Credit (Cards and scoring)

Discussion in 'Men's Economics' started by Wunderpus, Nov 29, 2018.

  1. Wunderpus

    Wunderpus Member AnabolicLab.com Supporter

    I feel like I haven't seen a thread on credit cards and credit scores on Meso... It's such an important factor here in the US, that I feel very few people understand and know how to maximize... Let's discuss our credit experience and what has worked and not worked over the years, to help everyone out!
     
    sinewave3 likes this.
  2. BigNattyDaddy

    BigNattyDaddy Member

    Pay off your card(s) each month. Easier said than done for some people though.
     
  3. T-Bagger

    T-Bagger Member

    Keep your credit usage to 30% or less of your maximum amount. This new FICO is kak
     
  4. Wunderpus

    Wunderpus Member AnabolicLab.com Supporter

    Definitely, that's a BIG factor (30%)... I'd recommend everyone get a credit karma or nerd wallet account (they're free)....
     
    T-Bagger likes this.
  5. Mac11wildcat

    Mac11wildcat Member

    Biggest factors for me were:
    -multiple accounts at a young-ish age
    -requesting limit increases periodically
    -not closing revolving accounts

    I got myself into some trouble at a young age just being careless with it. A bit of an issue again in trying to make the transition to my wife being a stay at home mom when my son was born a month after we bought our home. My score was still great, just high debt.

    Biggest things for recovery were:
    -using a firm to help fight any nonsense on my report like inquiries and collections
    -paying more than minimum payment
    -using a loan to consolidate debt changing revolving (endless) debt to installment debt
     
    MindlessWork, T-Bagger and Wunderpus like this.
  6. Wunderpus

    Wunderpus Member AnabolicLab.com Supporter

    This is good advice. A loan to consolidate debt with a low interest rate is helpful for a lot of people... Or, a balance transfer card with no interest is good, too.

    I always recommend people dispute ALL negative info on their reports, as the firms may never respond and they'll be removed from your report. If necessary, you can reach out and have the collections firm agree to a "pay to delete" plan, so it's removed from your report. If they do not remove it, paying off the delinquency will not remove it from your report, that takes 7 years.
     
    T-Bagger and Mac11wildcat like this.
  7. T-Bagger

    T-Bagger Member

    I disputed EVERYTHING on my credit report, whether legit or not. I got the idea from someone on FB saying once a debt is sold, you are not legally responsible because your debt is to the original creditor, NOT a collection agency. Disputing those accounts wiped a good $4000+ off my report.
     
  8. Mac11wildcat

    Mac11wildcat Member

    The most frustrating thing is that credit age is average and there is literally no reward in score for a completed installment account. It essentially just comes out of your account average.
     
  9. Wunderpus

    Wunderpus Member AnabolicLab.com Supporter

    It never hurts. Also, look at your report and take a look at the "names" that they use.... I had a negative mark for a name that wasn't even me, in a different state! It was off by one letter... Shit like that makes a huge difference... Some CC companies like Amex and Capital One will provide free credit scoring. However, I find Credit Karma or Nerdwallet to be superior for most people.

    Everything is better with better credit, even if you don't ever plan to use it.
     
    T-Bagger and Mac11wildcat like this.
  10. Wunderpus

    Wunderpus Member AnabolicLab.com Supporter

    Yes, that's true. The only way to circumvent his would be to "piggyback" someone's account as an authorized user... If they have an old account with zero missed payments, it will increase the overall age of accounts tremendously... However, there is no other way to boost your age of accounts (although this makes up ~15% of your score).
     
    Mac11wildcat likes this.
  11. Wunderpus

    Wunderpus Member AnabolicLab.com Supporter

    This fucks me as I poached sign up bonuses, so I open a new card every 6 or so months... My average age is about 2 years, which is considered "poor".
     
    Mac11wildcat likes this.
  12. Mac11wildcat

    Mac11wildcat Member

    Thanks for making this thread. Reminded me to ask for increases. Just added another $5k of headroom.
     
    Wunderpus likes this.
  13. Wunderpus

    Wunderpus Member AnabolicLab.com Supporter

    ALWAYS take the increases, unless they do a hard pull, then that's up to you... Most don't do a hard pull, though.

    The thing that frustrates me the most with things like credit limits are charge cards like the Amex cards... They have no "set" limit, which really doesn't help your credit utilization at all.
     
  14. Mac11wildcat

    Mac11wildcat Member

    Discover was my first card, won’t ever close it, and they hand out increases like candy. No hard inquiry.
     
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  15. Wunderpus

    Wunderpus Member AnabolicLab.com Supporter

    And, no annual fees.... That's key with "keeper" cards.
     
  16. lightspan

    lightspan Member

    This thread is helpful but also pokes a fresh wound. Recently divorced and essentially bought custody of my two boys from my ex in exchange for every asset I had and assuming every debt she had. Even gave her my retirement. Slowly climbing out of the hole but was on the verge of BK. So I have the creditworthiness of a crackhead. Still have all my accounts so there’s that.

    Totally worth it though, can’t put a price on having my boys. Just going to take a minute to get things squared away. And, hypothetically - save up enough to have her snuffed out.

    That concludes this bitch session. As you were.
     
  17. T-Bagger

    T-Bagger Member

    Ah damn bro.... in the end a small price to pay to have your kids - just thinking big picture here, I know that wasn’t a small price at all.
     
    lightspan likes this.
  18. Mac11wildcat

    Mac11wildcat Member

    Man I hope I never get to this divorce shit. It blows my mind how backwards and vindictive people who share kids get.

    Tons of respect for what you did to get your boys. Couldn’t imagine losing my son.

    Props to all of you for staying off the bottle, off hard drugs, and keeping a bullet out of your head.
     
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  19. T-Bagger

    T-Bagger Member

    And staying out of prison for putting a bullet in your wife’s head. I’m telling you - people are some real evil pieces of shit.
     
    Mac11wildcat likes this.
  20. If you’re handy in excel make a spreadsheet. Get a copy of your credit report. Put all of your creditors and balances in there. Write a formula for the 30-35% (35% for a cushion) usage from balance as someone mentioned earlier. This should help track and improve your score.

    If your home buying pay close attention to what you are reported as paying your creditors on your credit report. This is what lenders look at. This is part of the equation for monthly debt to income.

    I use excel for everything. Makes life simple. As things come to mind, I’ll continue to post up. Good thread WP.