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#32
11-27-2007, 11:58 PM
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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. 
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#33
11-28-2007, 12:02 AM
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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.
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#34
11-28-2007, 06:09 AM
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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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#35
11-28-2007, 09:26 AM
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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.
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#36
11-28-2007, 10:14 AM
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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?
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#37
11-28-2007, 11:26 AM
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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?
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#38
11-28-2007, 12:00 PM
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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.
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#40
11-28-2007, 12:52 PM
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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?
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