I didn’t realize so many people would really take an 800 credit score over $100,000

[NatiboyB]

Just to put it out there it’s well over 20+ versions of your credit score and 3 different companies that report them look at your FICO scores not vantage scores. But all you brehs know all of that.

 

[NatiboyB]

Exactly...



15,000 over 30 YEARS is worth 100k? The math ain't mathing!

Because you are focused on using personal credit not business. That’s where the people who would take the 800 over 100K are focused on usually.

 

[tuckgod]

I’d take an 800 over 100K….

but if I didn’t have anything I’d take the 100K

…

 

[beenz]

I’d take an 800 over 100K….

but if I didn’t have anything I’d take the 100K


im around 730ish with an 800 I’d quickly PG my way into some better business accounts

I have a credit score somewhere between 800-820 depending on which bureau you ask. and it does nothing for me currently. that said, I may never need credit again in my life. so I'd definitely take the cash which I can use to invest.

other than purchasing real estate, I personally have no use for credit anymore. and I don't anticipate purchasing any more real estate.

 

[beenz]

To maintain that 800 means you have to maintain debt, maybe not a lot, but it requires it. I noticed when I hit 800+ that shyt would drop 10 to 20 points I paid off my cc in full every month. Im debt free but use cc for the benefits. I make over 100k as well.... Give me the money. You'll be fine with just a 730 score.... Hell even a 700 is nice.

my credit score hardly fluctuates. I'm paying my mortgage, and I use credit cards for essentially every other purchase, so I ALWAYS have revolving debt that I pay in full. it might fluctuate a point or 2, but that's it.

 

[Red11]

Because you are focused on using personal credit not business. That’s where the people who would take the 800 over 100K are focused on usually.

Ok...thats fine. If we are talking about business growth. Lets take a Restaurant for example. You would have to be in business for years and have an appropriate business plan for growth to open your next McDowell's. The reason more likely why your business loan for the next property is not approved is not due to credit. Its because your revenue is not high enough.

 

[invincible1914]

I was going to make a thread about this the other day regarding the passport and grind brehs. These dudes only advice is to quit your 9-5, start a business and travel.

I heard a preacher say that exact same thing right before all of the pandemic shutdowns happen a couple of months before one of the moments in my life (sister passed away).

When I talk about same thing... I'm talking bout that this year is going to be the year of prosperity. Year turned out to be horrible. I couldn't wait for 2020 to end.

It's important to have faith and to keep your faith. Everybody should have hope that that they are going to be successful. But people can get out of my face with that crap.

 

[NatiboyB]

Ok...thats fine. If we are talking about business growth. Lets take a Restaurant for example. You would have to be in business for years and have an appropriate business plan for growth to open your next McDowell's. The reason more likely why your business loan for the next property is not approved is not due to credit. Its because your revenue is not high enough.

Rather than looking at franchises think a bit smaller. People who do lower level realty, or who sale merchandise. They can use the Personal guarantee in order to secure more product or fix their rental properties which hopefully leads to more cash flow. So it’s definitely a use. But it’s one of those things where it’s only useful to those who are going to need to use it. Everyone isn’t.

it still gets back to the people who usually are able to be successful just off of leveraging credit would have likely been successful either way.

 

[KidJSoul]

Get a 800 credit score only for it decrease as soon as you use it to take on a loan brehs

Pass up 100k to be in debt brehs

 

[GoldenGlove]

You got ripped off if the credit course told you to leave a balance on a card month to month.

A lot of people misinterpret the how reporting actually works. If you’re using your card all through the month, at some point the card will report whatever the balance is to the credit bureau. Whatever the balance is on that day would be your balance for the month. So your use of the card is still showing up on the report. That balance still gets reported even if you pay the card off the next day. Which is how you build credit and avoid paying interest.

A lot of people confuse this advice with randomly carrying a balance and paying interest on it.

To put this into an example. I use a Chase Card got all my purchases. We’ll say I spend about $1600/month on my card or $400/week. We’ll say my bill is due on the 1st and the reporting date/statement date is the 15th. We get to the 1st and I pay all $1600. I continue using it and by the 15th, I’ve put 800 on the card. So my bill for the month so far is $800. Chase sends a report to the credit bureaus saying I’ve spent $800 on the card. I continue using the card as normal and pay it off on the 1st like normal. My credit report still shows I put $800 on the card for this month even though I paid the whole bill on the first of the next month.

This is why I just pay my credit cards off right away, I only use credit cards for everything for the free money/rewards.

Also, I find it confusing when you don't pay off the balance immediately.

 

[Red11]

Rather than looking at franchises think a bit smaller. People who do lower level realty, or who sale merchandise. They can use the Personal guarantee in order to secure more product or fix their rental properties which hopefully leads to more cash flow. So it’s definitely a use. But it’s one of those things where it’s only useful to those who are going to need to use it. Everyone isn’t.

I'd rather reinvest/snowball the proceeds from the last deal . This is the real "betting on yourself".

 

[NatiboyB]

This is why I just pay my credit cards off right away, I only use credit cards for everything for the free money/rewards.

Also, I find it confusing when you don't pay off the balance immediately.

That’s what I do. Because I’m not about to sit there juggling all of these statement dates and trying to report 1-3% basically spending just to have something report and than paying it off. I rather just take the 0 balance penalty.

 

[invincible1914]

Ok...I'll ignore the information from the credit courses I've taken

The idea to keep some money on your card each month is old advice that’s people say cause that’s what people heard other people say. It’s advice that’s passed down cause it’s advice that’s been passed down.

Keeping a zero balance on a rewards generating card is what the big boys are doing.

 

[Rekkapryde]

A credit score does nothing but show you're a responsible person.. That takes time..

And FYI, you can pay someone to make your score increase..

I see why this new generation of people can't accomplish shyt.

Not really.

Credit score shows payment responsibility. There's no erasing that you pay your credit card bills late every month, etc. A lot of the shyt these credit repair spots do you can do on your own. Negotiate with the creditors how much you can pay or let them know you'll walk away. They rather get the money.

 

[pete clemenza]

Always take the cash no matter what. You can build the credit score up in a year or two