|
You also have to actually have available credit on a revolving account in order to have an available credit to current debt ratio. Credit card companies can be dicks but the benefits of getting a no-fee card and using it once in a while (and paying it off immediately) far outweigh the hassle.
|
#
?
Jan 7, 2015 18:47
|
|
|
|
| # ? Jun 1, 2024 04:42 |
|
|
I only have a debit card post bankruptcy. I'm lazy though and should get one on that gas or whatever plan. Here's the double secret to using it to boost your rating--after you pay off your tiny once a month purchase, call the company and ask them to raise the limit on the card. They'll see you always pay the card off and assume you want to spend more on it and have no problem doing so. Your credit rating really likes there being a difference between debt and available credit. Do this like 8 or 10 times and your score will skyrocket.
|
|
#
?
Jan 7, 2015 18:51
|
|
|
GOTTA STAY FAI posted:You also have to actually have available credit on a revolving account in order to have an available credit to current debt ratio. Credit card companies can be dicks but the benefits of getting a no-fee card and using it once in a while (and paying it off immediately) far outweigh the hassle. Right that's the other biggish credit score metric. Those three pretty much determine it. Unless you're delinquent somewhere then that'll just sink it faster than the heaviest waffle iron tossed into the sea.
|
|
#
?
Jan 7, 2015 18:53
|
|
|
DemeaninDemon posted:It does since it adds to the "does this person pay bills on time," the "how old are this jerks accounts," and what ever other voodoo magic they use. I should probably ask this in Business, Finance, and Careers, but what's with those features? Does that mean the free yearly credit report is redundant?
|
|
#
?
Jan 7, 2015 19:10
|
|
|
Choco1980 posted:I only have a debit card post bankruptcy. I'm lazy though and should get one on that gas or whatever plan. Here's the double secret to using it to boost your rating--after you pay off your tiny once a month purchase, call the company and ask them to raise the limit on the card. They'll see you always pay the card off and assume you want to spend more on it and have no problem doing so. Your credit rating really likes there being a difference between debt and available credit. Do this like 8 or 10 times and your score will skyrocket. I only used my credit card for internet, then called to see if I could get a limit increase after two years, and they denied me on the basis that I didn't use it enough. I guess you should make sure your tiny once a month purchase is more than $50.
|
|
#
?
Jan 7, 2015 19:16
|
|
|
Just get a cashback card and use it for literally everything but don't go beyond your means. Easy 1-6% discount on your entire life plus it builds credit. Is this really not common knowledge?
|
|
#
?
Jan 7, 2015 19:30
|
|
|
In case you didn't know, people suck at living within their means and it is terrible advice to give to most people to use a cash back credit card for everything. Why? Because they use it for everything, then something happens and they use their ample cash reserve because with that much cash how can they be poor, and shocker - they now have a ton of credit debt.
|
|
#
?
Jan 7, 2015 20:01
|
|
|
Double post
Mocking Bird has a new favorite as of 20:09 on Jan 7, 2015 |
|
#
?
Jan 7, 2015 20:01
|
|
|
In case you didn't know, people suck at posting within their means.
|
|
#
?
Jan 7, 2015 20:06
|
|
|
PhazonLink posted:I should probably ask this in Business, Finance, and Careers, but what's with those features? Does that mean the free yearly credit report is redundant? They probably cut some deal. Probably does mean it's redundant but check it anyway to verify. Not all companies check the same credit overlord.
|
|
#
?
Jan 7, 2015 20:11
|
|
|
Mocking Bird posted:In case you didn't know, people suck at living within their means and it is terrible advice to give to most people to use a cash back credit card for everything. Why? Because they use it for everything, then something happens and they use their ample cash reserve because with that much cash how can they be poor, and shocker - they now have a ton of credit debt. Yup. Credit card companies offer things like cash back because very few people will actually get away with that 5% discount on literally everything and gently caress up somewhere. Or eventually just figure "meh, I can pay this off later." The temptation to use the card is always there and very few people can resist that. I don't know if I'm one of the people that can or not and I'm not about to test it. I've never had a credit card and I just use my debit card for whatever. If I can't afford it I don't buy it. For emergencies I keep a stash of extra money that is for emergency use only. It's kind of like drugs in a way; the first hit is free. Some people can use forever and never become addicts or ruin their lives. Some end up with six figures of debt and nothing to show for it while looking around asking "what did I do wrong?" I have no idea if I could keep my borrowing under control so I don't touch credit cards. I've been doing just fine so far without them. Student debt is the only debt I have. I could see borrowing to buy a house but even that most people do hideously wrong and over borrow like mad. Credit scores are incomprehensible voodoo anyway.
|
|
#
?
