/biz/ - Business & Finance

>>52795982
Request a higher limit.

>>52795982
>How do I use this to build my credit up in the most efficient manner?
literally don't use it. do not EVER have more than $45 balance and pay it off every month before the date. if your revolving credit balance exceeds 3% of your max credit you start to get hurt by it. just do that, simple as, and your score will skyrocket.

>>52796030
Wait, is this how it actually works? Because every time anons say that debt is for slaves someone jumps in and says that you HAVE to take credit to increase your good goy score.

>>52795982
why are you trying to build credit? its kind of a meme desu. but yeah, to answer your question, handling debt is how you build credit though. making car payments, credit card payments, mortgage payments, etc. the more debt you've managed, the higher your credit score will be. that's pretty much all there is to it.

>>52796030
It’s higher than 3%, but your overall method is accurate. The factors are outstanding balance vs total availability; length of time with credit; payment history.

Set it up on autopay. Never get the balance above $200.

debtmaxx
never pay
do like sam hyde

simpul as

>>52795982
Charge $50-$100 a month. Set up autopay so you don't need to think about it
>>52796058
Yeah, you don't need to take on a lot of credit, staying low is the best way to up your credit score.
But honestly, as long as you pay your debt on time, having high % credit for the month isn't a big deal. If you think having credit is going to make you overspend, make a monthly budget and follow it

>>52796058
If you pay off your balance each month you still build your credit score without getting jewed with interest.

>>52796058
>Wait, is this how it actually works?
yes, it's that fucking simple. just do exactly that and never exceed 3% balance:limit ratio and your score will skyrocket. you will then get higher limit offers, but only apply for 1 new card per year, any more and they will dock you for credit shopping.

>>52796089
That’s true except for the last part. You can have 800+ with only like $10k total credit. Similarly I had a guy with 550 who had $500k in credit and honestly never had more than $3k balance. He just was high income and would forget about paying his dinky little card balances.

Oh yeh another pro tip: never be sent to collections. I see so many flawless credits ruined by a $200 missed medical bill that gets sent to collections. Score plummets to 600 and it take like 18 months to recover.

>>52795982
Assuming you don’t actually need to make a house or car purchase in the next 2-3 years, take out five more cards. Split all your purchases equally between them and set up autopay to pay them all off in full every month. Request the maximum credit line increase every 6 months. In several years you’ll be at >50k in total credit line and have an 800+ credit score. It’s pretty straightforward if you’re moderately disciplined and don’t fuck it up.

>>52795982
>$1500
Step ya game up, son.

>>52796122
yeah, one missed payment will drop your credit score pretty bad. the whole thing is stupid imo...even having to many inquiries on your credit report will negatively affect your score. I don't know why we as a society take it so seriously to be honest. debt to income ratio should be what matters most when applying for credit imo...not some dumb number that nobody even knows how its calculated

>>52795982
Use your entire spending limit and only pay the minimum for a few years to demonstrate how dedicated you are.

>>52796175
Dick sucking jew with access to mommies CC. Eat shit and fuck your festival of lights.

>>52796203
Found the 500 fico

>>52796203
Get fucked, poorboy. My parents wish they had it like me

Trust someone who used to work for a bank, anon: Use it in place of a debit card wherever possible, bonus if your card gives you rewards, pay off full balance every month. Never miss a payment, never exceed your limit. If they offer you an increase in limit, accept it. Don’t ask for an increase. That’s it.
>t. Has credit score of 845

Keep your credit utilization under 20%. So, never put more than $300 dollars on your card. Pay it in full every month. NEVER be late.

That's all you have to do.

>>52795982
To answer your question. Use your credit card to pay for gasoline or some other bill every month as long as it totals less than $120 altogether. And set up auto pay to pay the statement balance automatically each month. Never miss a payment because you'll get charged interest and it'll drop your score. Ask for a credit limit increase at least once every 6 months.

>>52795982
Don't spend any cash, and figure out your monthly budget and try to get a credit limit around double that. Put everything on your CC and pay it off at the end of the month.

This does NOT mean that you spend your cash on OTHER shit and it does NOT mean that you just spend on whatever tickles your dick. ONLY put stuff that si budgeted for (which should be everything) on your card. You'll earn points (assuming your card isn't shit) and build credit.

>>52796178
The nice thing is DTI is taken into consideration for personal loans, but a credit score under 600 can still bonk you though.

>>52796089
You're literally a second class citizen without credit. I haven't had a loan in a few years and now my credit is "not scorable" despite paying off 40k in student loans, two car loans and a mortgage. I'm having trouble just opening a bank account and had to settle on a credit card with a $300 limit to start. Meanwhile my wife who kept one credit card and has no job just had its limit raised to $25k.

I FUCKING HATE THE CREDIT JEWS

>>52795982
Who's the provider? Some of them are predatory.

Don't get a card with an annual fee (unless you're absolutely sure you can make it back with rewards, but that probably isn't you yet)

Don't buy anything you weren't already going to buy just because you'll get some % cash back.

Pay off the card in full every month. Don't spend more than you can afford. Try to keep your utilization below 9%.

Be patient. Time is one of the main factors towards building a good score. Just live your life and focus on more important things, and your score will improve on its own.

>>52796089
>it's kind of a meme
-t. zoomie who's never tried taking a loan out

Make sure it is paid in full by the time the time the statement closes

Never close it unless it has an annual fee

Ask for higher balances from the bank but they'll give it to you anyway over time

>>52796335
"He took the Ramseypill and is poor now! Lol!"

>>52796404
I'm not poor, that's the funny part

>>52795982
Imagine being a cucked American that needs debt to survive and get golden stars from their overlords to access it. Even worse than feudalism, since modern peasants can't even form a family.

>>52796350
kek. I don't have any credit problems anon. as a home owner whose finances are in order (locked in at 2.25% APR at the pico bottom last year)....my credit score isn't something I really give af about anymore. I think it's overrated though. definitely a meme.

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