Building Credit General

[Anonymous No.57355]

Anyone like to share thoughts, ideas or experiences with building credit?

[Anonymous No.57426]

fuck i want my credit card to look like that

i went from 500 fico to 620 just by getting a secure card for 300 and paying the minimum every month for two years. in the next two years most of my collections will fall off my credit.

>mfw my bank upgraded my to an unsecured card for 1100

[Anonymous No.57485]

>>57426

Very nice. I am toying with the idea of a secured card too. I'm pretty timid about it all, since there's a lot to learn about pitfalls and such.

[Anonymous No.57704]

I'm 20 with a 750 fico and 2 credit lines along with a 5000 student loan.. never paid interest on my cards and always paid on time

[Anonymous No.57729]

I've got great credit because I've had credit cards since I was 18, and I've never once made a late payment or failed to meet a minimum.

I've got no real incentive to get a secured credit card.

[Anonymous No.58026]

>>57704

That seems darn good, all in all.

>>57729

Thats good. I have had fair credit, but learned that I have no FICO score at the moment because I haven't used any in so long. Apparently, you have to have an account thats reported to them in the last six months. Since all my credit accounts are pretty old and closed, the reports are there, but there wasn't anything to generate a score. So now I have to stir the pot apparently and open an account to get a score six months later.

[Anonymous No.58073]

I don't care about my credit rating. I plan on buying shitty ass houses with cash and making them livable.

[Anonymous No.58190]

>>58073

Well, it's good that you have a plan.

[Anonymous No.58195]

>be 25 with 749
>4 credit cards + 1 auto loan paid off way back when

Best thing to do to learn this shit, make an account at credit karma, they have a pretty good breakdown.
pay your shit on time, every time
paying interest does not benefit you except for the fact that if you are paying interest and you are paying on time then you probably are carrying debt.

Carrying debt or credit for extended periods of time is what will build your score provided you do not miss payments or underpay or whatever else is wrong.

Opening too many accounts at one time will drop your score because you are now a credit risk. Hard inquiries into your credit (like when opening a card or taking out a loan) slightly hurt your score but only if you have them in rapid succession. Don't apply for cards or loans you don't think you can get.

Secured credit cards are great, they build your score and since you put down a deposit, you are considered less of a risk.

Using your credit cards a lot will drop your score but not using them at all is also bad. Try to keep your use at like 15% of your total available credit or less (that's what I try to do at least). There is no single line for when your score drops since it all depends on the other factors as well but maxing out your shit regularly is bad.

Do not close cards if you can help it. Loans will close when you pay them off so that can't be helped. Closing a card lowers your total credit available so it may raise your utilization.

It takes time. Other than paying on time, probably the biggest contributor to your score is how long you have shown creditors that you are capable of carrying a magic money card without going full retard with it.

The point of the secured card is that you either have no credit or bad credit. If you have okay credit from something like student loans or you did a payment plan for a tv or some shit then you might be able to get a lower risk, lower limit card or something like a store specific card.

[Anonymous No.58451]

>>58195
>credit karma

I think I came across that the other day. I liked it.

There is much to learn, but I am enjoying it. It's fun to learn stuff I can actually use.

Thank you and everyone who contributes. Also, it sounds like you have a fine score for 25, or any age really.

[Anonymous No.58471]

>be 29
>score over 800
>got cc when 18
>never held a balance, ALWAYS paid in full every statement
>only loan i ever got was for a car 2 years ago, thats how i learned my over 800 score
>paid off the car 6 months after loan

just pay your shit off in full and youll be fine. holding debt on a cc hoping to 'build credit' is potato as fuck.

[Anonymous No.58699]

>>57426

Isn't that low/slow/bad?

My first credit card was a Capital One with a 500 limit, they increased my limit to 2k six months ago.

I'm at 669 or something like that because I opened other accounts during the year but have 5k combined in 4 cards.

I taught it was pretty bad since I'm barely making minimum wage and outside the US.

[Anonymous No.58720]

>>58699

Meant to say "six months later after I got it"

[Anonymous No.58895]

23 and never have checked my credit score but it's probably awful because i had to go to the hospital and i blatantly told them there's no way i could ever pay my bill since i haven't worked in 2 years roughly now.

