/biz/ - Business & Finance

501
:(

>>250827

>>250809
717

If your score isn't at least 650, pls kill yourself

No clue. I should probably find out if I even have one at some point.

>>250827

Rat fink

>>250834
I know. That's what happens when you get offered credit cards and student loans at the age of 16

>>250838
>having a credit rating

good goy

>>250809
Mine's broken.

656. Credit Age and Credit Utilization are bringing me down.

>>250869
Enjoy not being able to get a loan when you really need one.

>>250889

>>250869
>not having a credit rating

Stay pleb.

>>250809

>tfw enough money in the bank to buy a house
>tfw never had credit

:(

:)

:DDDDD

D:

I dunno man, which feel is appropriate?

>>251459

Buying a house cash probably isn't the wisest course of action. Mortgage interest is tax deductible and it leaves money liquid for investing (if you think you can get a higher ROI than your interest).

>>251474

>huehue investing

you do realize that what you're sayin is that you think you can beat the bank in the investment game

Either you know something the banks don't, or you're grossly overestimating yourself.

you also forget that you can squeze out a cash discount in most scenarios, be that a house or a car because you have leverage.

I think i'd rather pay 5-20% less on a house now than spend 100-200% more over the course of 30 years, while hoping that I can make more than 3% annually on the stock market? and then it crashes, and then what?

are you trying to shill me into your ponzi? fuck you!

>>251502
>beat the bank in the investment game

You're not trying to "beat" the bank. Loaning funds for a mortgage to people has a different risk:reward than other investments.

If you can't get a 3% annual return, you might want to consider suicide.

>>251507
>If you can't get a 3% annual return, you might want to consider suicide

>be 2000
>put 100k in s&p 500
commit suicide

>be 2006
>put 100k in s&p 500
commit suicide

>be 2014
>not put 100k in s&p 500
commit suicide

sure brother

>>250869
>being a retarded person

>>251517

see >>251518

>>251521

>receives evidence
>calls me retarded

>thinks that risk/reward is not constant and equalized and will magically decrease with more risk
>calls me a retard

>thinks that he can outsmart actual actuarians
>calls me a retard

I mean feel free to explain yourself. I'm here to learn. But I'm a little cynical too, because I am aware of history.

>>251502
I agree with most of what you said, but there's no such thing as a 'cash discount.'

You get a discount on big loans because the companies know that they make the money back in interest. Without that cushion, they won't bargain with you.

Your best COA is to take out the loan and lump-sum pay it off the first month. It'll ding your credit slightly, but who needs that when you own your house?

>>251474
You also lose 1-3% of your dollar value every year you are 'saving' to make up the purchase. Most people would have to save for 5+ years to be able to afford a house outright, so you're working against inflation.

Also, during that time you're wasting money by paying rent on top of that.

>>251507
>If you can't get a 3% annual return, you might want to consider suicide.

> Be me
> Invest in 401k since 2005
> 0.76% returns until 2013
> 2013 bumped it to 4.6%
> Everyone thinks market is going to crash again.

If I weren't young I also wouldn't have 90% of my retirement in stocks, so I would not have benefitted from 2013's rally.

Yep, it's SOOO easy to make 3.6%.

>>250838
651 reporting in

>>251644
>I agree with most of what you said, but there's no such thing as a 'cash discount.'

usually takes about 10 minutes of hard convincing if you do your research about the property/vendor. don't buy anything, sell your cash.

>>250809
800+ master race reporting in

>>251721
same.

>get cc at 16
>always pay in full each statement
>go for loan at 28
>tell me score is over 800
>i have to ask if thats good.

>>251796
Mine was low 700s until last year. Then I took out an auto loan and paid it off in full the next month. Apparently that gave a small boost lol.

718 (TU I think)

Only seven months of history and no negatives, so it'll probably be stuck there for a while.

How do I fix this shit?

I've only ever had one loan and I paid it all off at one time a month after quitting college.

Should I apply for a credit card and buy groceries with it and pay it off in a timely manner once a month?

>>251537
>I don't know how to make money in a bear market
If you weren't retarded and you knew how to invest, you'd realize that market crashes are the best times to invest if you know what you're doing.

>>252584
Yeah, go for a card which increases your limit after you make the first couple of payments on time. Never go beyond what you can't pay in full. Consider making artificial purchases like buying preloaded cards with you credit card and dumping the money right back into your account.

