How to build credit
 

I'd like to know some ways in which I can build a good credit rating. I've never had a cc or taken out a loan.

I've never needed a cc and don't think I'll ever need one. I just want to get a good credit rating so that I can start doing the App-O-Rama. I'm intrigued by anything that involves legally making money without working.

I've done some searching, and people recommend getting a cc where you deposit like $500 and then that's your credit limit. I'd rather not do that because I don't want to tie up $500 unnecessarily. I hope there's another way.

Re: How to build credit
 

if you are young, you can get a card, and make your parents buy and pay stuff off on it.

dont apply for multiple cards; rejectionwill show up on your credit score

what you are talking about is a secured card, which is prolly easier to qualify for b/c you actually make a deposite, and get credit equal to deposite (dosnt that negate the whole "credit thing")

bottom line is: if you do the secured card thing, for say 5-7months (make all your payments, etc..) I am sure you could qualify for a card thta would not tie up your money.

take this FWIW, b/c iim only 21 and have had a cred card for no more than 7 months, so IDK if all my info is accurate.

Re: How to build credit
 

I'm 25 and play poker for a living.

Re: How to build credit
 

Be careful with the whole 'apporama' garbage. The credit industry & consumer protection laws were not designed to go open a bunch of credit accounts just to get a few goodies. I'm not opposed to getting something in return for my patronage but if it sounds too good to be true, it probably is.

Re: How to build credit
 

I'm 34 and have never had a CC either. I just have never had any need for one. If you want to build credit just get two secured credit cards.

I would also advise against the apporama garbage. Honestly it is embarrassing to get involved with [censored] like that. Whatever free stuff you get is not worth your self-respect.

Re: How to build credit
 

How did you guys first deposit into poker without a CC?

Re: How to build credit
 

debit does not necessarily mean credit card. Additionally, you can also dep directly from a shady bank with a checking account.

Re: How to build credit
 

[ QUOTE ]
Honestly it is embarrassing to get involved with [censored] like that. Whatever free stuff you get is not worth your self-respect.

[/ QUOTE ]

What?

I've made around $50K from casino/poker bonus whoring and I haven't lost any self-respect. If some company is offering free [censored] I'm glad to take it. Maybe I'm just not as pompous as you.

However, if someone can show me that it's not worth my time in terms of $/hour, that's different.

Re: How to build credit
 

[ QUOTE ]
How did you guys first deposit into poker without a CC?

[/ QUOTE ]

Here's all the ways I've deposited:

!) checking account > poker site
2) checking account > neteller > poker site
3) debit card > poker site
4) debit card > Paytru card > poker site

Re: How to build credit
 

I'm 21 and got a credit card a few weeks ago that gave me $30 off a purchase plus 1 - 3 % cash back. It's connected to my checking account, and I basically use it the same as a credit card. Limit isn't much right now ($800), but I figure I'll eventually need to get a different one and building up the credit slowly can't hurt.

Re: How to build credit
 

CC's are ridiculously easy to get. Get one, pay off the balance every month = good credit rating.

or


Go to the bank you have your checking account with. Take out a personal loan. Do not spend the money. Make minimum payments on the loan for a couple months. Third or fourth month pay it all off. Repeat a couple of times.

Potential problem will be your employment. Most banks require that you be in the same job for at least 2 years for a personal loan. You may need a cosignor or have to deposit more money with the bank to qualify.

Re: How to build credit
 

[ QUOTE ]
Be careful with the whole 'apporama' garbage. The credit industry & consumer protection laws were not designed to go open a bunch of credit accounts just to get a few goodies.

[/ QUOTE ]

[ QUOTE ]
I would also advise against the apporama garbage. Honestly it is embarrassing to get involved with [censored] like that. Whatever free stuff you get is not worth your self-respect.

[/ QUOTE ]

wtf are you two talking about? He's not talking about signing up for tons and getting free t-shirts, he will be making $$$.

Re: How to build credit
 

[ QUOTE ]
I would also advise against the apporama garbage. Honestly it is embarrassing to get involved with [censored] like that. Whatever free stuff you get is not worth your self-respect.