[Anonymous No.58958]

>>58895

As I understand it, you need to have an active credit account that is reporting within the last six months to have a FICO score generated.

See, a few days ago, I went to myfico.com to buy my 3 reports and FICO score. They told me that although I have credit reports, nothing has been active in some time, so there wasn't anything to generate a score from and didnt charge me.

>>58699

I am curious about Capitol One. I have heard better reviews than I expected.

[Anonymous No.58981]

>>58895
>'merica

[Anonymous No.59100]

I'm sure this has been asked over one thousand times, but...

I'm 20 and I've never held a credit card. I've had two part-time jobs since I was 17, but everyone tells me that in order to obtain credit, I need to have a credit card, and vice versa. I can't even get a credit card, since I have no credit history. How am I supposed to build credit? All I pay is a split of the rent to the main guy who I board with and my phone bill, and my bank is Chase

Thanks m8s

[Anonymous No.59247]

>>59100
please respond

[Dub$tepan !!deEnFanc863 No.59276]

>>58026
>>57485
>>>/reddit/

[Anonymous No.59300]

are there any free resources for credit scores in canada? specifically ontario?

[Anonymous No.59356]

>>59100

Most would probably advise finding a secured credit card, and possibly a small personal loan from a credit union, maybe a secured loan. The money then is just swept into a checking account and never really leaves the bank, just used to pay the loan down in 18 months or less. Make sure the card reports to all three bureaus, and that you can get your security back in 12-24 months if you use it properly. Keep your usage between 10-25% and pay off monthly. You can good deals at credit unions because they have less fees to pay themselves.

Shop around; take your time. Look out for exploitative penalty APRs and annual fees. Ideally, there is no annual fee.

Good luck. Read up on this online for details and again, take your time.

[Anonymous No.59357]

>>58195
>Other than paying on time, probably the biggest contributor to your score is how long you have shown creditors that you are capable of carrying a magic money card without going full retard with it.
There's the TL:DR for all the NEETS without the motivation to read it all

[Anonymous No.59374]

>>59276
>Tripfag
>Plugging Reddit
It's double shit-posting

[Anonymous No.59381]

>>58195
>credit karma
>mfw I'm a"thin file"
>mfw I first rented an apartment in April 2010
>Mfw I've been an approved user of a credit card since 2008
>Mfw I've paid electric bills and cable bills, all of them on time
Goddamn credit bastards

[Anonymous No.59391]

>>59300

I'm sorry Canabro. I don't know how it works in Canada. But I assume there is some bureau overlap, and it would be similar. A credit report isn't much. If you have active accounts, you may want to try myfico.com, since they are the ones that generate the score, and you can get the reports there also.

[Anonymous No.59398]

>>59356
Thanks for the response. I'm not quite sure what a "secured" credit card is, although I'm sure Google-fu will help. Again, thanks man

[Anonymous No.59404]

>>59398
A secured card is a card where you pay in before you get it. If you pay in $300, your credit limit is $300. Good (from what I hear), for building credit when you have none.

[Anonymous No.59407]

Can someone explain how important credit score is for applying for a loan?

If I've never been in debt or had a credit card, but I can show that I have a fairly high paying job, am I really going to have that many issues to get a home loan when the time comes?

[Anonymous No.59418]

Asked this question in another thread never got an asnwer..

So I ended up getting a department score credit card (curacao).
I have a account set up where i ave 4 months to pay it off for every transaction I make.
First one was around (oct-jan) $76 and my second one was like $550 (feb-march). N
ow ive made all my payments on time. I have two more payments of $170 to make.
You guys think I should apply for an actual credit card after?

I applied for a chase freedom card after i paid off the $76 bill but got denied.

[Anonymous No.59436]

>>59404
I see. I've been with Chase for a few years, although it seems like they don't have this type of credit card as an option. Supposedly, Bank of America does have this option, however I hear they're terrible and I've been looking at credit unions for awhile now. I wonder if they have these types of cards available.