I'm 25 and mine was 795 2 weeks ago and is probably down a little because I opened a new cc acct with chase and a car loan with penfed today (instant approval for 38k after my 10k down so total 48 purchase)

cards
>chase sap pref 15k (best card Imo)
>United club 22.5k (only worth it if you travel a lot)
>Amex blue cash pref 22.5k (grocery and gas cash back is insane but they don't do cash back to bank like chase.
>chase freedom 10k (last open will ask for higher when I activate)

also 2 cards I never use
> citi diamond pref 10k
> discover it 6k (lel)

only opened bottom 2 because no annual fee and my overall borrowing power is greater. discover lets me check fico which is where I got 795

my first real acct was a few years ago at 7500 United Explorer. I religiously pay my debts off and I only every had a single gummint student loan I paid off this past summer. When I meet people that have shitty credit I'm just baffled. just pay, open smart cards and continue paying. Also don't close credit cards you don't use if they don't have an annual fee. length of time with acct and overall borrowing power increase credit. I typically don't carry balances after grace period btw

>>252831

also biz bros, if you're looking to borrow for auto or whatever, check out PenFed. Their rates are crazy good and to become a member you either are military or donate 10 bucks to some charity. It's easy as fuck to do

pic related to my original post

>>252584
if you don't have a credit card, get one
make sure there's no annual fee
and pay it in full every month
watch your credit rating magically rise

>>250809
743..feels gud

bump

How legit is getting my score from creditkarma? Forking over my ss # seems suspect.

For any parents or aspiring parents: open up a ton of credit card accounts for your kids cosign for them. They'll have a shit ton of credit and aged accounts by the time they turn 21.

>>255173

Jesus christ you're an idiot.

annualcreditreport.com

You get one free credit report a year from them, mandated by the federal government.

>>250809

How do I check it if I live in Ausfailia?

I'm 18 currently, and poor. What's the best way for me to build a somewhat decent credit rating?

>>255251
Buy things with a credit card.

>>255173
You can't get your score without forking over your SSN.

>>252831

in what order did you open those accounts? I have 763 atm, just got chase freedom last week. only other card i have is secured card from my bank. in 61 days gonna ask for CLI for freedom and apply for maybe amex. suggestions?

>>255173
how the hell are you supposed to get your credit report WITHOUT an SS number?
>Oh hey guys, I'd like the CR for John Q Derpface. Yes, that's me. Yeah, I'm definitely Mr. Derpface, trust me.

>mfw my score went up 11 points this month

How do you guys get such big credit scores?

I'm 25 and have:

Citi Forward: $2000
Chase Freedom: $3000
Amex Blue Everyday: $2000
Discover It: $4000

I have a credit score of like 760. But it seems like they never increase my limits.

Also, is it a good idea to lie when telling them your income?

575

I burn literally every credit company that will give me credit because I hate banks and want them to die.

How do you guys get such big credit limits?

I'm 25 and have:

Citi Forward: $2000
Chase Freedom: $3000
Amex Blue Everyday: $2000
Discover It: $4000

I have a credit score of like 760. But it seems like they never increase my limits.

Also, is it a good idea to lie when telling them your income?

>>250809
805

>mfw I got rejected for a credit card application for having too many credit cards.

>>255193
Worst advice ever.

You should never co-sign for your kid. They need to learn their own responsibility without you risking your credit for it.

They turn 18, you make them get a student CC with a few hundred bucks on it.

>>255896
It's based on your income. You can go to the CCs websites to apply for an increase.

>>256332
>Implying they will give you a student credit card anymore.

That changed after 2011 due to the credit legislation.

>>256332
>>256364

The Harley Davidson credit card (yes, I know) is a $300 secured CC with no annual fee that pretty much anyone can get.

>>255226
The site says the free report won't have my score. Wtf?

>>257053

It doesn't. Credit report != credit score, but the credit score you get and the credit score a company get aren't necessarily the same. Just check your report for unusual activity.

420

>>257076

Mine's 696 with only a student loan. I applied for the Discover It card and was denied. Tried PayPal just now and was approved for $2000. Does it mean much how much my expected income is?

>>257138
>I applied for the Discover It card and was denied

>>257145
I assume it was because my income was too low.

>>255173
They won't sell your info but their score isn't exactly the same as your FICO score but at least it's free.

>>256196

Did you apply for them all recently or have a few cards with the same bank already?

>>257151
>>257138

What did you report as your income and which version did you apply for?