[/ QUOTE ]

People with great credit can get hundreds of thousands of dollars in credit. They use this credit to do 0% balance transfers offers to their personal bank accounts. They can earn tens of thousands of dollars in risk-free interest income each year.

These people must be morons.

Re: How to build credit
 

[ QUOTE ]
I'd like to know some ways in which I can build a good credit rating. I've never had a cc or taken out a loan.

I've never needed a cc and don't think I'll ever need one. I just want to get a good credit rating so that I can start doing the App-O-Rama. I'm intrigued by anything that involves legally making money without working.

I've done some searching, and people recommend getting a cc where you deposit like $500 and then that's your credit limit. I'd rather not do that because I don't want to tie up $500 unnecessarily. I hope there's another way.

[/ QUOTE ]

Ron,

You need pretty good credit to do an app-o-rama that is worth the effort. Check out your credit score on one of the sites. If it is good, apply for one credit card and begin charging and paying off the balance each month. Talking to your present bank was a great idea. They might be able to get you setup with a non-secured credit card right off the bat depending on your credit score.

Everyone who is responsible with money should have a credit card. You are basically losing 1-2% on every transaction by paying cash or using a debit card.

Re: How to build credit
 

[ QUOTE ]
wtf are you two talking about? He's not talking about signing up for tons and getting free t-shirts, he will be making $$$.

[/ QUOTE ]

Yes so? You can make money doing a lot of things. Doesn't make it any less pathetic.

Re: How to build credit
 

[ QUOTE ]
[ QUOTE ]
wtf are you two talking about? He's not talking about signing up for tons and getting free t-shirts, he will be making $$$.

[/ QUOTE ]

Yes so? You can make money doing a lot of things. Doesn't make it any less pathetic.

[/ QUOTE ]

You said "whatever free stuff you get" which implies a fundamental misunderstanding of what he was considering and how it works.

I'm sorry that you're "above" interest free loans. How pathetic.

Re: How to build credit
 

It isn't just me. When this topic was discussed before I actually brought it up to get some opinions from my friends and they agreed. Pathetic might not have been the best choice of words but it is certainly bottom feeder behaviour. To get involved in all this for an extra $6k a year isn't worth it.

Re: How to build credit
 

[ QUOTE ]
To get involved in all this for an extra $6k a year isn't worth it.

[/ QUOTE ]

Henry,

Lets just agree that you hate money.

Re: How to build credit
 

[ QUOTE ]
It isn't just me. When this topic was discussed before I actually brought it up to get some opinions from my friends and they agreed. Pathetic might not have been the best choice of words but it is certainly bottom feeder behaviour. To get involved in all this for an extra $6k a year isn't worth it.

[/ QUOTE ]

We are glad you and your friends do not wish to make thousands of dollars in risk free money each year. You guys are obviously too baller for this forum.

Re: How to build credit
 

[ QUOTE ]
[ QUOTE ]
Be careful with the whole 'apporama' garbage. The credit industry & consumer protection laws were not designed to go open a bunch of credit accounts just to get a few goodies.

[/ QUOTE ]

[ QUOTE ]
I would also advise against the apporama garbage. Honestly it is embarrassing to get involved with [censored] like that. Whatever free stuff you get is not worth your self-respect.

[/ QUOTE ]

wtf are you two talking about? He's not talking about signing up for tons and getting free t-shirts, he will be making $$$.

[/ QUOTE ]

As I said...in case you can't read & comprehend English...is that I'm not against getting cash back, airline miles, or some other incentive for my business. All I said was to be careful. I don't know all the details of Apporama but anytime you do something like this you better read the fine print of the cardholder agreement. This sounds like a trainwreck waiting to happen.

Re: How to build credit
 

[ QUOTE ]
It isn't just me. When this topic was discussed before I actually brought it up to get some opinions from my friends and they agreed. Pathetic might not have been the best choice of words but it is certainly bottom feeder behaviour. To get involved in all this for an extra $6k a year isn't worth it.

