Yet another financial question

[rwh11385]

Ironically, I'm actually willing to put money on the fact that I have a higher credit score than any of you guys.

How much you frugal bastard? btw to get a score you'll probably have to pay money for the score. Credit reports have to be free to consumers, but not the score...

Unless you are within 100 points of the maximum score, save your crumpled up dollar bills in your pocket.

millionaire next door

http://www.tightwad.com/

There you go, save pennies a day while normal people enjoy their leisure time.

[Jean]

psloan is just a moron.

Jean, you closed 2 accounts? How old were they? it's bad for your credit history if you closed a credit card account too soon (2 years??) so just fyi in the future just shred the card and remind yourself to close it down the line.

just stop using your cards altogether if you can't handle spending money you don't have just because you "can". you can't spend cash you don't have

I kept the older ones open, just closed the fairly recent accounts instead. I still have some that date 5+ back and they are open, and few not even used. I figured that it's better to keep some open, just not to use them and pay them off instead...

Anyway, I'll figure it out, I just need to spend less that's all.

[rwh11385]

I kept the older ones open, just closed the fairly recent accounts instead. I still have some that date 5+ back and they are open, and few not even used. I figured that it's better to keep some open, just not to use them and pay them off instead...

in the future, keep em open like someone mentioned before as closing recent ones will hurt your credit score. an open 'idle' account will not hurt but being quick to shut down cards will.

AFAIK cycling 20% of the limit is pretty good for you, which if you have a $10K limit on a card with 1-3% rebates would give you back $20-60 a month ($240-720 a year) with your normal monthly expenses (lunch, dinner, groceries, clothes, etc.) The trick is to keep from spending more than you would with cash - and what conspiracy theorists rave about.

IMO, having a few cards - one for major necessary purchases and emergencies (fridge, microwave, travel, whatever) and then one for daily goods will help you track how much you spend. If you have a potential purchase that you don't know if you should make, don't. Or just have a "fun" card for bars, etc. and be sure that isn't too much. If it is like my bar card, it is easy to see when too much is going towards such things as the only thing on it is liquor stores or bars. Just remember to check them and pay them (direct pay from checking is quick and easy) - I have my BMW card and Chase on my Firefox Toolbar links, as well as my main bank account.

if you purchase any car parts on your "fun" account, then you will easily see when you are out of hand. (I don't buy any car parts anymore so not an issue) unlike a single large account where it may be buried in with the normal day to day items and then catch up to you. also make your fun account your lowest limit.

everyone has their own system but maybe something like that will help divide and control your spending, if you go about with credit cards still.

[Turf1600]

How much you frugal bastard? btw to get a score you'll probably have to pay money for the score. Credit reports have to be free to consumers, but not the score...

Unless you are within 100 points of the maximum score, save your crumpled up dollar bills in your pocket.

http://www.tightwad.com/

There you go, save pennies a day while normal people enjoy their leisure time.

How's 805 sound?

The day you guys pay a dime of interest you're all hypocrites.

[rwh11385]

How's 805 sound?

The day you guys pay a dime of interest you're all hypocrites.

Like a lie.

Sure, but most don't plan on that ever. And save hundreds if not thousands (flights to Europe) by responsible spending with credit cards. Just because you are too much of a waffleswaffleswaffleswaffleswaffles to "risk" your frugal lifestyle you boast about doesn't mean smart people can't take advantage of the opportunity.

[Turf1600]

I'm almost tempted to run a credit report for you. If you're willing to pay for it I'll run the report - but I know you don't want to go there.

[Charlie]

How's 805 sound?

You're lying out your ass dude.

-Charlie

[Turf1600]

You're lying out your ass dude.

-Charlie

Willing to pay to find out?

[Charlie]

Willing to pay to find out?

I'd believe low to mid 700's. If you've got no credit save for a home loan, no, you don't have a 800 rating.

-Charlie

[Turf1600]

when I had my credit run to finance my house my median score was 790.

[Turf1600]

This is silly guys. In reality, our opinions differ very slightly. I choose security over CC perks. Woopy fucking doo. All things equal - we'll end up in the same place financially.

Jean - we all agree - don't spend more than you make. If you spend on a CC, have the money in the bank ready to write a check and you'll have no problems. Just please have an emergency find so you never have to pay interest.

[rwh11385]

I'd believe low to mid 700's. If you've got no credit save for a home loan, no, you don't have a 800 rating.

-Charlie

+1. No credit history, at least revolving accounts.


800+ is reserved for people with a variety of credit accounts and years of on-time and low-capacity balances... not a n00b with no use of credit card and a single mortgage.

The more you know read, the more you'll find out psloan you don't know shit.

http://www.creditunions.com/home/articles/template.asp?article_id=2106

Score is affected by length of credit history (not much for you) and variety of accounts

http://www.myfico.com/CreditEducation/WhatsNotInYourScore.aspx

And you mention rent on time for two years and employment... which could have helped with underwriter but is pointless for FICO

What is Not in Your Credit Score
Your salary, occupation, title, employer, date employed or employment history.
Any items reported as child/family support obligations or rental agreements.

[Turf1600]

I said I've only had one credit card - which has not been cancelled. I have no negatives on my credit - 2 paid off cars- and a couple of other loans. 4 1/2 total years of credit history. I also have a Loews card on my report which belongs to my parents. It has no balance - so I haven't written to each ageny to have it removed.

If you want to end this - pay for my report and I'll either be wrong or right. If not, we can agree to disagree. The ball is in your court - you can hammer me royally if you believe I can't back it up. But you won't take that risk.

[rwh11385]

But you won't take that risk.

I'd rather not pay for someone's credit score than not take the "risk" of having a credit card with rewards because I'd scared.

Go on and keep on living your excuse for a life... and stop letting everyone know how much of a straight-edge chicken shit you are

[Turf1600]

I was hoping one of you guys would bite. Guess you're not very confident in my shortcomings afterall. I'll take it as a compliment.