[Anonymous No.59467]

>>59398

No problem. Like >>59404 says, it's just cash collateral. What you give them establishes the limit usually 1:1. Yes, you are paying to use your own money for a while, but its the front door for starting credit. It takes time to build. There is usually a minimum; some have maximums.

Its important to find one with good rates, low fees and penalties, because eventually you will want your security back and have a regular credit card. But you dont want to cancel the account if you dont have to, because new accounts are 10% of your fico score. And old account is a well regarded account. So you want to keep the account, and if you want to keep it, you want to make sure that you got a good deal going in. Cancelling the account wont hurt your fico, but when you open a new one to replace it, you lose some points, namely if you have other new accounts recently.

http://www.myfico.com/CreditEducation/WhatsInYourScore.aspx

[Anonymous No.59508]

i'm 18, still live with my parents of course. think i should get a credit card soon. i have no clue how credit works, what do

[Anonymous No.59519]

>>59418

Just my impression; it sounds like your score is running a little warm from the recent hard inquiries opening one and applying for something a bit out of reach and the denial. Take some time to get your reports and score and nurse your store charge a bit, and stay below 30% of your limit (I find creditors leave that part out). You probably dont have long to wait, 12-18 months, assuming you have no negatives and are requesting a sane limit.

This is just my impression, and I am just some guy on the internet. Get a more qualified opinion from a officer at a credit union, which is a good reason to have an account there. Short of that, there are credit forums online where pros lurk that would be happy to sort it out with more info exchange. Good luck!

[Anonymous No.59563]

>>59508

Go to credit union and get a small secured card, meaning you will loan them ~ $300 or more. Keep the usage under 20% and pay it monthly for a year. Make sure you get a good deal on it and in 12-18 request the security back. Make sure it reports to all three bureaus and that you will get your security back. Avoid annual fees and ridiculous APRs or high penalty APRs. Make sure you pay it on time and use it only sparingly, but do use it.

Hope that helps some. Roam the credit building/rebuilding forums, and good luck; hope this helps a bit.

[Anonymous No.59586]

>>59519
Thanks! I chose chase since thats who I bank with and the reason they gave me for denial was
because of pretty much unknown credit history so i guess I should keep using this department card until I have a good score I guess.

[Anonymous No.59726]

>>59586

There are other tactics you can use, but it just sounds like it is too soon. You want to space it out a bit. Once you have your reports and score in hand, you can decide whether, after say 8 months from now, if it is time to look for a second card (2 is plennnnty) or maybe a very small personal loan made for its own sake in 20 months.

Time in the credit universe works slowly. I must add, anything I say here is pulled from context. To get a better picture, study up on credit building and get ahead of the game; knowledge really is power against uncertainty here. You shouldn't have to feel in the dark. There will be a time when it matters, revolving credit usage, installement loans, store retail account, maybe even a mortgage eventually. It may all come to bear when you apply for a nice apartment and the landlord does a check to make sure you aren't a deadbeat (and they do). A good score might be what separates you from someone else getting the place.

[Anonymous No.59861]

get a credit card ASAP if you don't already. It's free and it is always best to start early rather than wait till your mid-20s. It's not hard at all to control your spending, and always pay on time and the full amount.

[Anonymous No.59935]

Some good advice in this thread but I cannot help but comment on the absurdity of a secured credit card.

>give the bank cash
>so they can charge YOU interest on it to prove you can pay interest

granted, I used one myself when I was just starting out, but holy shit-- what a rip-off!

[Desert Friend !RZyFxFd2Hg No.59983]

>>59935
Is a secured credit card an American thing? I've never heard of it, or mybe it's called something different here up north. Either way, you guys should just get free credit cards and start building good credit for future endeavours

[Anonymous No.60051]

>>59935
dude i'm in the process of trying to build credit and the whole system is fucking stupid.

I'm 22 and I've worked constantly since I was 17. Always had between $1-4000 in the bank, with regular paycheck deposits. You'd think there would be a better way to judge how trustworthy I am than whether or not i have gone into debt buying shit I can't afford with someone else's money and paying it back with interest.