[/ QUOTE ]

Well excuse me, Mr. Gates, but us commoners in the 15% tax bracket consider $6K to be well worth a little effort. If you're so filthy rich and can't be bothered to make an extra $6K a year, then why did you bother to spend your precious valuable time responding to this thread?

Re: How to build credit
 

It isn't the effort that I have an issue with. It is that even though legal in a strict sense it is nevertheless sketchy and embarrassing behaviour.

Also the problem with these schemes is that the higher your income the more you can make. The higher your income though the less likely you are to want to get involved in this [censored]. So really most of the people doing stuff like this make closer to $3-4k.

Still even at $6k that works out to a whole big $16/day. You are telling me for $16/day it is worth it?

Re: How to build credit
 

[ QUOTE ]
It isn't the effort that I have an issue with. It is that even though legal in a strict sense it is nevertheless sketchy and embarrassing behaviour.

Also the problem with these schemes is that the higher your income the more you can make. The higher your income though the less likely you are to want to get involved in this [censored]. So really most of the people doing stuff like this make closer to $3-4k.

Still even at $6k that works out to a whole big $16/day. You are telling me for $16/day it is worth it?

[/ QUOTE ]

You're an idiot. Why are you so opposed to this? It isn't bottom feeder behavior, wtf. I don't even know what to say you're spouting such garbage

Re: How to build credit
 

[ QUOTE ]
Why are you so opposed to this?

[/ QUOTE ]

Because it is sketchy.

Re: How to build credit
 

I don't if I'd consider it "sketchy" or not since you are beating the credit card companies at their own game. They wouldn't hesitate to do it to you. That being said, the risk vs reward for most people is way too high. Other things take priority in their lives rather than keeping a legal scam going. Because if you drop the ball, this whole thing will come down around you like a house of cards. IMO, it's just not good business.

Re: How to build credit
 

Brad,

all you have to do is buy a binder, set up an email account, and keep track of things.

in a world where most of us can balance multiple credit cards, online billpays, 39 fantasy sports teams, 2+2, etc. I think we can handle it.

most people that can't handle it don't have the credit to make it profitable in the first place.

Re: How to build credit
 

You want to talk about being sketchy?

Teaser rates
Exorbitant late fees
Annual fees
Double cycle billing
Foreign transaction fees
Cash advance fees
Balance transfer fees
Rate hiking
Rolling back posting times to increase late payments
Universal default
Trailing interest
Unfair payment allotment

Call me sketchy if you may, but me applying for credit cards I don't intend to kept long-term makes me a saint compared to the stuff the credit card companies pull. I'm proud to be a credit card whore and would like to personally thank Visa, Master Card and AMEX for paying for the flights and hotel room for my forthcoming honeymoon, my living room furniture, my sweet harmony remote and a trip to Argentina next year.

Re: How to build credit
 

[ QUOTE ]
Brad,

all you have to do is buy a binder, set up an email account, and keep track of things.

in a world where most of us can balance multiple credit cards, online billpays, 39 fantasy sports teams, 2+2, etc. I think we can handle it.

most people that can't handle it don't have the credit to make it profitable in the first place.

[/ QUOTE ]

I'm not saying it's not possible....just that its risky. It's a minefield. The temptation of all of this extra credit for most people is too great. That's what the credit card issurers are banking on.

FWIW, (and this has no bearing on my feelings toward the apporama scheme) I don't do online bill pay or fantasy sports and only use 1 credit card.

Re: How to build credit
 

For what it's worth, a lot of employers require a credit check as part of the application process. Having ~100 credit accounts is likely to raise red flags, even if they're all in good standing. The accounts remain on your credit report even after you close them. Even though you have a reason for getting so many cards isn't unethical, illegal, or irresponsible, (1) to someone unfamiliar with App-O-Rama, this will look like the credit report of a person either trying to run a scam or having poor credit skills, and (2) a potential employer might find App-O-Rama off putting.

If you're a pro poker player and are reasonably confident you won't ever be moving into the corporate world, then this probably shouldn't be a concern.

