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Thread: Credit scores, credit, and making your credit work for you

              
  1. #1
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    Credit scores, credit, and making your credit work for you

    So I decided to check my credit score today and was shocked how high it was. Like pretty damn high and over a hundred points higher than the last time I checked it maybe a couple years ago.

    Anyway, I'm happy about this and wondering how to best put it to use. The only debt I have is on my credit cards which is a very small ratio to the available credit and all real estate loans are paid off.

    So, I feel like I'm ready and it's time to make a big move of some sort since I look very favorable to lenders. I'm just not sure what.

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    You can call and negotiate your current interest rates with your credit card lenders. Or like what I do is look for a card with long term into 0% with no fees and transfer any credit card balances to that card.

    FBO's. Spec S2+. E85.

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    Click here to enlarge Originally Posted by rdeterman Click here to enlarge
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    You can call and negotiate your current interest rates with your credit card lenders. Or like what I do is look for a card with long term into 0% with no fees and transfer any credit card balances to that card.
    Any balance I have is already on 0%.

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    Kind of a good feeling. I guess I can buy myself something to get more credit types going.

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    Click here to enlarge Originally Posted by Sticky Click here to enlarge
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    Kind of a good feeling. I guess I can buy myself something to get more credit types going.

    Leverage up and buy a P1 McLaren.............. thrash it = WINNER WINNER CHICKEN DINNER
    E85 996 TTS RWD = 2/3 HBK
    E39 540i





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    Click here to enlarge Originally Posted by Group.america Click here to enlarge
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    Leverage up and buy a P1 McLaren.............. thrash it = WINNER WINNER CHICKEN DINNER
    If I had the income for a P1 my credit score would be infinity.

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    i buy everything on credit but treat them as charge cards and not credit cards (i pay mostly everything off at the end of the month)....ive got about 100k in avail cc i can use and i JUST turned 30 and MAN has it elevated my credit score in the span of a couple yrs....
    "We need to upgrade your skill before we upgrade your horsepower"

    -Tommy to Josh

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    I do it the same way and I don't hold any balance for a long time. I use them as sort of a debit card that builds credit.

    I don't know how you have $100k available in credit though. I've got a good amount but not $100k.

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    Click here to enlarge Originally Posted by Sticky Click here to enlarge
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    I do it the same way I don't hold any balance for a long time. I use them as sort of a debit card that builds credit.

    I don't know how you have $100k available in credit though. I've got a good amount but not $100k.

    ive got ALOT of cc....about 11 of them...3 carry 15k limits...you have to ask to have them bump it up or else they wont....if they see you can handle constant big purchases they will gladly do it. Ive had the best luck with my visa cards
    "We need to upgrade your skill before we upgrade your horsepower"

    -Tommy to Josh

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    my conversation usually goes like this....

    "hi, id like to increase my cc limit"
    "ok sir how much would you like?"
    "well how much can you give me?"
    "ok sir let me see...the most we can give you is a $x,xxx amount increase at this time"
    "ok so lets do that. Thanks"
    "We need to upgrade your skill before we upgrade your horsepower"

    -Tommy to Josh

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    Click here to enlarge Originally Posted by ultimateendz Click here to enlarge
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    ive got ALOT of cc....about 11 of them...3 carry 15k limits...you have to ask to have them bump it up or else they wont....if they see you can handle constant big purchases they will gladly do it. Ive had the best luck with my visa cards
    I know I had to call in to get a bump as I was wondering why a high limit card I paid off was not getting any bumps. A few minutes on the phone and I had double the credit limit.

    I've had the best luck with Bank of America cards and Chase.

    Citi gave me a card with $1500. I'm like thanks so much I can buy a pair of shoes a couple bottles of wine and I'm already at the limit.

    I do not have 11 cards though. I don't even have half that.

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    a friend of mine who built his wealth himself told me "have you ever asked to have your limits increased?" I said no does anyone even do that?....he has almost 600k in cc limits....i just never thought of it that way before....he totally opened mt mind to that way of thinking
    "We need to upgrade your skill before we upgrade your horsepower"

    -Tommy to Josh

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    I noticed my credit score made huge jumps when my credit limits increased.

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    Click here to enlarge Originally Posted by Sticky Click here to enlarge
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    I know I had to call in to get a bump as I was wondering why a high limit card I paid off was not getting any bumps. A few minutes on the phone and I had double the credit limit.