It's the interest I'm sure. they all want their cut

[Anonymous No.60060]

>>59407
I'm not sure if you'll have trouble getting a loan, but it'll likely be higher interest than if you had good credit.

[Desert Friend !RZyFxFd2Hg No.60064]

>>60051
bro you could get a credit card and never pay interest, that's how you build up credit

[Anonymous No.60084]

>>60064
I can't get a credit card. I have no credit so they won't give me a credit card.

At least my bank and the retail-based specialty cards I've applied for wouldn't.

[Anonymous No.60103]

>>59935

It is an odd game. Most banking deals are, if you think about them long enough. Take CD's today, for example.

>>59983

Well, you dont *have* to get a secured one. But offering security will likely allow you to find a decent creditor, or access to one rather, someone you can actually see. It's not that you cant get a unsecured/signature card with BankofArmenia or First Farmers & Merchants Trust of Nairobi, you just wont get as good of a deal and later will have to make the choice of getting screwed indefinitely or closing the account and taking the score hit. If you shop right, a secured card with an establish credit union or even sometimes a bank will exclude some of the predators from your options. Trying to get a signature card when you aren't really that qualified is certainly possible, but your choices may be dismal in terms of rates, penalties, fees etc.

[Anonymous No.60112]

>get a Macy's card of all cards years ago to build my credit
>initial credit limit was $100 (fucking lol, what will I buy with that, some socks on credit?)
>use the card here and there for some random purchases
>don't use the card for years
>they up the limit to $1,500 without telling me

Meanwhile I have a card at Nordstrom with a $3,500 limit and I spend about 2 grand a year there. Dumb fucks at Macys (though their stock performs well... I must not be their target market)

[Desert Friend !RZyFxFd2Hg No.60140]

>>60112
yep, I started my Walmart card at $500 two years later I'm at $10k. I even went to buy a tv a couple of months ago and got approved for their 10k credit card.

[Anonymous No.60162]

>>59407

Yeah, having no credit history can be nearly as bad as bad history as an obstacle. The credit bureaus act as a friend who knows and will vouch for how you handle money, not how much you have or can get. So you have to get to know your "friends". If they don't know you or never dealt with you, your report is a blank sheet of paper of no use or information to anyone.

[Anonymous No.60168]

>>60084

Did you try speaking directly with a rep from your bank? The reps could at least tell you why you're not getting through and give you some suggestions on what to do. Alternatively, you could try to get someone with established credit (like your parents) to cosign for you.

[Anonymous No.60172]

>>60051

yeah, thats the game in a nutshell

[Anonymous No.60199]

>>60168
yeah i sat down with the guy and he took me through the process. recommended i get a citi secured card

[Anonymous No.60289]

My credit sesame is showing 709 with experian.

Should I just go with a bank card for now?

[Anonymous No.60302]

>tfw you can't remember the login details to your new credit card account and got locked out of the ask for help

fuck you citibank you worthless fucking website

[Anonymous No.60326]

>>60302
citibank's website is shit tier. lrn2 unified sign on.

holy shit. sign on, choose from 15 different options for what type account you are signing into. way too complicated

[Anonymous No.60340]

I have 0 credit and my parents cosigned for me on a car lease. how quickly will my credit go up if i make all of my payments?

[Anonymous No.62359]

I'm 30 and just got my first credit card. I figure as long as I treat it like a debit card, purchasing only things I know I have the money for, and pay as soon as the bill arrives, I should be fine. Right?

[Anonymous No.64150]

>>60340

I think you mean, how soon will it be good. If you make regular payments, it will keep going up. If you are trying to boost your credit- all things being equal- you will want a revolving credit account also (credit card). Theres more to it, but thats the upshot.

>>62359

Depends on what you mean by "fine". Unfortunately, if you are trying to build your credit score, it isn't enough to make the payments. You want to avoid using ~10-25%, especially if it is your only credit.

A credit card is essentially a tool, a piece of a game, until you have a limit high enough to where you can comfortably use what you normally would before going over ~25-30%.

For example, say you have a card for $300. If you make payments on time, you still aren't doing well for your credit score if you have a balance of $150 and up. This is called "high load" or high utilization.