Re: How to build credit
 

[ QUOTE ]
if you are young, you can get a card, and make your parents buy and pay stuff off on it.

dont apply for multiple cards; rejectionwill show up on your credit score

what you are talking about is a secured card, which is prolly easier to qualify for b/c you actually make a deposite, and get credit equal to deposite (dosnt that negate the whole "credit thing")

bottom line is: if you do the secured card thing, for say 5-7months (make all your payments, etc..) I am sure you could qualify for a card thta would not tie up your money.

take this FWIW, b/c iim only 21 and have had a cred card for no more than 7 months, so IDK if all my info is accurate.

[/ QUOTE ]

The FICO scoring system is changing in `08 and credit cards where your parents are on it will no longer help your own credit score.

Re: How to build credit
 

Just get one of the credit cards that gives you 1% back and pay it off every month.

How do you pay for gas?

Re: How to build credit
 

[ QUOTE ]
[ QUOTE ]
I'd like to know some ways in which I can build a good credit rating. I've never had a cc or taken out a loan.

I've never needed a cc and don't think I'll ever need one. I just want to get a good credit rating so that I can start doing the App-O-Rama. I'm intrigued by anything that involves legally making money without working.

I've done some searching, and people recommend getting a cc where you deposit like $500 and then that's your credit limit. I'd rather not do that because I don't want to tie up $500 unnecessarily. I hope there's another way.

[/ QUOTE ]

Ron,

You need pretty good credit to do an app-o-rama that is worth the effort. Check out your credit score on one of the sites. If it is good, apply for one credit card and begin charging and paying off the balance each month. Talking to your present bank was a great idea. They might be able to get you setup with a non-secured credit card right off the bat depending on your credit score.

Everyone who is responsible with money should have a credit card. You are basically losing 1-2% on every transaction by paying cash or using a debit card.

[/ QUOTE ]

Your credit score gets cripled if you have more than 3 "applications" on your record within 12 months and goes down for every additional credit card you have over 4. Your method might work but its very short sided and likely to dry up with the ongoing credit crunch.

Re: How to build credit
 

Look, if the OP isn't willing to setup a 500 dollar secured credit card for six months then he's never going to get anywhere. I setup a secured card when I was 18 and got the money back after six months of good payments and hard the card bumped up in limits.

Assuming you live outside of California, your car insurance rates are also significantly higher if you have poor or no credit history. (California bars this practice which screws you if you have good credit)

Sure, 500 dollars is 500 bucks but sometimes doing the right thing isn't the easiest. Suck it up and just do it. You're already wayyy behind the curve if you're seriously 25 and w/o any credit history.

Re: How to build credit
 

[ QUOTE ]
Call me sketchy if you may, but me applying for credit cards I don't intend to kept long-term makes me a saint compared to the stuff the credit card companies pull.

[/ QUOTE ]

You do realize you can't make an act less sketchy by pointing out that the person / company you are taking advantage of also engages in questionable behaviour. If you rob a drug dealer you are still a thief.

If this was an acceptable method of making money then high net worth individuals would take advantage of it. After all it is free money. They don't. While I full realize it is legal it nevertheless has a tinge of impropriety. To me avoiding that is certainly worth considerably more than $6k. If $6k/year is worth that to most of the people in BFI then I've either greatly over estimated the average income of BFI posters or greatly underestimated individual's willingness to get involved with sketchy actions to gain insignificant amounts of money.

Re: How to build credit
 

Henry,

[ QUOTE ]
You do realize you can't make an act less sketchy by pointing out that the person / company you are taking advantage of also engages in questionable behaviour. If you rob a drug dealer you are still a thief.

[/ QUOTE ]

it's not stealing because you are working within the system, and not breaking any rules. plus, we all know that robbing a criminal isn't as "sketchy" as robbing an old lady.

[ QUOTE ]
If this was an acceptable method of making money then high net worth individuals would take advantage of it.

[/ QUOTE ]

Right. The reason high net worth individuals don't take part is because its not "acceptable" because we never see high net worth individuals doing things that aren't acceptable. Nice connection you made there.

