Credit Card & credit advice for Zoomer

[Anonymous No.50868000]

Clueless Zoomer here, what is credit, how do I maintain a good credit score, why should I get a credit card, where should I get one and what happens if I fuck up? My parents never taught me shit about the credit system or credit cards and all of a sudden they are pushing me to get a credit card like if I know fuck all about getting a card responsibly. Don't know where to start and is it worth it?

[Anonymous No.50868040]

Open as many credit cards, loans, credit lines, any sort of IOU available to you now as soon as possible. You want to take on as much debt as you can at a young age. Use that borrowed money to invest with then just never pay them back. By the time you're 30 years old your debt will be forgiven which should be around the time you'll be able to afford a house. Debt clears from your record after 10 years and cannot be traced. If I had known this when I was in my teens I would've done it. Your credit score means absolutely nothing if you can't afford any assets. You can just lean on your parents to purchase a car for you in their name while you use it to commute.

[Anonymous No.50868090]

>>50868040
How big can the loans be? I honestly dont know anything about banking/credit and the banker men scare me. Do I just walk into wells fargo and ask for a 6 figure loan? I also heard from anons and people irl that credit debt will rape you if the payment isnt payed on time due to interest. I feel like I missed out on debt maxxing a year ago because of the current inflation.

[Anonymous No.50868167]

>>50868000

> clueless zoomer here

As describes your generation.

[Anonymous No.50868186]

>>50868040

Jesus christ don't listen to this mong.

[Anonymous No.50868245]

>>50868167
You're apart of the problem.

[Anonymous No.50868317]

Credit is the jews way to determine how good of a goy you are. Your score is determined by a variety of things
>number of credit accounts (credit cards, car loans, home loans, personal loans)
>age of those credit accounts (how long you've had them open for)
>your total credit limit
>what % of that limit you utilize (use) every month
If you don't pay off your balance at the end of the month you're not fucked, you just make a minimum payment. Minimum payments will eventually pay off the debt, but it will not be quick and you want to prioritize not holding a balance on your credit cards.

Then over time your credit score rises as the age of the accounts rise, your score might get temporarily reduced for something like a credit check to see if you're eligible for a new line of credit from somewhere.

There are credit cards that act like debit cards specifically for building credit without being in debt.

Feel free to ask any questions, my parents were financial retards as well and it does fuck you over if you don't correct early

[Anonymous No.50868544]

>>50868317
Thanks anon, this helps very much with understanding how it all works. My parents just say get a credit card and dont explain why or how to use it to benefit me at least in the normie way.
>There are credit cards that act like debit cards specifically for building credit without being in debt.
Such as? Also where's a good place to apply for my first credit card and how do I use it responsibly so I can gain experience before I learn how to take advantage of it?

[Anonymous No.50868555]

>>50868000
Ctedit scores tell lenders how risky it is to give tou money. Higher scores mean less risky and makes it easy to get loans with the benefit of lower interest rates which can save you tens of thousands of dollars when you're taking a substantial loan like buying a house. The goal is above 750 that will give you the best rates anything above that is a midwit badge because it gives you no additional benefits and you have to do retarded kike games that cost you money to get those scores. Im guessing you have no debts and no established lines of credit. The first thing you need to do is get 2 or 3 credit cards. It doesn't matter what cards as long as they are real credit cards and not junk credit (store cards). The only criteria for now is to avoid annual fee cards. You only have to use them once a year if you want just make sure you pay it off in full before the due date and never use more than 10% of the cards credit limit. You should join a credit union and take out a small loan either personal or auto. After a year or 2 your score will be at least 680 where you begin to be able to get reward credit cards so get 2 or 3 more credit cards this time be more picky and try to get cards with rewards you use a lot or ones with nice sign on bonuses and again avoid annual fee cards. After another year you should be at your target credit score

[Anonymous No.50868561]

>>50868186
>Jesus christ don't listen to this mong
t.banker kike

it's literally free money
the banks don't expect anyone to pay 100% of the money back
they over time will ask you to pay maybe 15 or 20% of what you spent

the only smart advice if you wanna pull this trick is to make it BIG
not for some pennies

[Anonymous No.50868579]

>>50868000
>his parents didn’t open a credit card for him at birth
>his parents didn’t use that credit card to establish his credit
>he doesn’t have 1000+ credit score by 8yo

[Anonymous No.50868584]

>>50868186
t. good goy

[Anonymous No.50868587]

>>50868317
>Minimum payments will eventually pay off the debt

No they won’t, they actually prefer you pay the minimum because then your 1 years repayment turns into a 50 year repayment

[Anonymous No.50868631]

>>50868587
>into a 50 year repayment
Which is 'eventually'
>>50868544
>Such as?
I recommend googling "starter credit card comparison 2022" to see what might be available these days.