If however, you just use it to pay a small bill, $30 for example, then you will be fine until you get a limit raise. Some do it automatically, some ask you first others wait until you ask, which you can after 6-12 months, depending on how strong your credit is.

So it may seem limiting, having a $300 limit and only using 10%. But until your limits raise, and you have more credit as the result of a higher score (the goal) that is the way to go. Creditors will tell you that it is too cautious, to go as high as 30-50%, because it opens you up to pay more in interest or get yourself deeper into trouble.

Patience and discipline will help you with your score, if you are looking to build credit.

Sorry for rambling. I just wasn't sure what you meant by 'fine'.

[Anonymous No.64160]

>>64150

>You want to avoid using ~10-25%
*avoid using _over_ 10-25%

fixt

[Anonymous No.66131]

>>60302


lol imagine this:

Your angry with your mother the same day you make an account.
You set the answer to the security question "Mothers maiden name" to "whore"
At least a year goes by. You have forgotten the password and the answer.
You have to call the bank to get into your account online.
The young lady asks you the answer to the security question, youve long since forgotten. You have a step mother also, and often give false or comic answers to such questions for security as well as laffs or lack of an actual true answer.
She keeps asking and snickering, you are genuinely stumped.

And then you remember. And she is still laughing.

[Anonymous No.66192]

>>64150

Can't you get around the 10-25% rule by paying off the card before you purchase whatever it is you're paying for? As in, if you want to buy a £150 thing, you pay the £150 on to the credit card, then once that's cleared you purchase your item.

[Anonymous No.66335]

>>66192

Just so we're clear, it is not a rule, but a recommendation.

If I understand you correctly, you are describing a scenario where your limit is 300, and you make a 150 purchase.

There are three way to interpret this

1 You overpay 150 on your credit then make the buy on credit.

Outcome- you still have a utilization of a rather hefty 50% counting against you in Fico, at least temporarily. However I emphasize this is a deduction on my part, not a solid answer based in knowledge. That is, I would ask someone better qualified, and always double check. Sometimes people with something to sell will spin their answers towards a sales path from habit and not even know it.

2. You purchase the 150 object and make payments, during which time your load declines from 50% utilization

Outcome- Your high utilization can be scored against you until it drops.

3. You purchase object on credit and pay it off in full on or before the billing date.

Outcome- I do not know the answer to this, sorry.

[Anonymous No.67478]

>>64150
>>64160
Ah, thanks.

My dad co-signed for it, or something? His credit was so good we have the maximum limit of 25k or whatever it was. I've used 800 so far on groceries and such. As soon as the bill appears I plan to pay it off.

[Anonymous No.68195]

Why the hell would I want one in the first place?

Why don't I just work, and save money, then use money I have to pay for things.


The only reason I see for a credit card is to buy things I cannot fucking afford.

What is a credit rating good for? is it possible to get a mortgage uk if I just show the guy in the bank my statements showing I know how to handle my money....what purpose does a credit score have?

[Anonymous No.69559]

> be 25
> have no credit
Damn.

[Anonymous No.69965]

>>60289
709's not a bad rating. According to my last statement from Discover, mine is 730. I've got 2 credit cards with a combined limit of $8500. Both of these cards said they required Excellent credit to qualify, but I got them first try without any issues.

[Anonymous No.71310]

bumps

[Anonymous No.71339]

>>69965
Guess I'll apply for something like chase and if it doesn't work, then I'll immediately apply for the bank card.

Only thing I'm worried about is getting rejected will hurt my score.

[Anonymous No.71365]

>tfw sub 450

[Anonymous No.71404]

I got a home loan with no credit history.
>Deposit $65k cash in bank
>"What are you saving for?"
>"A house"
>"Can we offer you a loan?".
>Show them some pay slips.

Anyhow the house is paid off now.

[Anonymous No.71940]

>>68195
>.what purpose does a credit score have?
Showing the bank guy you can manage your money? Did you even read the thread?

