Credit
Neejay wrote:Is there like a minimum amount to charge on a credit card and then pay off in full?
i.e.: I charge a $20 shirt...bill comes, I pay it off in full. Next month, something else under $30...bill comes, pay it off in full again.
Anything wrong with that?
Charge whatever you want and pay off as much as you can each month. There's no min charge and your max is your credit limit.
Ahhh.... I remember the days when I never carried a balance. Of course this was when I was working for my parents and they paid all my bills.
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SDRonEbay
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Thanks Fred.
Check it. There are lots of ways to build your credit if you have none or little but the thing to remember is that none of them will be fast. If you have the patience, here are a few ways. First off, let me tell you...everyone had great input but the thing to remember is every time your credit is run, whether you're approved or not you're gonna take a hit on your credit. And if you think it doesn't effect you i can send you the letter you'll get stating "Denied due to too many inquiries." What kind of bull hockey is that!?!
Start small. Credit cards are by far the most convenient way to develop credit but their standards have grown over the past few years. If you remember it was only a few years ago when the timeframe for deragotory reports on your credit fell off was changed from ten years to seven. In an effort to save face so they wouldn't get bamboozled by the same crooked consumers over and over again, credit card companies started using more strict policies to approve those applying for credit. It's not as easy as it used to be for students, those with low income or previously troubled credit. And if you don't have any credit at all, you will probably be denied. Retail credit cards are sometimes a better avenue but if they carried everything you needed at J.C. Penney's or Macy's then we wouldn't have Wal-Mart's or Costco's.
Going to smaller banks such as community banks or localized credit unions is a better way for begining your credit journey. As a matter of fact let me tell you a quick way to earn a loan, develop credit and it'll make Russ Whitney and those other real estate guys mad. It starts with $1000. Take your grand to a community bank or small town bank or c.u. and start yourself a savings account. Then ask for a passbook loan using that thousand dollars as collateral. Per the Russ Whitney program you should do this several times at several banks. Once you've gotten the money you want, go back to the first passbook loan and pay it off. Once you've paid it off ask for a signature loan. (an unsecured line of credit) Take this and pay off the rest of your passbook loans and get signature loans from those banks as well.
Does it work? Theoretically, yes. Have I tried it? Emphatically, NO! Now there is nothing illegal about that method but it does seem to break one law...Murphy's law. If you think you're responsible enough to not spend the money you get, keep up with all your fees and have time to go to these different facilities you can try it. I'm eager to see it work for someone I know. Most people spend the thousand dollars before they ever get to the bank.
Dang, I lost my train of thought. Oh yeah, credit. Take advantage of those denial letters you get. They tell you a way to get a free credit report either online or via mail. I've done that and found things on my credit left over from my ex-wife or a Jason Reliford that lives in Kentucky or somewhere like that. So knowing what's on your credit is a major plus to developing it and keep it good. My hands hurt. I'll type more on this matter later. I'm gonna get some more resources together so I can post them on the board.
Check it. There are lots of ways to build your credit if you have none or little but the thing to remember is that none of them will be fast. If you have the patience, here are a few ways. First off, let me tell you...everyone had great input but the thing to remember is every time your credit is run, whether you're approved or not you're gonna take a hit on your credit. And if you think it doesn't effect you i can send you the letter you'll get stating "Denied due to too many inquiries." What kind of bull hockey is that!?!
Start small. Credit cards are by far the most convenient way to develop credit but their standards have grown over the past few years. If you remember it was only a few years ago when the timeframe for deragotory reports on your credit fell off was changed from ten years to seven. In an effort to save face so they wouldn't get bamboozled by the same crooked consumers over and over again, credit card companies started using more strict policies to approve those applying for credit. It's not as easy as it used to be for students, those with low income or previously troubled credit. And if you don't have any credit at all, you will probably be denied. Retail credit cards are sometimes a better avenue but if they carried everything you needed at J.C. Penney's or Macy's then we wouldn't have Wal-Mart's or Costco's.
Going to smaller banks such as community banks or localized credit unions is a better way for begining your credit journey. As a matter of fact let me tell you a quick way to earn a loan, develop credit and it'll make Russ Whitney and those other real estate guys mad. It starts with $1000. Take your grand to a community bank or small town bank or c.u. and start yourself a savings account. Then ask for a passbook loan using that thousand dollars as collateral. Per the Russ Whitney program you should do this several times at several banks. Once you've gotten the money you want, go back to the first passbook loan and pay it off. Once you've paid it off ask for a signature loan. (an unsecured line of credit) Take this and pay off the rest of your passbook loans and get signature loans from those banks as well.
Does it work? Theoretically, yes. Have I tried it? Emphatically, NO! Now there is nothing illegal about that method but it does seem to break one law...Murphy's law. If you think you're responsible enough to not spend the money you get, keep up with all your fees and have time to go to these different facilities you can try it. I'm eager to see it work for someone I know. Most people spend the thousand dollars before they ever get to the bank.
Dang, I lost my train of thought. Oh yeah, credit. Take advantage of those denial letters you get. They tell you a way to get a free credit report either online or via mail. I've done that and found things on my credit left over from my ex-wife or a Jason Reliford that lives in Kentucky or somewhere like that. So knowing what's on your credit is a major plus to developing it and keep it good. My hands hurt. I'll type more on this matter later. I'm gonna get some more resources together so I can post them on the board.
[quote=" JaysonReliford [/quote] Im pleased to say that my student loan went through and although I got denied for a credit card by chase, they did offer me a secured credit card. So Im gonna get a $500 one.
Loan + credit card + both in my name = hopefully some good credit.
Having a credit card with my grandma didnt do jack $hit. I checked my credit history and I basically dont have any credit.
Loan + credit card + both in my name = hopefully some good credit.
Having a credit card with my grandma didnt do jack $hit. I checked my credit history and I basically dont have any credit.