    I've had the best luck with Bank of America cards and Chase.

    Citi gave me a card with $1500. I'm like thanks so much I can buy a pair of shoes a couple bottles of wine and I'm already at the limit.

    I do not have 11 cards though. I don't even have half that.
    forget what people say about having a ton of cards and that its bad...no its not if you can control yourself.... (keyword "control"). Let the banks work for you....
    "We need to upgrade your skill before we upgrade your horsepower"

    -Tommy to Josh

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    my friend puts down payments on properties he owns with his cc. Has 2 paypal accts that he just withdraws from and despoits into the other....its genius actually....fixes them up on that same card, flips gets his pay out the pays it off and puts the rest into his bank acct....
    "We need to upgrade your skill before we upgrade your horsepower"

    -Tommy to Josh

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    limits go up drastically after that....his visa platinum has a 90k limit for Christs sakes.....i didnt even know they go that high....lol
    "We need to upgrade your skill before we upgrade your horsepower"

    -Tommy to Josh

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    Click here to enlarge Originally Posted by ultimateendz Click here to enlarge
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    forget what people say about having a ton of cards and that its bad...no its not if you can control yourself.... (keyword "control"). Let the banks work for you....
    I don't think it is the amount of cards as much as credit inquiry amount. So if you try to open 11 at once that is not going to look good.

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    Click here to enlarge Originally Posted by Sticky Click here to enlarge
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    I don't think it is the amount of cards as much as credit inquiry amount. So if you try to open 11 at once that is not going to look good.

    lol of course....i opened about 3 every 3 months or so.....i only took like a 5 point hit each time but im good now
    "We need to upgrade your skill before we upgrade your horsepower"

    -Tommy to Josh

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    Click here to enlarge Originally Posted by ultimateendz Click here to enlarge
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    my conversation usually goes like this....

    "hi, id like to increase my cc limit"
    "ok sir how much would you like?"
    "well how much can you give me?"
    "ok sir let me see...the most we can give you is a $x,xxx amount increase at this time"
    "ok so lets do that. Thanks"
    I do the same $#@!, but since I've had the AMEX I rarely use the other cards.

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    When I worked at Best Buy I watched someone get approved for 100k, I told my manager and asked if it was normal. They said, "no, not normal, but a certain White Sox player holds a $250k card". I mean, really for Best Buy? Damn! So I know they get big, and not just the Visa Black card or AMEX Black Card.

    I know it helps a lot to also pay over the minimum on everything you can, car loan, mortgage, etc.

    Immaculate credit is going to help you loan money, and you can't buy too many things on loan to make money as an investment except for real estate. If it was me and you are really that confident in the real estate around you, I'd buy something, and negotiate a crazy low fixed APR, like shoot for sub 3%.
    2009 335i coupe PARTING OUT!


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    I'm not going to open any more. I'll just concentrate on upping the limits on the ones I have and seeing how far I can get them.

    I'm going to work more on getting different types of credit in my history now.

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    Click here to enlarge Originally Posted by Blaizon Click here to enlarge
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    I do the same $#@!, but since I've had the AMEX I rarely use the other cards.
    AMEX is great, they will even setup special financing over the phone for purchases. I had a friend with an AMEX who called and said, "hey Best Buy is offering a financing deal for TV's". They said no problem, we'll give you 6 months 0% and you don't have to open another card. Really good company. EXPENSIVE for the vendors though
    2009 335i coupe PARTING OUT!


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    I don't have an AMEX and wondering if I even need to bother with one?

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    Click here to enlarge Originally Posted by Sticky Click here to enlarge
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    I don't have an AMEX and wondering if I even need to bother with one?
    get one...if you like to travel its the best card to carry imo
    "We need to upgrade your skill before we upgrade your horsepower"

    -Tommy to Josh

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    Click here to enlarge Originally Posted by mjmarovi Click here to enlarge
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    AMEX is great, they will even setup special financing over the phone for purchases. I had a friend with an AMEX who called and said, "hey Best Buy is offering a financing deal for TV's". They said no problem, we'll give you 6 months 0% and you don't have to open another card. Really good company. EXPENSIVE for the vendors though
    Agreed on their service. I didn't understand the big deal with them, but they are awesome! Even their website is awesome, the amount of detail given for transactions, reporting are all great. The best of all is no preset spending limit!
    Last edited by Blaizon; 03-04-2014 at 03:32 PM.

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