/biz/ - Business & Finance

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>>10490345
bump

>>10490345
get a fucking credit card brainlet

>>10490345
Get a credit card. Use it to buy $10 of shit each week. 1 year later you have a score of about 720.

>>10490469
Is it that fast?

I have solid income but I'm still quite young - I came because I just got my first card today. I make 6,000 a month and my limit is $1000.

>>10490345
wait for it to go to collections
they call you up,
okay?
they say
uh, what's gonna happen is
collections is gonna call they're gonna say
"you need to pay us seventy"
https://www.youtube.com/watch?v=oD2gXY4piF4

>>10490345
Get a card with 1% or greater reward in cash. Use that for shit like groceries and gas. Pay it off before the end of the month. Reap credit and get a 1% discount on life.

Just put everything on the card and pay it off ever month for 7 years

If you carry a small balance for a little it will give you a few extra points. Feels counterintuitive but it shows you actually use the credit as more than a debit card

>>10490345

I used this forum back in 2009. I don't know how active it is but it had the best info back then.

Take out a fuckton of 0% APR credit cards. Rack up a mega fuckton of debt and ride it for six to twelve months, saving the cash in your accounts. Then pay it all off in one fell swoop, over the course of like three months. Take out personal loans for everything and pay them off the next month.

I did all this shit despite being a jobless loser and my credit score is like 770 on the one with the lower scale (transunion? not sure.)

>make fun of chokers
>laugh and say they represent the black belt in cocksucking
>chokers explode in popularity

what did they mean by this?

>>10490842
oh also, you want to aim for 0-15% utilization of each card after you pay them all off. staying at 0 is bad, staying around 5-10% is good.

>>10490839

Forgot to link the forum

https://creditboards.com/forums/index.php

>>10490345
>redpill me on credit

it doesn't matter

Ok. I had 100% on time payments within <9% of my total credit for 3 years straight. One surprise expense left me with no choice but to nearly max out my credit card in April and it made my score drop 120 points to about where I started when I had no credit. I went from getting Barclays and AmEx offers to CapOne Quicksilver invitations in a month.

>>10490914
and when you pay it off it'll be back to normal, right fren?

>>10490914

Once you pay that off it'll bounce right back. Score has no memory for debt, etc.

I fucked some shit up and rode out a pretty high balance for ~two years. My score was 754 at the highest balance and once I paid it all off (almost a year ago now) I bounced to 803 and now I'm sitting at a FICO of 818. When I finish up my student loans it'll go higher. Also owe $2400 on a car that'll be paid off in a few months.

>>10490490
Ok, so why are you here?

>>10490956
That's reassuring. I should have the balance completely paid off by next month. I had to sell some stocks and live off a strict budget to break through that perpetual interest barrier. No fun. Student loans are next.

>>10490931
so it seems, my friend >>10490956

>>10491038
>>10490931

Yeah, the interest barrier is a bitch. I'm a freelancer, so I make good money but its pretty inconsistent as far as setting up a plan to pay off large debts goes, and I got a few big projects in a row where I was able to wipe out ~$18,000 in about 4 months while sustaining a pretty good balance in my checking/savings. That first time I pulled the trigger on an $11,000 credit card payment was a really fucking weird feeling.

Never again.

For someone with a consistent income, the Debt-snowball method is a good thing to read up on.

>>10491038

Should note that its important to at least make the monthly payments. When you start missing shit is when it'll really affect you.

>>10490632
No don't carry a balance. That's a lie to take your money.

>>10490546
>prop store cocaine
Oh wow, a bright kid that's getting into filmaking! Excellent.

>>10490632
>>10491128
Just pay your statement balance each month, it looks better than paying the whole balance at time of payment and you still pay zero interest.

>>10491092
>>10491103
$11k in one go? Fuck. I used to snowball with my loans by paying the minimum on the subsidized and attacking the 2x interest unsubbed with the remainder. I had to learn the hard way by being 18 and irresponsible with loan money.

>>10490345
>give you credit with small limit
>if you pay it back in full or if you pay it back slowly, both are good
>they like that
>they give you a little bit more
>see if you keep paying
>give you a little bit more based on your yearly income and other debts
They have to up your score and limits slowly to ensure you dont just max out and not pay as the debt is unsecured and if you do that they have no recourse. So they gotta make sure you seem to believe in the system first.

>>10491235

Yeah...long story. CC debt free now though!

So... how do you check your credit score?

>>10490345
>>10490850
First off age of accounts is super important, if you are starting from scratch I would get 3-5 accounts open and never ever fucking close them ever. So when they look at credit age they look at AVERAGE age of all accounts, so if you only have 1 account for a long time period, as soon as you open another account you're effectively halving your average credit age. Having several long term accounts seriously mitigates this. Also payment history is based on percentage of payments made on time, so by having a lot of accounts, if you have missed a payment here or there you can recover much more quickly than someone who only has one account.

Credit utilization: to be in the "excellent" category you need to be using less than 9% of your credit available at any one time. "Good" is almost as good thought and that just means stay under 29%. It isn't calculated on a per account basis it's just out of your total limit between all accounts.

