/biz/ - Business & Finance

>>1544383
implying no. Stating explicitly yes.plz note the peak effect @ 1% utilization

Every time you give your social to have a credit check it generates an inquiry.
Some are beneficial to your credit growth. Apply for CC get CC = good
cable companies, cell companies and leasing companies do not generally report to the FICO agencies.

>>1544403
this was funny and somewhat helpful.
I am not Chinese.

>>1544440
Credit report is 7 years long. Get those 7 years in. Authorized User status is literally god tier haxx

1% on 1 card. This is a regression from creditboards.com

>>1200616
> automatically good
no

Points 1-2-3 are beautiful

> Full Balance
Not optimal
Leave a 1% balance on one of the cards. See the Regressions

The interest on the 1% balance is something under $20 per year. but the extra 3-5 points per month really helps as you grow your purchasing power. It takes time to Get to 800+ You drastically cut down that time through this one optimization trick. The Opportunity Cost and return on Time is well in excess of the cost.
The sooner you control money the better. The only arguments against this are of personal irresponsibility.

>>1200637
Blue cash isn't a starter card. But Amex does gamble with 18 year olds. Its worth a shot. I'd still do the Authorized User thing to get a full credit profile before I apply though.

>>1199640
First things first your teacher is a dumbass and doesn't have two braincells to rub together much like ramsey's followers. Unless he believes you are the witless buffoons and only Ramsey's barely crossing the finishline strategies will work.

lemme guess He's a language arts or history professor. Not Math.

The equation for wealth has always been the same.

x wealth^ y time

And they'll show you all these hockey stick graphs. Thing they don't tell you is that everyones y is pretty much locked at roughly 45 years of good working time & 20 years of good drawdown time on whatever unsustainable wealth you built.

If you're dumb enough to fail to maximize the exponential y. there was likely little hope for you.

The only thing successful people who found something good and repeatable ever say, is I wish I started sooner.

The number that really Really sets you apart is the X. Its the number you have the most control over.

Find your best X and run with it. Mind you don't ruin your chances of earning higher x's
Doing something to get from 2x to 3x might blow your chance at 10x
Always keep in mind a few steps above you.

You lack direction son. The FICO is a tool that can be maximized. What is its highest USE? most tools would say Duh, a mortgage. They like your teacher are wrong. Its Highest USE is the personal guarantee of the SBA loan to buy an existing small business, which at the first manager level, loans up to $25M to anyone with a solid business plan. Say it was only a $10M business with a typical 8% cap rate. that's $66.7k Per month profit. That's an avg Burger King

You're mom is less wrong. but not right you want 1% balance on 1 card every month.
pic related.
THE tip I can give is Become an authorized user on a charge card & credit card with your parents before you apply for your own cards. That way to the models you look like a 50 year old Milf when you apply
http://dropcanvas.com/zpf5p
Use JDownloader for the links all are for /biz/

>>1178350
Why didn't you call them ahead of time and explain you couldn't make the payment and make some kind of arrangement. Like a partial, or a hardship arrangement you asshat. They can work with you if you communicate like a responsible adult.

there are 5 bad markers. I don't know which one you have so you'll have to tell me.
it takes 24 months since last activity to drop off.


30, 60, 90, 120 DAYS LATE and CHARGE OFF

Each one is drastically worse than the one before it. Please see the regressions.

As Always he who has the gold makes the rules.

How long ago was it?

If it wasn't too long ago
pay them in full
If you've got about a year left since last activity and it was a charge off you've got a choice to make. leave it alone and wait or pay, paying might make it worse in the short term.

Call your creditor and apologize your ass off, and swear you learned your lesson and you were just an ignorant shit eating cunt and times were tough and you didn't know what to do and you got some bad advice and ask them to change how they are reporting it anything to just make it a little easier.
if that fails write them a letter doing the same thing.
if that fails you may want to try Bumpage. Check the forum above for current methods.
>>1177690
Basically you're trying to create an overflow truncation in your reporting to make it drop off.

If that fails you may want to pay a service like lexington law.

If that fails you can try to get it removed yourself.

If that fails you'll probably have waited the 24 months before it only passively affect you any way.

If it was way way back fastest way is Get a few Authorized User accounts reporting. If you don't have the mix. both Charge and Credit cards ideally.

>>1033374
some inefficiencies I noticed
utilization at 1% on one card.
Get a Charge card
Get an installment loan
Do you have a full 7 year history?
If not see if you can get authorized user status on a card with 7+ years history.
How many inquiries are on your report?

If you need more average age of accounts authorized user status is your key.

http://dropcanvas.com/zpf5p
please see the credit book and fico regressions in here as well.

With Credit Cards you do not want to wait 6 months. That is solely an installment loan. with CC you want 1% of the CL on 1 card to maximize the score.

Balance wise you want
1% on 1 card 0 on the rest. Please read Fico Score Effects, a regression analysis done by some talented folks on creditboards.com,
and then read the credit secrets bible.
http://dropcanvas.com/zpf5p

>>952046
>>952187
>>952191
wrong it actually does matter what card you get.
http://dropcanvas.com/zpf5p

The book the credit secrets bible in here will explain everything.
but the gist is you want to meet the statistical parameters of a rich person. There is a bit of groupthink in credit scores and if you get cards designed for poor people, you struggle to upgrade to great tier. It sets you back a few years.
Cap one is low-middle class, AMEX is high class generally, they see if other high class lenders have taken you on as a risk and compete with them for your business. If they see only low class cards they know they can jerk you around for a bit. You could get any card to begin with but you'd have to fix it later. Why go through that, when you can just start off right?

Creditboards.com and
nerdwallet.com are the best tools I've found for determining what cards are available to you and how valuable they are.

Use Creditkarma and creditsesame to check your 3 scores. They're Fako no Fico so they're estimates.

But First thing you should do is get to be an authorized user on your parents oldest card with no missed payments.
Instead of looking like 18year old dumbass on your CR you look like competant 54 year old with credit already. It does not affect their score in the least.

Also its not right to pay the balance off every month you need 1% on one card.

Also You should start with a charge card first to fill in Variety of Credit, its a bitch to get later. I think Amex is easiest to get and you might get a 2for1 charge and credit card. Credit Cards are easy so get those second. Last is an installment loan but those are pricey first go around and you probably don't need it.