Jan 7, 2015 21:16
|
|
|
ToxicSlurpee posted:Yup. Credit card companies offer things like cash back because very few people will actually get away with that 5% discount on literally everything and gently caress up somewhere. Or eventually just figure "meh, I can pay this off later." The temptation to use the card is always there and very few people can resist that. I don't know if I'm one of the people that can or not and I'm not about to test it. I've never had a credit card and I just use my debit card for whatever. If I can't afford it I don't buy it. For emergencies I keep a stash of extra money that is for emergency use only. Hope your car never dies.
|
|
#
?
Jan 7, 2015 21:42
|
|
|
PhazonLink posted:I should probably ask this in Business, Finance, and Careers, but what's with those features? Does that mean the free yearly credit report is redundant? They usually give you a number that is pretty close to your actual credit score based on their calculations, and allow you to check out basic information about outstanding debts, delinquencies, etc. It won't be as robust or thorough as a real credit report from one of the three main agencies, but for keeping an eye on stuff every once in a while, or trying to figure out what terms are acceptable for a loan given your credit history, it's good enough. Some companies will even alert you to suspicious activities that take place, such as "you" applying for a mortgage loan 2000 miles from where your most recent transaction took place, so it can be handy in resolving identity theft quickly. Is the free report redundant? Nope. You actually get three--one from each company--and I've made it a habit of spreading them out over the year to make sure no shenanigans are going on. Sometimes, the brief information provided by your credit card company's bonus credit monitoring feature isn't enough to get to the bottom of fraud, so even if you have that extra stuff, you should still check on it regularly. A few years ago, a mysterious (and fraudulent) delinquency notice popped up on my credit report that would've cost me points on a car loan or mortgage if I hadn't noticed it and had it resolved.
|
|
#
?
Jan 7, 2015 21:48
|
|
|
The fact that having and using a credit card in the US is apparently mandatory is loving horrifying
|
|
#
?
Jan 7, 2015 21:48
|
|
|
Guys, guys, guys- this is for stupid life hacks, not sound credit score life hacks. Quick, someone put their credit card in a waffle iron and report back so we can get this thread back on track.
|
|
#
?
Jan 7, 2015 21:51
|
|
|
HMS Boromir posted:The fact that having and using a credit card in the US is apparently mandatory is loving horrifying It's not really, especially if you rent an apartment and don't drive which is pretty common for people in cities.
|
|
#
?
Jan 7, 2015 22:17
|
|
|
Jmcrofts posted:It's not really, especially if you rent an apartment and don't drive which is pretty common for people in cities. And don't want cable TV from AT&T or want a job where they check your credit score to determine how responsible you are.
|
|
#
?
Jan 7, 2015 22:24
|
|
|
That's right, you don't need to bother with a credit score! You just need an apartment... which will require at least 4 months' rent down (first, last, 2x scurity) to be able to move in, if the place doesn't just outright reject you in the first place for your poor credit. And when you get your power turned on through the power company, they'll also run a check on you and result in a one or two month security deposit. Hope you enjoy paying overinflated cash full prices for phones and relatively pricy prepaid plans, since all "normal" postpaid plans (which include subsidized phones) are off limits with bad credit. Also good thing you're not driving, since car insurance rates are based off of your credit report. With a crappy credit report you probably can't even get a bank account, but at least you can go to a gas station and get a prepaid debit card which charges you monthly and annual fees, depositing fees, and probably even per-transaction fees if you're really unlucky and didn't read the terms. But at least it's a moot point since your job probably just pays you under the table in cash, anyway, since basically any respectable job (and even most menial jobs now) also check your credit. Since huge unemployment makes it an employers' market, they can just pick someone else and not even hire you in the first place.
|
|
#
?
Jan 7, 2015 22:32
|
|
|
I've never had a credit card, but I have a white-collar job, an apartment (that I had to put first and last month's rent down for, but no deposit other than that), and didn't get any poo poo about getting utilities. No problem getting a bank account or car insurance (before I sold my car) either. I really don't think it's as bad as you guys are making it out to be.
|
|
#
?