Responsible use is just understanding that, while it's money you have access to, it's not your money. Only use it if you have to or know you can pay it off by the end of the month or very soon after. The trap people fall in to is maxing out their credit card, making minimum payments, then getting another credit card before paying off the first one. Someone like that is unlikely to stop letting that debt snowball, and eventually they're massively in debt only able to make minimum payments with that massive payoff time

[Anonymous No.50868684]

>>50868579
this but unironically
you can have a bank account at 12 or something like that but no credit card
debtmaxx now is the best move a zoomie can make just buy btc and wait for the pump while living with your parents
then move to a new country or wait 10y to start buying things in your name
see >>50868040

[Anonymous No.50868706]

>>50868000
>>50868555
Few notes. Never miss a payment it will completely tank your score. Older anons with established credit age can afford a mulligan but not you. Credit cards are the most financially secure payment method so try to use them exclusively, but again make sure to never use more than 10% of your available credit limit until you have the score you want. It won't necessarily ding your score much if you go above and pay it off in full, but it will slow down how fast your score goes up by a couple months. Lie on your credit card applications about your income. They have no way of knowing your income and higher income means they'll give you a higher credit limit.

[Anonymous No.50868714]

>>50868631
>Someone like that is unlikely to stop letting that debt snowball, and eventually they're massively in debt only able to make minimum payments with that massive payoff time
Which is a good thing right? Like If a person uses their credit cards for investments? Or use their money, never pay it back until you're dead paying minimum payments even if you have the money?

[Anonymous No.50868725]

>>50868714
>Like If a person uses their credit cards for investments?
Credit card interest rates are about 25% annual interest, if you can invest your money and earn over that percentage then sure you can try to invest with credit card money but it's more risky and unnecessary if you're trying to build credit

[Anonymous No.50868796]

>>50868555
Thanks for the advice, but once I get a credit card(s), what do I do with it? Buy one pack of gum a month with each or just the one card or do I just not spend the credit card at all on anything? Do I have to at least buy something so my credit score goes up? If it isn't my money and im spending the bank's money then what am I paying for monthly, a simple fee or the whole amount I spent buying an item because that sounds like im just paying what I bought but with extra steps.

[Anonymous No.50868864]

>>50868706
>Lie on your credit card applications about your income.
Do I exaggerate like 2x-3x what I actually make or do I add a couple thousand, in minecraft? How risky is lying and does adding more to my reported income on the application cause more responsibilities than I need if there is any, again I dont know shit and also I'm referring about the video game minecraft of the credit/bank mod that I downloaded to play of course.

[Anonymous No.50868873]

>>50868796
If you have a credit card with a $500 limit, and you buy a $300 thing, you can choose to pay off your whole balance that month or make the minimum payment amount, or something between. If your balance carries over, it accrues interest at 25% annual

[Anonymous No.50869641]

>>50868796
An annual pack of gum is fine that keeps your card alive. If you never use the card you run the risk of the issuer cancelling your card which would tank your age of credit. Every purchase will be rolled into a lump sum which will be added together for your montly statement.. just pay that off in full to avoid ever paying interest, and once you get reward cards you'll actually get paid to use them. Treat them like debit cards where 10% of your credit limit is what you can actually use. It is extra steps but the benefits make the few minutes a month per card worth it. I also forgot to mention that whenever you apply for credit (like getting multiple new cards) to do it in the same week to avoid getting multiple credit inquiries.
>>50868864
Don't go full retard and say you have a 7 figure income. 10k or 20k more than your actual before tax yearly pay is safe you'd probably be fine with double your income worst they can do is deny it, but then you can just try with another issuer. Also, don't get multiple cards from the same issuer because if they end up cancelling a card they will likely cancel all of them, issuer being who gives you the card like banks