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CuddleChunks posted:It's really exciting to know that I'll soon have a FICO score of 0 because I'll have no debt and no debt instruments in my name. You'd have a hell of a time getting loans and apartments later you silly man. What Engineer Lenk said is true- keeping an active, GOOD credit history is an important part of preparing for future expenses that might require a loan. Like, use your credit card once a month and pay it off immediately, or something. You could tie it to your netflix account or another auto-draw bill and just pay that amount every month. That way you'd have an active credit line and a very low usage ratio, which will make it so your FICO eventually says "HEY I'M RESPONSIBLE WITH CREDIT" instead of just "well he has an SSN so he's probably not an alien, illegal or interstellar." Even in the meantime, it'll say "Hey I paid off all my debts because I'm awesome, and now I'm living within my means and using credit responsibly, and also I have $(credit card limit) available to me already in case of emergencies." That's what you want. It's actually important to your FICO score to have active lines of credit because it shows that you can handle them and that you've been deemed trustworthy before. e: FICO isn't only for loans anymore, either. Apartment rentals very often require a credit check, and employers are increasingly pulling them too. Eggplant Wizard fucked around with this message at 15:29 on Aug 21, 2012 |
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Aug 21, 2012 15:27
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Chajara posted:Well first off I signed up with mint.com, and it's amazingly helpful. I was using an app on my phone for budgeting, and that required that both I and my husband remembered to enter everything in manually. With mint.com being tied to both our accounts it's going to be a hell of a lot more accurate, plus it's got the student loans and what little credit card debt we have right there in one place. Great! Congratulations to your husband, and good on you for working to improve your situation. I bolded the last sentence just because honestly it's probably not worth it unless you mean long term savings, not emergency fund. I was playing on bankrate this morning and you'll be hard pressed to find anything over 1% (maybe there was 1.25% somewhere) for a year CD. I saw a 1.5% rate for a 5 year one  My high interest online account with ING is yielding me an incredible .79% or something like that. It's about $5 a month on my current balance, which is a little less than $8000 so I guess pretty close to yours. If it's going to take much trying and talking into, don't waste the energy.Liquidity concerns aside, I'm reluctant to get into something like a 5 year CD at 1.5% because hopefully after 2014 the fed will have stopped holding down interest rates, right? I know low rates good for borrowers but banks aren't lending so NOBODY WINS.
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Aug 23, 2012 18:47
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iamthepinkylifter posted:This pay cycle, my net worth will go from ($130) to approximately $350. It's not much, but getting above $0 was a big goal for me. That's huge, dude. Congrats. You too, other dude. 
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Dec 12, 2012 02:03
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Shadowhand00 posted:I don't know if you necessarily want to close your old card. Just stop using it? If he's got his parents on it he should close it. It'll still show up on his history as a longstanding account, but without the potential for something loving it up in the future. It's not going to ruin his credit if he closes an old account and if he doesn't want to use it anymore, welp.
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Feb 8, 2013 18:18
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Nice. I don't know that that would happen, here.
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Mar 30, 2013 15:43
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SpelledBackwards posted:Not as much about my improvement as a friend's, but my former supervisor and now close friend is wanting to replace his aging heap of a car. I'm a SINK and have lots of savings, while he is married with a kid and unexpected house issues keep dipping into his savings. Paperwork paperwork paperwork make sure your ducks are in a row or you will be soooo sorry
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May 9, 2013 01:03
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