Jan 7, 2015 22:42
|
|
|
Jmcrofts posted:I've never had a credit card, but I have a white-collar job, an apartment (that I had to put first and last month's rent down for, but no deposit other than that), and didn't get any poo poo about getting utilities. No problem getting a bank account or car insurance (before I sold my car) either. I really don't think it's as bad as you guys are making it out to be. You don't need a credit card to build credit but its the easiest/fastest way. It also depends on where you live. Before I made my wife get a credit card, her lack of credit history meant that she had to write a $100 check to one of the utilities companies before they would start service and AT&T basically told her to get bent or put the cable in my name instead.
|
|
#
?
Jan 7, 2015 23:20
|
|
|
PhazonLink posted:I should probably ask this in Business, Finance, and Careers, but what's with those features? Does that mean the free yearly credit report is redundant? Capital One has this feature and it means you can check your credit score whenever you want with no impact on your report because it uses a soft inquiry, and it will also send you an email any time there is a change to your credit report (a hard inquiry, like you get when you apply for any kind of credit) so you'll know if somebody has your info and is trying to open a credit card in your name, because you'll get an alert you weren't expecting. Obviously you expect them when you apply for something. Also, Capital One's credit tracker has a neat simulator that can show you how different things will affect your score: paying off all your cards, canceling your oldest card, making a payment, opening a new account, etc.
|
|
#
?
Jan 7, 2015 23:54
|
|
|
Jmcrofts posted:I've never had a credit card, but I have a white-collar job, an apartment (that I had to put first and last month's rent down for, but no deposit other than that), and didn't get any poo poo about getting utilities. No problem getting a bank account or car insurance (before I sold my car) either. I really don't think it's as bad as you guys are making it out to be. Yea, I had/have super lovely credit from being really dumb from like 19-25 years old and never had a problem with any of that. Lifehack: If you make less then like 35k, you can not pay taxes for like a decade before it catches up with you! And if you move around a lot, bill collectors can't bother you!
|
|
#
?
Jan 8, 2015 00:47
|
|
|
Thanks for answering my question. Also since we got a bit of a finance derail going. I been using a secure card for several years responsibly and Cap One still refuses to make the card "normal" and give my money back. Well gently caress them. Useful Life Hack gently caress big banks( and maybe small local banks) go Credit Union.
|
|
#
?
Jan 8, 2015 00:50
|
|
|
Choco1980 posted:I only have a debit card post bankruptcy. I'm lazy though and should get one on that gas or whatever plan. Here's the double secret to using it to boost your rating--after you pay off your tiny once a month purchase, call the company and ask them to raise the limit on the card. They'll see you always pay the card off and assume you want to spend more on it and have no problem doing so. Your credit rating really likes there being a difference between debt and available credit. Do this like 8 or 10 times and your score will skyrocket. You're suggesting people take the financial advice of a bankrupt? Good lifehack.
|
|
#
?
Jan 8, 2015 01:24
|
|
|
Jmcrofts posted:It's not really, especially if you rent an apartment and don't drive which is pretty common for people in cities. Apartments check your credit score too dumdum.
|
|
#
?
Jan 8, 2015 02:17
|
|
|
Sentient Data posted:which will require at least 4 months' rent down (first, last, 2x scurity) Where the hell do you live? I've never had to pay that much. First and last month's rent and a deposit that was nowhere near that much, with additional ones for each pet if you have them. PERMACAV 50 has a new favorite as of 03:02 on Jan 8, 2015 |
|
#
?
Jan 8, 2015 03:00
|
|
|
RandomFerret posted:You should get a low-limit, no-fee credit card, use it here and there and pay it off immediately. It costs you nothing, makes buying stuff online easier, and builds your credit rating. How does it make buying stuff online easier? I've never had a credit card and I buy stuff online all the time without any difficulty.
|
|
#
?
Jan 8, 2015 07:22
|
|
|
"Never had credit" is derail fodder second only to "lets talk about circumcision"
|
|
#
?
Jan 8, 2015 08:43
|
|
|
Yermaw Zahoor posted:"Never had credit" is derail fodder second only to "lets talk about circumcision" Rabbis use one neat trick goons hate! Walla!
|
|
#
?
