Re: How to build credit
 

Hrm. I think I just spotted an error in my earlier judgement. You would just need a 100% cash advance on initial cards and then you can balance xfer them into oblivion?

This doesn't make it as outlandish as it initially seemed to me.

Re: How to build credit
 

OK. Here is what you do...Also, I don't have the energy to read the past 120 posts,so...whatever.
Number one--- pay all your bills on time, water, electric, loan shark, whatever.
Number one, part II --- Get your hand on a credit card. Department store, gasoline, or especially a Mastercard, Visa,or Discover. If you have to make a deposit, that is fine, if you have to pay 60,000% interest, that is fine. What you need to do is establish a credit rating in the computers, then nobody cares.
OK...Now what?...Number one part 3...don't gamble with it.
Now Number one part 4.--- Buy stuff, but do not max the card
out. To start with, don't go over 30% of your limit.
Next, make some payments... not the minimum or the max, but
kind of pay some, but pay the credit company some juice. They want to make money, but they don't want to make money off of people who need it.
Next part III... every 3-4 months pay your credit card down
to zero. You have now let the credit card company make money
and proved to them that you don't need the money. Guess what
comes next? Answer, more credit, usually it takes a year.
Rinse and repeat. After a while you will curse the mail carrier for bringing you all those tiresome pre-approved credit card offers.
Whatever you do, do not f*** up the first credit card you get your hands on. You can get more +EV out of it that most
gamblers will ever make in their lives.

ps Even if the account is only for $100 or 2 cents, it is still worth doing if it gets you into the Computer.

Re: How to build credit
 

Umm, secured lines of credit are pretty bad. You don't have to buy stuff with your card (but getting 1-5% back is nice). DON'T PAY THE CREDIT CARD COMPANIES JUICE. It's a waste, they don't need your money.

Please, if you learn one thing from this thread, let it be that the majority of people don't know what the [censored] they are talking about.

Re: How to build credit
 

The topic of this thread is how to build credit. Credit is built by accepting less than favorable terms... such as deposit credit cards, high interest credit cards, paying juice.
Secured credit cards are not 'pretty bad' --- they are terrible for anyone with a good credit rating, but they are absolutely great for someone without credit trying to establish credit.
As for myself, I live in a land of endless credit, credit offers, rebates, and wouldn't even consider a card that didn't give me free stuff, just like I would not consider staying in a Casino that didn't give me free stuff.
If you have not established credit, do, pay, sacrifice your first born children, worship Beelzebub, marry Brandi, or whatever it takes. Just get your hands on any form of credit that puts you in a national data base.

Re: How to build credit
 

[ QUOTE ]
Credit is built by accepting less than favorable terms... such as deposit credit cards, high interest credit cards, paying juice.

[/ QUOTE ]

Wrong.

Re: How to build credit
 

Right.

Re: How to build credit
 

You don't need to pay juice to build credit. You don't even need to make purchases every month. Stop spreading idiotic advice.

Re: How to build credit
 

[ QUOTE ]
[ QUOTE ]
[ QUOTE ]
Get it through your thick skull that good credit doesn't rely on how many credit cards you have. Why don't you learn a subject before arguing out of your ass?

Business people care about your entire credit in general and you know nothing about credit. Not to mention, you don't do an app-o-rama if a credit score fluctuation will cost >10k. If you don't understand this you are a complete buffoon.

[/ QUOTE ]

Having too many credit cards will hurt your FICO score. The threshold is pretty high though and this is a very small part of the score. On the other hand, thanks to the consumer credit crisis at present, we may very well be headed back to relying less on FICO and more on human judgment in credit analysis - having flipped a lot of credit cards can't look too good. Of course this depends on how far you take this - no one will care about 7-8 credit cards, for instance.

[/ QUOTE ]

Sorry, but you are wrong. You can find out how a FICO score is calculated on your own.

[/ QUOTE ]

Do you have any specific evidence or are you just guessing? Nearly all FICO estimators I've seen start penalizing after 4 credit cards, because it prefers a "good mix/portfolio" of credit.

And do you not agree that it would look pretty fishy, say, to a mortgage underwriter to have had more than 7-10 credit cards?

Re: How to build credit
 

[ QUOTE ]
You don't need to pay juice to build credit. You don't even need to make purchases every month. Stop spreading idiotic advice.

