming the Merciless is offline
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another way around that would be to do a balance transfer or other special offer where they let you keep a 0 interest balance for a few months, that way it gets reported for sure
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Old 04-02-2013, 03:11 PM   #85
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Originally Posted by Pawnmower View Post
i could be wrong but i dont believe you need to run a balance, you just need to pay the bill AFTER the report date so your balance gets reported......so pay it online like the last day you can, and it SHOULD have the same affect...

from what i understand.....and i guess it could depend on the card....

as long as the debt is reported you should not need to keep the balance.....thats the idea anyway...(if you charge something, and pay it off before it is reported to the big 3, they may never know you HAD the debt...)
Well what I would do was pay half the balance for a few months straight and then pay it off over a period of a couple of more months. I ate some finance charges but I guess running up a balance and paying it off is more credible that just paying your entire bill on time every month while you are still charging the same amount.
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Old 04-02-2013, 03:11 PM   #86
KCGal KCGal is offline
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Quote:
Originally Posted by Pawnmower View Post
bah.....

credit is a tool, just like a rifle or a tractor....

you can do a lot with tools, or you can roll your self over on your riding lawn mower if you are a moron

just be wise and use your tools properly..

you never know when you may need credit...it sure is handy....when you need it

keep your rifle oiled up....ready for battle
I would argue credit is a tool in the same way liposuction is a tool. If you've been making good choices more often than not, eating healthy and exercising, you don't need it. But if that's not the case there's always liposuction.
Last edited by KCGal; 04-02-2013 at 04:37 PM.. Reason: I am talking about credit cards not mortgage credit.
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Old 04-02-2013, 03:11 PM   #87
R8RFAN R8RFAN is offline
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Originally Posted by Pawnmower View Post
another way around that would be to do a balance transfer or other special offer where they let you keep a 0 interest balance for a few months, that way it gets reported for sure
No balance to transfer
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Old 04-02-2013, 03:12 PM   #88
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Originally Posted by KCGal View Post
I would argue credit is a tool in the same way liposuction is a tool. If you've been making good choices more often than not, eating healthy and exercising, you don't need it. But if that's not the case there's always liposuction.
need it to buy a house

who has cash to buy a house? not many.
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Old 04-02-2013, 03:13 PM   #89
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just be sure you charge your Chiefs playoff tickets.
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Old 04-02-2013, 03:14 PM   #90
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That is totally ****ed up...

No wonder why this country is in the shape it's in
Exactly. I've gone to 5 or 6 banks including my own, and they won't refinance unless I put even more down. Every single one of those banks has advised me to skip my house payment for a few months to get BOA more interested in refinancing or modifying my loan. The whole idea seems pretty screwed up to me.
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