Good way to improve your credit score.

Ol’ Qwerty Bastard · 06-16-2018, 11:38 AM

Quote:

Originally Posted by OccultHawk

My advice to young people is to either accept they’re going to end up ****ed and just live or save. Good credit is good but actually accumulating wealth is the ticket. Live under your means and save every month.

I’m hesitant to even advise buying a home or investing in a degree.

Put it this way, I wouldn’t recommend buying a house you don’t really want just as an investment. Same with college.

Signed,

Worst Financial Advisor Ever

yeah, i strongly disagree. i’ve seen people at my work who bring in 10 times the money any of us do, but are unable to buy a vehicle because the bank won’t touch them. if you’re a multi millionaire then maybe you can just buy everything out, sure. but if we’re talking someone bringing in a few hundred thousand every year, nah you’re ****ed without good credit.

OccultHawk · 06-16-2018, 12:35 PM

Quote:

Originally Posted by Ol’ Qwerty Bastard

yeah, i strongly disagree. i’ve seen people at my work who bring in 10 times the money any of us do, but are unable to buy a vehicle because the bank won’t touch them. if you’re a multi millionaire then maybe you can just buy everything out, sure. but if we’re talking someone bringing in a few hundred thousand every year, nah you’re ****ed without good credit.

Let me know if they’re in the market for a Buick (that runs)

Ol’ Qwerty Bastard · 06-16-2018, 12:53 PM

i’ll be sure to pass that on

Trollheart · 06-16-2018, 02:11 PM

Quote:

Originally Posted by OccultHawk

Let me know if they’re in the market for a Buick (that runs)

Only downhill though....

YorkeDaddy · 06-21-2018, 04:48 PM

This was an interesting topic to read through so I'm bumping it 5 days later

I was a titanic fool in my early-mid college years. We're talking ignoring daily calls from Discover demanding I pay my past due balance levels of foolish. I didn't even realize the repercussions, which is of course my own fault but also god damn those kinds of things need to be required curriculum in schools. Also why did my parents not warn me, I mean jesus. I only had one credit card but it was maxed out and I could not even make the monthly payment of $35 without asking for help from parents/whomever considering I was a full-time college student and was also working as many hours as I could take without going full-blown insane and still had to live off of like $50 a week after rent/utilities.

Anyway my credit score was pretty atrocious for a while obviously but now that I've grown into a reasonably responsible adult (I still make some stupid purchases here and there but I never miss payments!), I've gotten my score way up to a currently Credit Karma-estimated 696, which feels pretty nice. It's not the best score but it's good enough to make me not a complete biohazard to banks. Definitely on the lookout to make some big purchases in the next couple years too like a house potentially by 2020. Bought an engagement ring a month ago which I'd like to have paid off within a year, and then I have a credit card with a small balance of like $400 and another credit line with about $1100. If I can pay all that off by next year the only debt I'll have to worry about is student loan debt...which...is massive so it's not like I'll be out of the woods, but...yeah...

OccultHawk · 06-21-2018, 05:15 PM

YD

How much money do you think your credit score is worth?

Besides homeownership what does it get you?

How much cash in hand would you sell 300 credit points for?

What if you buy a house and the market collapses and you’re upside down on your mortgage?

I’m not arguing against having good credit but ultimately it’s about living below your means and saving money. It’s like people think their credit score is wealth. Good credit ultimately just means how much access to debt you have. The belief that good credit is a kind of wealth is false. If you need the credit you’re still in trouble.

I’m a **** up so yeah everyone can take that into consideration

But if you don’t wanna get ****ed later on focus on building that savings account bit by bit starting in your twenties.

Savings is your financial savior. Not credit.

**Frownland** · 06-21-2018, 05:17 PM

It's only equitable to wealth if you're a g at investing with your dick always in the water to sense the tide.

OccultHawk · 06-21-2018, 05:32 PM

Quote:

Originally Posted by Frownland

It's only equitable to wealth if you're a g at investing with your dick always in the water to sense the tide.

True

Do you think I’m right that there’s an overemphasis on credit scores going on here?

And I’ll pose that question to Chula too.

I realize Chula that credit allowed you to buy a house that worked out for you so that part of you is going to say **** yeah low interest debt and high yield investments but can you weigh that against what I’m saying about living within your means and building wealth steady and surely?

YorkeDaddy · 06-21-2018, 05:35 PM

Of course it's not like some ticket to financial security, I understand that. I'm just glad it's in a better place for the handful of reasons TO have it that way

Currently I'm trying to prioritize getting rid of as much of the little debts here and there that I have by consistently paying above the minimums. This sacrifices the disposable extra income I have that would normally go into a savings account. I turn 24 next month and have literally zero savings and only a couple grand in my account, but I think if I'm starting to build it by 25 or 26 I'll still be fine in the long-term.

DwnWthVwls · 06-21-2018, 05:40 PM

I agree that credit score isn't wealth, but it's definitely important given our current system. It's a financial skeleton key that everyone should try to achieve.

06-21-2018, 05:15 PM	#66 (permalink)
OccultHawk one-balled nipple jockey Join Date: Dec 2010 Location: Dirty Souf Biatch Posts: 22,006	YD How much money do you think your credit score is worth? Besides homeownership what does it get you? How much cash in hand would you sell 300 credit points for? What if you buy a house and the market collapses and you’re upside down on your mortgage? I’m not arguing against having good credit but ultimately it’s about living below your means and saving money. It’s like people think their credit score is wealth. Good credit ultimately just means how much access to debt you have. The belief that good credit is a kind of wealth is false. If you need the credit you’re still in trouble. I’m a ** up so yeah everyone can take that into consideration But if you don’t wanna get **ed later on focus on building that savings account bit by bit starting in your twenties. Savings is your financial savior. Not credit. __________________ 2016 2017 2018 2019 2020 Member of the Year & Journal of the Year Champion Behold the Writing of THE LEGEND: https://www.musicbanter.com/members-...p-lighter.html

06-21-2018, 05:17 PM	#67 (permalink)
Frownland SOPHIE FOREVER Join Date: Aug 2011 Location: East of the Southern North American West Posts: 35,541	It's only equitable to wealth if you're a g at investing with your dick always in the water to sense the tide. __________________ Studies show that when a given norm is changed in the face of the unchanging, the remaining contradictions will parallel the truth. d e a f b o x