There are 5 identical rewards Discover it cards with different sign up bonuses and credit requirements: a no bonus "student", $20 after first use in 90 days "student", 14 months of 0% APR on purchases and transfers, 18 months of 0% APR on transfers and 6 months on purchases, $150 after $750 of use in 90 days (the hardest to get). Try one of student cards and/or call them to reconsider it.

>>250838
686, I'm 18. first credit score ever. #woot

>>257324
I said my income was 10k. I applied for a non-student Discover It, then the $20 student one after being denied.

I have no idea how to even find out. Never needed to know. I guess having $1.5m net worth and zero debt has its advantages.

>>257138
>>257324
>>257360
Oh, I also forgot to mention that the score was from Credit Karma. Wanted discover for the score in the statements.

>>257368
So how is Credit Karma? What's the catch?

>>257393
Not sure what it is yet. They just give offers, which might be it. The credit score on there is an estimate, but I hear it's a decent estimate using your TransUnion report.

>>257393
For starters, you have to be American. Assholes.

Really don't know how to feel about this

>>257534

>Bank denied me
Well fuck.

777

999

Feels good man, I think

>>260019

Is that the maximum?

>>260019
What's your FICO though? Experian and all the other shit doesn't really matter.

>>260176

Dunno don't think we have it in the uk

>>250809
728
19 years old with 2 credit cards i pay off monthly. got a car loan in september. amex keeps sending me stuff to apply for gold card but I’m pretty sure i don’t make enough to be accepted

>>250809
>using credit cards

>>262161
>not taking advantage of interest free short term loans
>not building credit to get better loan rates in the future

>>250908
>>251001
>>251518

poorfag debt slaves detected

>>262162
>thinks you have to have debt to have a good credit score

>lol he uses credit

>>251474
>Mortgage interest is tax deductible

Even if you're in the highest tax bracket, you are still paying 60%+ of that interest out of pocket. This can easily be $300,000 or more on a $250,000 home. And don't forget property taxes - same thing.

>lgtts
>using credit
>"buying" (renting) a home

All my FAKO scores are higher.

>>257393
CreditKarma pays Transunion for your information (to present to you). They then tell you about credit cards and auto/home loans you are likely to be approved for, and use affiliate links. If you apply for a financial product from one of these links, CreditKarma gets paid money. Hence, paying for the service.

>using credit cards
>enabling financial leeches

>tfw no credit score

How can I build my credit without a credit card? Will paying for contracts (phones, internet, etc.) build it up?

>>260019

How old are you? My Great-Grandmother never missed a bill in her life and paid credit cards in full since she ever had them and her score was 849 when she was 80.

>>260176

Actually it does. If you think otherwise, try getting a loan when Experian has a hold on your credit for a $149 ER bill.

>>262460
>How can I build my credit without a credit card?
get a car or home loan at an insane interest rate you can't avoid

>Will paying for contracts (phones, internet, etc.) build it up?
not in the us

>>250999
>0999
Trips, but not even 1000

>inb4 It's literally impossible to get trips that are equal to or greater than 1000

>>263044
nice dubs

>>263063
Nice singles

$500 rent
$125 phone payment
$100 tv and internet payment
$10K car loan

cell phone, tv, and internet paid on credit card which is paid in full each month. All paid on time.

Will this build my credit or do I need more?

>4500 to citi financial
>$300 on a MC with $1000 limit
>$500 on a secured Visa with $2000 limit
>$500 visa paid in full
>$250 left on a furniture loan
>Walked on a phone bill once in 2008, paid to collections in 2011.
>Student loans
>Score is 560, wont unsecure my visa until my score gets to 660s

Help me ;_;

>>263169

Jesus christ dude

You shouldn't be using a credit card at all

>>263195
Why? Because I had to take out a loan to pay for an auto accident?
Or because I racked up CC debt trying to move to a better economic region for better job prospects?
Prior to 1 year ago I only used any of my CC's for bill payments but a variety of shitty situations happened. Sorry I couldnt have mommy and daddy bail me out or that I have 300k starting with a masters in math.

>>262454
>Not getting free money
>2014

I only recently opened my first credit card with BoA.

>Get first credit card
>About two weeks later my car's tire blows
>They all look pretty shit so I get them all replaced + other services
>Use credit card even though I have enough money saved up to pay it upfront
>Completely forgot about their 90 day promo where they give you $100 cash back if total purchases are over $500

It was a nice surprise to see that $100 back.

>>263213
you weren't insured for your car?

>>263605
he said
>It was nice to see that $100 back
meaning the car tire was $100

most of us have $500 (or higher) deductibles on our vehicles, thus $100 in damage we wouldn't file a claim