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  #1  
Old 11-26-2007, 05:18 PM
Ron Burgundy Ron Burgundy is offline
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Default 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.
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  #2  
Old 11-26-2007, 05:52 PM
john voight john voight is offline
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Default 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.
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  #3  
Old 11-26-2007, 06:05 PM
Ron Burgundy Ron Burgundy is offline
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Default Re: How to build credit

I'm 25 and play poker for a living.
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  #4  
Old 11-26-2007, 06:20 PM
Brad1970 Brad1970 is offline
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Default 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.
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  #5  
Old 11-26-2007, 06:55 PM
Henry17 Henry17 is offline
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Default 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.
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  #6  
Old 11-26-2007, 07:17 PM
ArturiusX ArturiusX is offline
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Default Re: How to build credit

How did you guys first deposit into poker without a CC?
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  #7  
Old 11-26-2007, 10:16 PM
Ron Burgundy Ron Burgundy is offline
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Default 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.
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  #8  
Old 11-27-2007, 11:00 AM
Big TR Big TR is offline
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Location: Chicago, IL
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Default 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.
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  #9  
Old 11-27-2007, 11:54 PM
SenatorKevin SenatorKevin is offline
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Join Date: May 2007
Location: Shampoo is better!
Posts: 283
Default 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.
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  #10  
Old 11-28-2007, 06:09 AM
Henry17 Henry17 is offline
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Join Date: Aug 2007
Posts: 1,285
Default 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.
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