Another note is that for big purchases like a car or mortage etc, even if you have a decent score and history, unless you've had an experience making big payments (car, house, etc) they still may not approve you for a good rate. Once you've had a car or mortgage history of payments though you're generally good to go and your credit score will have the impact it should on these things.

If you have outstanding debt that is in default and you can't pay back, if it is in collections DO NOT PAY THE COLLECTIONS AGENCIES. They are not the people who originally had the account so paying them probably will not impact your score, and they really have no recourse to get that money from you other than intimidation and harassment (the debt has already been written off by the original creditor). After enough time has passed, you can dispute these delinquent accounts, to do that you write letters to the credit agencies which basically makes them confirm that you are indeed the debtor on these delinquent accounts (1/2)

>>10491331
(2/2) To confirm that you are, in fact, the debtor, the creditor would have to produce your:
-legal name
-address
-social security number
among other things, which collections agencies never have (that's why they always try and get you to tell them this information when they call, if you give it to them, they have you by the balls). If they can't produce this info then they can't prove it's you and the delinquent account comes off your record. Basically NEVER EVER CONFIRM THAT THEY'RE CALLING THE RIGHT PERSON OR GIVE THEM ANY PERSONAL INFORMATION EVER OR PAY THEM and keep disputing the accounts. Eventually they will drop your records from the original creditor and you'll get off scott free.

Does that help?

>>10491260
Congrats anon

>>10491345
I've heard from multiple sources that you should never pay collections agencgies, so I always wonder, why does ANYONE pay them at all? Who gives a flying fuck about someone who bought the debt the original company gave up on collecting? Why should you ever put money in their pockets? Why does this business model work at all for the collections agencies?

If i cant afford something i dont buy it. i've never had a credit card and never will.

>>10491498
dumb

>>10490490
The quickest thing you can do is become an Authorized User on one of your parent's cards. Only do it if they have 100% payment history and use the oldest card or two you can find.

18 yo fag here. How do I get credit without a cosigner

>>10491498
me neither. I work, save, and invest. And I don't buy shit I don't need. Simple life is best.

>>10491555
lie about your income

>>10490345

Don't be a slave.

>>10491736
>not putting the jew to work for you

>>10490345

sup with the fake hoes?

>>10491128

It really isn't, besides the interest for me was like 30$ or something

not a big deal

>always have money in bank
>set card to auto pay

Really fucking easy with auto pay on, it auto pays on the due dates so you pay no fees. Works unless your bank runs empty

>I don't have a credit card because I don't buy things I don't need

Absolute brainlet tier answer. You get free money with the benefits of many credit cards (Cashback, etc)

>>10491923
fuck off kike.

>>10491036
To figure out how to manage it, or build credit quickly?

I think that explains it quite well, I need to know how I can build aforementioned credit in a responsible way.

>>10492289
Also I live WELL below my means, and am constantly saving, so getting out-of-control debt is not going to be an issue. I run my own business and that income will steadily increase as I scale.

So really I'm trying to ask you lads about good purchased to use for that card, and other things I can do to make that card more profitable for me, essentially.

also more of the girls in the op if you want

>>10490345
>oink oink

>>10492034
This. I'll never have one on principle.

Buy something using Affrim. Not much interest, but helps build credit. Just make sure its something you actually need.

Credit is easy and useful when its time to rent/buy to get out from under someone elses housing situation and be on your own

>>10490345

I used to have a 550 credit score, now its 720

I totally fucked my credit in my early 20's by applying for cards and then not paying for them. Later in life when i wanted to rebuild my credit I had to start with a secured credit card because no bank would give me a real one. Eventually a bank gave me a card with a $500 credit line.

5 years later I finally repaired my credit for the most part. Now I have around $30k in available credit. You should only use a max of 30% of your available credit, and apply for an increased credit line every few months.

The best thing to do is not fuck up your credit in the first place, because it's going to come back to bite you later in life when you buy a car or a house.

>>10492355
dumbass

Why are you niggers spending money you dont have, can somebody redpill me on this.

I'm a europoor, here we dont have credit scores lol. You just apply for a credit card and if you can prove some income you will get it. But it is mostly roasties and retards applying for them, since the transaction fees are retarded high, interest is sky high (13-14% annualy), and there are no cashbacks.

A normal bankcard (maestro) here is infinatly cheaper. We also shit on your retarded paypal system, that is even more retarded than those creditcards. Nobody uses it here, we have alternatives that are fee-less and much more secure and without protection for the buyer (screwing the seller over).

TLDR: USA is a 3rd world country, good luck with those cashbacks LOL. Dont forget to pay the interest goyim.

>>10493658
Murricans are obsessed with credit scores because their whole lending industry is based in this and housing financing rates are heavily influenced by it. In other parts of the world your actual income and general socio-economic status are way more important.

>>10490345
From left to right. Fuck, kill, marry.

>>10493418
nice argument rabbi