[Anonymous No.71980]

>>68195
Lower interest rates, consumer protection that comes with a credit card but doesn't come with a debt card, a bunch of other neat shit if you get an American Express card. Also you can wait several days to weeks before you have to pay anything back, which can be useful in some scenarios.

[Dub$tepan !!deEnFanc863 No.72002]

>>59374
I'm not plugging it I'm telling the guy to fuck off to it

[Canaduhfag. No.72005]

>>59300
Equifax has a 30 day trial that gives you your score, it's pretty solid.

HOWEVER, you need to call in and cancel it and they can be pretty pushy. Just be firm and say no 4-6 times and the indian person on the phone will fuck off.

[Anonymous No.72299]

>>62359
>30 years old
>needs his dad to co-sign on a credit card

[Anonymous No.72580]

>30 years old
>Had a credit card since I was 18
>$12,500 credit limit on visa, pay it off in full every month
>Paid off 2 car loans before the maturity date
>Few other cards like macys with $0 balance
>Credit over 800
Feels good man. Best thing you can do is not be afraid of it. Never use debit. Always use credit when you can because you get % back. You don't get shit using cash. Pay it off on time, never 'just pay the minimum'

Honestly, its all about self discipline. If you don't have it, credit cards aren't for you. If they are, put everything you buy on it and reap the rewards

[Anonymous No.72727]

>>72299
I have no credit score. It wasn't even so much I need him to co-sign, he offered. I was doing fine with my debit card, and he said "You need to start working on a credit history to get a good credit rating" so we went to the bank, I wasn't applicable to get one myself so he co-signed.

[Anonymous No.72807]

I can't believe how few people know that they're entitled to a free yearly credit report.

[SomeRandomGuy !hbcAHPqqpg No.72795]

>Quizzle
>Credit Karma

dispute everything that isn't legit.

get a secured credit card.

don't use more than 30% of the credit limit, but do use it.

pay it off every month.

after a year, get your payment back and request a credit increase via changing to a real credit card.

get junk mail full of credit card offers.

take most.

use in same fashion re: no more than 30% usage of credit limit and paying off.

credit score goes ultra tier.

get a loan from a credit union for bullshit just so you can pay it off.

credit score goes over 700.

top tier card offers.

don't be an asshat.

[Canaduhfag. No.72825]

>>72807
People being ignorant is how most of the companies in this world make money.

I'm blown away how BASIC finance isn't taught in schools.

[Anonymous No.72838]

>>72825
>I'm blown away how BASIC finance isn't taught in schools.

That too. People don't understand how compound interest works and why it matters when saving for retirement.

[SomeRandomGuy !hbcAHPqqpg No.72843]

>>72807
annualcreditreport dotariffic com
yup.

should be utilized alongside creditkarma A.ddot) come and quizzle somedotdot) com.

[Anonymous No.72864]

>>57426
>>58699
>credit cards with a limit
Do people actually use these? My credit card has no limit, and I've bought a car with it before.

[Anonymous No.72858]

>>72807
Chase used to have an amazing service that gave you your score once a month, along with monitoring everything So sad when they discontinued it

[Anonymous No.72959]

>>72795
>take most.
How many? I've had my starter card for 2.5 years so opening more now is scary because average age of accounts will drop and so many hard inquiries.. but also, dat available credit is sexy.

[Canaduhfag. No.72985]

>>72864
>Do people actually use these? My credit card has no limit, and I've bought a car with it before.
I know this is biz but either you're bragging, an asshole, or both. Most people who have credit cards have limit. Not everyone had double diamond Amexes.

[SomeRandomGuy !hbcAHPqqpg No.73032]

>>72959
As many as you can get without annual fees. They are just nodes to establish good credit at that point. The APR doesn't matter so long as you only utilize them to pay them off at the end of the month, and do not use more than 30% of the limit.

Perhaps I should have read the thread. So, you do have a credit card, and it's maxed, thus the issue? The plan I have described is only really helpful to those that have gone into default and the charges written off.

[Anonymous No.73076]

>>72838
What amazes me even more is how often you see people who make very good money not save even close to enough money.