[ QUOTE ]
While I full realize it is legal it nevertheless has a tinge of impropriety. To me avoiding that is certainly worth considerably more than $6k.

[/ QUOTE ]

Do you play poker?


[ QUOTE ]
f $6k/year is worth that to most of the people in BFI

[/ QUOTE ]

I'm pretty sure nobody in BFI would turn down a free $6k. Obviously, not everyone is doing this and its not "free" because you're investing time, but $6k for what could amount to filling out some forms and keeping tabs, I'm pretty sure that if there was a laid out plan a lot would do this.

[/ QUOTE ]


[ QUOTE ]
involved with sketchy actions

[/ QUOTE ]

You sure do love that word "sketchy" huh? So where do you draw the line? Say I have $5k on a credit card and I get an offer for 0% for 6 months and I transfer. Then, 5 months later, I get another offer for 0% and I transfer again. Am I wrong to do so? Am I just being "sketchy" and gaming the system? I'm screwing over the second CC company out the interest they deserve after they were so generous to give me 6 months at 0%! What about if a bank offers a extra 1% on CDs for people that have a checking account with them. Would it be wrong to open a checking account with them just to get the higher rate on the CD?

I know you think that your stance is on some moral high ground, but in reality, it seems to be based on a pretty sketchy understanding of how this all works.

Re: How to build credit
 

It has less to do with morality and more to do with self-respect. I know for a fact that doing something like this would make me feel like a complete failure. I enjoy spending money. I couldn't enjoy spending it if I knew I had to resort to a scam-like method to supplement it.

I also know that if I did something like this all my friends would judge me as I would judge them if they did something like this. You are thinking $6k. Reality is it is $16/day. That has zero impact on quality of life.

If someone offered you $10k to wear a clown suit would you do it?

Re: How to build credit
 

1) I probably would wear a clown suit for $10k, because who cares what other people think? Oh wait, you do. Immensely, apparently. I'd laugh it off and think "why is this idiot paying me $10k to wear a clown suit? oh well, i'll ponder it while im on a month long vacation with my girlfriend or investing it/paying off school debt. Nice that you and your friends go around judging each other for making money. And all this from someone who plays poker for a living? You spend your days grinding away, winning money off poor fools that don't know any better, probably lots of people with gambling problems blowing the rent check on poker. Interesing how that is fine, but working within the framework established by credit card companies to make a profit is sketchy and comparative to wearing a clown suit?

2)This isn't wearing a clown suit. It is filling out a couple forms and making some calls. Something that could be done while playing poker.

3)You keep talking about $16/day as if this is some full time occupation that involves daily work for slave wages. There is some work on the front end, but the profit comes from investing the money as you would any other funds you already have, so there is no additional work there.

4) If you don't care about $16/day, would you please ship that amount to me daily? If I had $6k to invest right now, I'd have over $100k at retirement. Sounds like a decent deal for me.

Why am I even bothering to argue with you when it is clear that you are an insecure elitist snob?

Re: How to build credit
 

Filling out the forms might be something you do every few months but that isn't the cost of this endeavour. The cost is the stigma / damage to your self-worth of admitting you need to do this. Now obviously the majority in this thread is not embarrassed by it. I find that sad but oh well.

Also not sure where you got the idea I play poker for a living. I do play poker but it represents a small fraction of my income.

Re: How to build credit
 

I think what we can learn from this thread is:

A. Henry is a troll that
B. works for Bank of America/Chase/etc.

Re: How to build credit
 

[ QUOTE ]
Filling out the forms might be something you do every few months but that isn't the cost of this endeavour. The cost is the stigma / damage to your self-worth of admitting you need to do this. Now obviously the majority in this thread is not embarrassed by it. I find that sad but oh well.

Also not sure where you got the idea I play poker for a living. I do play poker but it represents a small fraction of my income.

[/ QUOTE ]

From another thread

[ QUOTE ]
I made most of my money from sports betting. Before and during university I had various jobs but I've never had a real job after law school. I've played poker since 92.

[/ QUOTE ]


Sports betting? How does that not have a stigma worse than this?