Jan 8, 2015 09:47
|
|
|
Yermaw Zahoor posted:"Never had credit" is derail fodder second only to "lets talk about circumcision" I bet you wipe your rear end back to front.
|
|
#
?
Jan 8, 2015 09:49
|
|
|
Yermaw Zahoor posted:"Never had credit" is derail fodder second only to "lets talk about circumcision" Or tipping. Derail lifehack: tip with a credit card while circumcised for a type of food that is prepared differently in different countries.
|
|
#
?
Jan 8, 2015 09:57
|
|
|
Murphy Brownback posted:Or tipping. Derail lifehack: tip with a credit card while circumcised for a type of food that is prepared differently in different countries.
|
|
#
?
Jan 8, 2015 10:13
|
|
|
|
|
#
?
Jan 8, 2015 10:28
|
|
|
I'm not sure how I feel about that. Maybe delicious?
|
|
#
?
Jan 8, 2015 10:30
|
|
|
Sentient Data posted:That's right, you don't need to bother with a credit score! You just need an apartment... which will require at least 4 months' rent down (first, last, 2x scurity) to be able to move in, if the place doesn't just outright reject you in the first place for your poor credit. And when you get your power turned on through the power company, they'll also run a check on you and result in a one or two month security deposit. Hope you enjoy paying overinflated cash full prices for phones and relatively pricy prepaid plans, since all "normal" postpaid plans (which include subsidized phones) are off limits with bad credit. Also good thing you're not driving, since car insurance rates are based off of your credit report. With a crappy credit report you probably can't even get a bank account, but at least you can go to a gas station and get a prepaid debit card which charges you monthly and annual fees, depositing fees, and probably even per-transaction fees if you're really unlucky and didn't read the terms. But at least it's a moot point since your job probably just pays you under the table in cash, anyway, since basically any respectable job (and even most menial jobs now) also check your credit. Since huge unemployment makes it an employers' market, they can just pick someone else and not even hire you in the first place. That's a lot of words to paint some dystopian cash-only-poor life when you'd have to actually get into six-figure credit card debt PLUS have an outstanding balance on a checking/debit account at a bank in order to even reach half of it. If you don't have credit at all, not a single one of those examples are going to turn you down.
|
|
#
?
Jan 8, 2015 10:37
|
|
|
HMS Boromir posted:The fact that having and using a credit card in the US is apparently mandatory is loving horrifying It's not "necessary" in Europe either but all the time there are other adults my age who omg have never had credit cards because apparently they're going to make you spend money you don't have (because apparently you have literally zero impulse control?) and then whine how they can't do this or that because they have no credit card. Can't order from Amazon UK and save £££/euros because no credit card. Can't hire a car no credit card. I've had one since I was 18, now 30 and have 2 with a decent credit limit on each just from using them and paying them off, and yeah I'm pretty happy that if there's ever an emergency where my car breaks down or I'm stuck somewhere or a pet gets ill I have the credit card to help get poo poo sorted. Have fun fearing debt!
|
|
#
?
Jan 8, 2015 11:08
|
|
|
I didn't know "having a credit card" was something people could smug out about.
|
|
#
?
Jan 8, 2015 11:50
|
|
|
TetsuoTW posted:I didn't know "having a credit card" was something people could smug out about. It seems like a pretty common thing. I've known more than one person who, when I use my debit card for ANYTHING, will go on a rant about how I need to be using my cash back card, what am I an idiot? Don't you want free money? It's the same way with any idea t hat is good in principle, but when taken to an extreme gets obnoxious. I use my credit cards often. Sometimes I'd rather pay in cash or debit though. Nobody should have to justify their payment methods to anyone, and I don't understand why other people care, unless it's all about the "look at how much of a ~real adult~ I am for knowing this one weird trick credit card companies don't want you to know about" factor. e: I put it up there with making a budget on the "things that, in most cases, you don't really need but people (particularly on These Forums) love to act appalled when they find out you don't have one" list. yeah I eat ass has a new favorite as of 12:25 on Jan 8, 2015 |
|
#
?
Jan 8, 2015 11:56
|
|
|
Why worry about debt and credit cards, just hire a financial panther
|
|
#
?
Jan 8, 2015 12:12
|
|
|
|
| # ? Jun 1, 2024 04:42 |
|
|
are these french toast waffledogs?
|
|
#
?
Jan 8, 2015 13:57
|
|