[Anonymous No.73100]

>>73032
I am not OP and am new to the thread. I have one card, which is more than 2 years old and is at almost 70% of it's 2300 limit because I sent my mom my actual money and carried myself on my card last month. (I'm back to paying it off and not using it at the moment.) I'm honestly just in the thread so I can find a way to finance a trip to Korea this summer while making myself look good to the banks.

[Canaduhfag. No.73144]

>>73076
Because they think it's never gonna end.

A lot of the "keeping up with the joneses" people are like that. Looks good from afar but they're up to their eyeballs in debt because they're spending more than they're making.

[Canaduhfag. No.73153]

>>73100
You're jumping up on debt and this could be a slippery slope. Trip to Korea is cool but make damn sure you either save up for it in full before you leave or make a shit ton of money before then to pay for it.

[Anonymous No.73229]

>>73076
>What amazes me even more is how often you see people who make very good money not save even close to enough money.
I know people who make 200k a year or greater and they live paycheck to paycheck. Making a lot of money doesn't automatically equal being good with it

[Anonymous No.74209]

>>73076
It's sad, but some people feel a need to spend money to keep up with a lifestyle even if they can't manage it.
My dad made a fair amount when I was growing up, but we were always borrowing money from relatives because he wouldn't stop spending his money on motorcycles and other crap. Unfortunately, he never learned. After my parents divorced he lives alone but bought himself a truck in addition to his car (couldn't borrow his wife's suburban anymore) to tow his trailer and motorcycles. He's having financial issues right now (did I mention we borrowed from my mom's family, whom he divorced?) and he's still going camping and other stuff he clearly can't afford.
I really hope I don't end up like him.

[Anonymous No.74221]

>>74209
Just recognizing that his lifestyle is wrong should keep you from ending up that way.

[Anonymous No.74246]

>>74209
My dad's college roommate is in direct marketing (junk mail) and made $400k/yr for several years and damn good money even outside of those years. And he's got nothing to show for it.

Meanwhile my parents live in a nicer house in a nicer town and have more money than the roommate and his wife do despite the fact that neither of my parents ever individually made 6 figure salaries.

[Anonymous No.76447]

>>74246
>>74209

These are good cautionary tales.

[Anonymous No.76503]

>>74246
>>74209
My parents keep trying to buy their way back into the family. Help a cousin get a lawyer, pay for the divorce, take care of her 4 kids, help get her set up with a new guy, buy the kids toys, buy other families members kids toys for x-mass, but they still forget their number unless they need something. It doesn't help that they come on so strong. That's what happens when you stay in a shithole town < 15,000 population

[Anonymous No.76708]

23 here.
>have very good credit due to just paying off a new car.
>have about one year left but already my credit is good as fuck for someone my age

So what are some perks to having good credit?

[Anonymous No.76771]

>>76708
Lowers interest rates on all forms of credit, makes it easier to get credit, car insurance and home insurance companies use it to determine how likely you are to file a claim and therefore how much you will be charged (except in 3 states), sometimes bitches will try to scope out your credit score before going out on a date with you, your employers may ask for it because they think it makes you less likely to steal shit.

[Anonymous No.76780]

My old man is the type to spend money without being cautious. He'll spend it on a bunch of shit he doesn't need or dining out. He isn't the type to blow it on fancy stuff. But now he's 50 and barely getting by in a small condo. Both of my parents are struggling and I worry myself sick thinking of the future. My father wanted to get me a Christmas present this year and couldn't afford it. I didn't want anything from him but I know it makes him happy when he does get me something. We don't have personal conversations but I just want to tell him to forget about buying me shit because him being a father to me is better than anything money can buy. He's kind of an introvert and didn't have a father growing up so he doesn't get into emotional conversations with me and it's hard when I just want to tell him shit.

[Anonymous No.76812]

>>59381

Yeah, gotta love that the thousands of normal payments you make throughout the years never get reported whereas that CC with the insane terms you agreed to when you were young and dumb gets reported every other day.

[Anonymous No.76819]

>>57355
Only debtors are concerned with credit.

[Anonymous No.76851]

>>76819
It's good to have a little debt if you're wealthy. Credit gives you liquidity.

