FICO Changes Could Lower Your Credit Score

[Software]

Would you recommend getting a large condo for 300K sit on it for a couple years then refinance then move out of it to rent it out OR get a small house for 100K and save for a large downpayment for the large condo as a rental property?

Number 2

 

[The Devil's Advocate]

I'm bout to pay off 2 credit cards next month... I know good and damn well they gonna find a way to fukk me over anyway. My shyt at like 720 so I'm not worried. But how is paying off your debt a bad thing

 

[phcitywarrior]

Never been a big fan of credit on the personal end. For Business that's different.

 

[At30wecashout]

I'm bout to pay off 2 credit cards next month... I know good and damn well they gonna find a way to fukk me over anyway. My shyt at like 720 so I'm not worried. But how is paying off your debt a bad thing

Think of debt like engagement on instagram. Its not about the quality of your post, its strictly about how many people are interacting with your content.

Holding various accounts shows you are participating in the debt economy and encourages them to give you what it takes for you to participate even more. The deeper you are in floating accounts, the more money they have to play with. If everyone, or even most people, paid off their debts, the economy would grind to a halt. That is not an exaggeration...the world economy at large is debt driven.

 

[Astroslik]

If you’re credit isn’t 750+ (across all 3 bureaus) then you’re taking a major L

 

[RennisDeynolds]

That election year slowdown is going to fukk a lot of people up...im trying to get a truck for the low this time

I remember last recession they had to pretty much give those shyts away

 

[EndDomination]

The score is used by employers. This is a way to punish the poor.

 

[ThaBronxBully]

I got up to 810 because (thanks to God) I was able to pay off my biz and personal debts. Now I have a 1 mil credit line with Wells Fargo. I am not touching that with a 10 inch pole.

Guys just make sure you keep a high limit CC open. I d say 2 of them. Also take small loans and pay them off. Even if its 1k at a time.

This is what I did to get a big boost.

1. Calculate my monthly expenses.

2. Take 2 a personal loan worth 2 months of expenses. Use that loan to pay off your bills.

3. Take the money you would use to pay off your bills then pay the loan in 4 to 6 installments. Before your last payment go to step 4.

4. Then open a CC. Get one with 0% APR for 1 year or more. By then your score should be up 30 pts at least. Use the CC to pay your bills. Pay off the CC bill in full on the due date. Do that for 4 months. Then ask for a Limit increase.

5. Get Credit Karma and check your odds for good cards. Get another card with a higher limit, but make sure they give you rewards. Rewards for lets say spending 2k and you get 150 $ or more. Take that card and do a balance transfer from the previous CC. Most of them would give 0 fee balnace transfer anyway.

6. Put only bills you would normally pay on that card. Start with all of your bills. Then cut to 75% then to 50% then to 25% then to 5%


Those show a pattern of financial responsibility. Lenders will more likely open their doors for you once they see those patterns.

Also all cards have rewards now. Use them.

Y'all welcome!

That Worked For You But These Steps Would Make Things Worse For MOST People Bruh lol

 

[phcitywarrior]

That Worked For You But These Steps Would Make Things Worse For MOST People Bruh lol

What he did takes a lot of coordination. Honestly, outside of a house, I don't care too much to be in debt. Get a decent credit score and call it a day. Even all of these reward credit cards just get you to spend more. Give me regular cashback and a travel rewards program and I'm calling it a day.

The goal is to build wealth which I think some people lose sight of. Save, invest and trim non-valuable expenses.

 

[LeVraiPapi]

That Worked For You But These Steps Would Make Things Worse For MOST People Bruh lol

I really would like you to elaborate breh.

 

[LeVraiPapi]

What he did takes a lot of coordination. Honestly, outside of a house, I don't care too much to be in debt. Get a decent credit score and call it a day. Even all of these reward credit cards just get you to spend more. Give me regular cashback and a travel rewards program and I'm calling it a day.

The goal is to build wealth which I think some people lose sight of. Save, invest and trim non-valuable expenses.

In America its hard to build wealth without good credit. I know what I went through with poor credit. I been there.

 

[phcitywarrior]

In America its hard to build wealth without good credit. I know what I went through with poor credit. I been there.

On the business side, absolutely. My gripe is more so with personal credit.

The key is to have good credit but not get in debt. Debt (especially personally) is a financial shackle.

 

[LeVraiPapi]

On the business side, absolutely. My gripe is more so with personal credit.

The key is to have good credit but not get in debt. Debt (especially personally) is a financial shackle.

There are good and bad debts breh.

 

[ThaBronxBully]

I really would like you to elaborate breh.

If I Had To Keep It Simple Most Don’t Have The Discipline, Shouldering That Much Debt With The Illusion Of “My Bills Are Paid” Gives People A lot Of Room To Slip Up

I’m Not Saying Your Plan Doesn’t Work Or Sucks Im Saying You Gotta Be Laser Focused And Careful It’s Like An Amateur Tryna Juggle Fire

 

[phcitywarrior]

There are good and bad debts breh.

I don't know if I fully agree with that statement. I think there are bad debts and there are not as bad debts (debt on the book but with enough cash to pay it off if need be). Being in debt is never the move on a personal note.

For businesses it's slightly different as debt can be used to grow if the expected return on a debt financed investment is greater than the cost to borrow.