[/ QUOTE ]
Thanks for your moranic reply. The examples you cited were spot on...Oh, you didn't cite any examples. Could that be because you are full of hot air and don't know what you are talking about.
Attn: Ron Burgungdy,OP,or whatever. I have enjoyed your posts in the past, which is why I have given you the best answers to your questions. If you, or anyone on this forum is interested in building a credit rating,please consider the advice I have posted. Please double check everything I have said. There are numerous good sources, and lots of bad,
available.
As you will notice, I haven't used insults previously, such as 'idiotic', no matter how boneheaded,wussyboy, sh*theaded,
the moran,Mommy's Boy, crybaby, the WiseGuyWannabes, posts were.
So, in short, after triple checking my advice, and if you want good credit, seriously consider what I have posted.
Otherwise, you can certainly find a moranidiot in this thread and you should listen to him.
This will be my last post and last look at this thread, so good look. Also, best of look to moranidiot!

Re: How to build credit
 

DDD-

anyone following your advice is retarded.

Re: How to build credit
 

It's spelled retarted, maroon!
Can you cite any examples where I am mistaken. Thanks, in advance. Your courage versus your mental and physical challenges are greatly admired. Please say Hi to your Mommy for me!

Re: How to build credit
 

[ QUOTE ]
It's spelled retarted, maroon!
Can you cite any examples where I am mistaken. Thanks, in advance. Your courage versus your mental and physical challenges are greatly admired. Please say Hi to your Mommy for me!

[/ QUOTE ]

[ QUOTE ]
Credit is built by accepting less than favorable terms... such as deposit credit cards, high interest credit cards, paying juice.

[/ QUOTE ]


you are flat out wrong. credit is built by having a line of credit and paying your bills on time. you don't have to carry a balance (pay juice). seriously, i don't care whatever advice you posted after this, its 100% false and most likely does harm to a persons credit.


i need to just start putting people on ignore like super fast. there are at least three posters in this thread who i don't need to read for various reasons varying from just being an idiot to being raging douche bag 99% of the time. im gonna give the quick trigger finger thing a try and see if my 2+2 experience improves.

Re: How to build credit
 

Thanks for your analysis. Once again if you can, and you can't, point out anything incorrect in my previous posts which would help forum members needing to establish credit.. please feel free to point them out. In fact, all useful criticisms from any forum members will be welcome in advance.
Also if your Mommy would like to add her critiques, I am sure that the entire forum will welcome them.
Thanks to you and Mommy in advance!

Re: How to build credit
 

[ QUOTE ]
[ QUOTE ]
[ QUOTE ]
[ QUOTE ]
Get it through your thick skull that good credit doesn't rely on how many credit cards you have. Why don't you learn a subject before arguing out of your ass?

Business people care about your entire credit in general and you know nothing about credit. Not to mention, you don't do an app-o-rama if a credit score fluctuation will cost >10k. If you don't understand this you are a complete buffoon.

[/ QUOTE ]

Having too many credit cards will hurt your FICO score. The threshold is pretty high though and this is a very small part of the score. On the other hand, thanks to the consumer credit crisis at present, we may very well be headed back to relying less on FICO and more on human judgment in credit analysis - having flipped a lot of credit cards can't look too good. Of course this depends on how far you take this - no one will care about 7-8 credit cards, for instance.

[/ QUOTE ]

Sorry, but you are wrong. You can find out how a FICO score is calculated on your own.

[/ QUOTE ]

Do you have any specific evidence or are you just guessing? Nearly all FICO estimators I've seen start penalizing after 4 credit cards, because it prefers a "good mix/portfolio" of credit.

And do you not agree that it would look pretty fishy, say, to a mortgage underwriter to have had more than 7-10 credit cards?

[/ QUOTE ]

FICO does not penalize for having over 4 credit cards. Jeezus [censored] christ, where do you get this information from? Use google for 2 minutes and you will find all you need to know.

No, it would not look fishy to anyone if you have 10 credit cards that carry a $0 balance. In fact, it would look good assuming they are old.

Re: How to build credit
 

DDD-

I'm glad you triple checked your sources and find it kind of odd that you have to sell your [censored] advice to the OP. However, you are still a complete idiot and have no idea what you are talking about.

Re: How to build credit
 

Does your Mommy think I am a compete idiot or just an
idiot? Thanks for your witty rapier, sharp reply. And thanks to Mommy, too, Sir!!!

Re: How to build credit
 

[ QUOTE ]
Thanks for your witty rapier, sharp reply.

[/ QUOTE ]

You might want to redraft this sentence. I think a better version would be: "Thanks for your rapier sharp, witty reply." or perhaps "Thank you for your witty, rapier sharp reply."

It usually helps to convey some sense on intelligence when making childish insults. But to each their own.

Re: How to build credit
 

Great, now the Punctuation Police are here. What's next, the Syntax Police? Shouldn't u b playn pokr poorli like a respectublle Polleecman?
By the way, would you like to contribute any comments on how forum members could better their creddut ratings? I didnut theenk so, sincce u dont hav the slitest iddea. Pleez go bakk
2 .....$01/.02 wherr u belllong. Thanx n addvannce, Sur!!!