[Anonymous No.76864]

>>76851
that's like saying it's good to have a little bit of cancer

[Anonymous No.76895]

>>76864
Liquidity is not cancer. You just have to pay it off either before the interest is charged or make profit so that it has negative real interest.

[Anonymous No.76918]

>>76895
Liquidity is not cancer, you are correct. I keep some USD in reserve for operating expenses. However, liquidity at the cost of interest is cancer in proportion to the cost of usury.

Again, only debtors are concerned with credit. The best way to sidestep the issue of credit is to never borrow.

[Anonymous No.76938]

>>76918
The human body is filled with tiny cancers that are destroyed by white blood cells. So keep your profit blood cells strong and there's no problem either way.

[Anonymous No.76944]

>>76938
Irrelevant. Stay on topic.

[Anonymous No.77006]

>>76944
Blood cells are always on topic D:

Anyway, I can respect the position, a friend of mine built a business up this way in an industry that otherwise relied on credit. It allowed him to deliver payouts much more regularly than is the norm in the industry which got him a reputation for being reliable. It also meant he had to grow a lot slower than if he had extra liquidity. It bit him in the ass because he had to start expanding his accounting department overnight from 1 person to 3, then 5.

[Anonymous No.77012]

>>73229
90% of lottery winners are completely through the money in 5 years or less. This is definitely true.

[Anonymous No.80075]

>>57426
Wells Fargo allows you to upload a custom card image, but their rules basically prohibit anything cool.

[Anonymous No.82843]

>>76780

That's awful nice. You must be good family.

[Anonymous No.83995]

>>77012
I'll never understand that. If someone handed me as little as 6 million I would make an impressive CD ladder,work for 4 more years then retire making about $16k a month in pure interest. I wouldn't be MTV Cribs rich but not working ever again is a beautiful thing.

I'm surprised there aren't CPAs that specifically work with lotto winners to keep them out of the poor house

[Anonymous No.85332]

>>83995

I know people for whom materialism may as well be a mental disease. A sickness like gambling addiction. They can't be happy, satisfied or appreciate anything they already have.

What I am trying to say is that being such an accountant would be like trying to counsel an addict. Trying to stop them would be like getting between an addict and his fix.

I am not saying such accountants don't exist; I don't know. But it wouldn't be a very happy job.

[Anonymous No.85388]

>>85332
Well I mean, you are specifically known as a lotto-winner CPA. Your job is to contact people who win the lotto and for a % of their winnings, you set them up so they don't become poor. With initial capital that large, it would be extremely easy to do, assuming they give you the ability to do so.

It would be a job with a lot of offtime, and you would have to be watching the news for all 50 states and be ready to pounce when Joe Buck and his pig win $700million, but you'd be the first and likely make the most before the jews catch the scent

[Anonymous No.85418]

Waiting for my Amex green to come in. How many purchases and payments do I make before I can get points for airline tix?

[Anonymous No.85475]

>>85418
I heard Amex points take a few months to show/become redeemable.
The number of transactions doesn't matter, just reach or go over the initial spending limit (I'm guessing you have something like that, to get really good opening rewards.)

[Anonymous No.87912]

>>85418

Is Amex expensive to keep?

[Anonymous No.88136]

>>71404
I got one too.
Don't even have a credit card. Just opened a designated home savings account I share with my SO that filled up overtime to 10% of home value. Next time in the bank, "hey anon, you're now eligible for buying a home so check out this real-estate catalog".
I gotta specify that I don't live in the US, though.

[Anonymous No.90660]

>>80075

[Anonymous No.90744]

>>59276
You mean those aren't credit cards...they're reddit cards?

[Anonymous No.90798]

>sign up for a new card
>try to set up autopay, doesn't work
>call up, they say I have to wait the first month to set up autopay
>wait a month, set it up to pay in full, pay fist month off
>check middle month after next
>unpaid for two months in a row

The fuck. My fault for not checking, but paid it off and cancelled immediately. I've never had a problem with my other two cards.

[Anonymous No.91922]

>>90798

Sounds like some awful trap. I wonder if it was a deliberate scheme of theirs.