Credit score jumped 100 points within 8 months

[Truefan31]

Why keep saying I'll end up in debt "smart guy"

The post says get into debt. You don't know what that means?

I wouldn't say I'm a smart guy anyway. Life lessons. But I at least learned. I feel I'm in a better place. I don't owe anyone anything. Solid emergency fund. To me I have healthy investments.

I hate banks.

 

[666 ReVeNGe 666]

Hey I get it. But understand the concept of credit and debt. You get a good credit score means the banks love you cuz they making money off you. Society has conditioned people to think living in debt is good.

I get it. Low interest rate for things. I'm not saying don't pay your bills. But instead of being used to using credit think about just saving up for things and buying them.

It sounds like your pretty responsible, that's great. But overall the credit score thing is a racket by banks to put people in leveraged situations while profiting off them.

I personally don't finance cars I buy them if I want/need one. The last thing I'm gonna do is have a car payment again. I'm blessed to say I own my home. I got no debt. I have a pretty nice emergency fund imo.

In getting a house use a mortgage broker and I understand good credit means better rates but you can get a house without a credit score. It's called manual underwriting.

I understand that that's not good I pay my credit cards off before they're due at the end of the month

The average American can I buy a car or a house outright therefore they should have good credit to get the lowest interest rate possible so I understand what you're saying but you're not being practical

I'm just talking about having a good credit score

 

[Truefan31]

I understand that that's not good I pay my credit cards off before they're due at the end of the month

The average American can I buy a car or a house outright therefore they should have good credit to get the lowest interest rate possible so I understand what you're saying but you're not being practical

I'm just talking about having a good credit score

All good breh. Keep grinding and doing what you feel is best.

I was one of those average Americans. I didn't want to be average anymore in that respect. I hate banks and their vehicles for finessing people are loans and cc. They've already got enough of my money through life lessons and the bailout money. Don't want to give them anymore if I can help it.

 

[cheek100]

Manual underwriting is a way lenders can qualify you for a mortgage without needing a credit score. Lots of lenders won't do it because it actually requires them to work but there are several that do. They check your personal history like job, bank accounts, down payment, etc. it's what they did before credit scores became the big thing banks push today.

Using a mortgage broker can save a lot of money.

How can this work for me being self employed?
Working for myself seems to work against me. They always find shyt wrong and why they can't qualify me is because I'm self employed.

 

[TRFG]

How can this work for me being self employed?
Working for myself seems to work against me. They always find shyt wrong and why they can't qualify me is because I'm self employed.

It won't

 

[Truefan31]

How can this work for me being self employed?
Working for myself seems to work against me. They always find shyt wrong and why they can't qualify me is because I'm self employed.

typically if you can provide proof of self employment for at least 2 years, and provide income statements/tax returns, they should accept it. They'll also look at your bank accounts, any other non-conforming income, and things like bill/rent payment history, income/debt ratio, etc. It can be done. Key is finding a lender who is willing to do manual underwriting, hence the use of a mortgage broker.

 

[cheek100]

typically if you can provide proof of self employment for at least 2 years, and provide income statements/tax returns, they should accept it. They'll also look at your bank accounts, any other non-conforming income, and things like bill/rent payment history, income/debt ratio, etc. It can be done. Key is finding a lender who is willing to do manual underwriting, hence the use of a mortgage broker.

they shyt on me everytime
Haven't found one that will qualify me in 4 years

 

[TRFG]

typically if you can provide proof of self employment for at least 2 years, and provide income statements/tax returns, they should accept it. They'll also look at your bank accounts, any other non-conforming income, and things like bill/rent payment history, income/debt ratio, etc. It can be done. Key is finding a lender who is willing to do manual underwriting, hence the use of a mortgage broker.

Breh, its not going to work if he's self employed, unless he has a very high cashflow and a damn good relationship with the bank. There's too many unsure variables

Maybe it would of worked in 2008

 

[Truefan31]

they shyt on me everytime
Haven't found one that will qualify me in 4 years

do you have any extenuating variables hurting you?

 

[cheek100]

No but for some reason when your self employed the rules change. Mortgage companies make it sound real fly and then they want a big ass down payment.
Then there's some crazy stipulations about making it harder to get a duplex.
Shyts annoying I just look at it an laugh. I'm not pressed I'm waiting on the next recession really. @Truefan31

 

[Earnings]

Why do you keep mentioning debt

Some ppl so spooked by the idea of credit breh as u can see... I do the same thing as u, pay my balance off at the end of the month and keep it moving...

Credit is beautiful when u got discipline and learn how to use it

 

[Geek Nasty]

Some ppl so spooked by the idea of credit breh as u can see... I do the same thing as u, pay my balance off at the end of the month and keep it moving...

Credit is beautiful when u got discipline and learn how to use it

Exactly, 1/2 the problem with credit in our community is self control. You have a balance don't use it all.

The other have is having money to pay your bills

 

[Panther]

Some ppl so spooked by the idea of credit breh as u can see... I do the same thing as u, pay my balance off at the end of the month and keep it moving...

Credit is beautiful when u got discipline and learn how to use it

its because the majority of people cant pay off their balance every month. They think a high credit limit means THEY have money. Or that cc's are an emergency fund

 

[666 ReVeNGe 666]

its because the majority of people cant pay off their balance every month. They think a high credit limit means THEY have money. Or that cc's are an emergency fund

i used mine as an emergency for my car before which costed 1200 to fix but I paid the card off that next Friday when I got paid.

and I got back 120 in cash because my card had a 10 percent cash back special for that particular car shop

 

[winb83]

The benefit is...both getting fukked over in a jam if I need a new car.......my coworker just one cause hers broke down and she paying 14 percent APR.

my girls mom pays 20 percent APR

that's a damn credit card interest rate

My APR is 2.8 when I had a 700 now I got a 787 so imagine if I need a new car...Probably get 1.99 APR

And when I need a house etc...or other emergencies

Don't go into debt to buy a car if you can avoid it. It's better to get the best car you can afford with cash and keep it as long as possible.

In general it's better to avoid unnecessary debt. The only long term personal debt that's acceptable is a house.