Sit on it and continue to cultivate it until you need it most I.E. home and auto loans. Just continue to make smart decisions - don't go wild applying for credit lines, pay bills on time, keep utilization low.
I have an 835 Credit Score, what should I be doing with it?
- Thread starter Stuntone
- Start date
DamienWayne
Superstar
i currently need a car im in a bad spot
Real talk OP. You can get a high credit line card from one of the big credit card companies like American Express. Then ask for a credit arbitrage. Where they take the entire limit and place it in your account.
Interest free for 12 to 18 months (minus a 4% transaction fee). Now take that money and invest it in something to flip in 12 months. So for example you can take this money and put it in VOO or SPY. Let it ride for 12 months or less pull it out. Keep the profit and pay the rest back before interest kicks in.
Interest free for 12 to 18 months (minus a 4% transaction fee). Now take that money and invest it in something to flip in 12 months. So for example you can take this money and put it in VOO or SPY. Let it ride for 12 months or less pull it out. Keep the profit and pay the rest back before interest kicks in.
O.iatlhawksfan
Devoted Joel Embiid hater
One of my credit cards closed because I never used it, I know having a certain amount of open accounts is in the open criteria, so I shouldn’t get one is what you are saying?
O.iatlhawksfan
Devoted Joel Embiid hater
This what imma do cuz I already invest in these stocks. You’ll prolly have to pay short term taxes on those stocks if you selling them before a year tho
You will have to pay short term taxes. But in the end you making money off other peoples money.
It's fine to open accounts but you don't want too many credit inquiries as well as newly opened accounts in a short amount of time. New inquires (hard pulls) affect your score for a year, and drop off after 2. Opening accounts affects your average age of accounts which can push your score down temporarily. I think it took 2 years for new accounts to stop "negatively" affecting my score. Getting a new card with a decent limit would be beneficial - that's what I plan to do within the next month or two, possibly even sooner.
I think that's the point.
To get to an 800+ credit score, you have to be pretty financially literate.
Perhaps the reward of that score is not a lower tier of interest rates, but the mastery of financial discipline.
haven't watched the video yet but i heard the best car to do that with is a tesla. something about the car not depreciating like others.
My guy, you are talking about a credit score like it’s a coveted treasure. It really isn’t 
You already have housing, transportation, presumably a solid income, and little debt. Most of the time your credit score just determines pricing of loans you intend on taking out. Anything about a 760 FICO score will give you the best pricing out there. Now as far as investing, you should be talking to a professional. If you don’t like to take bigger risks, they’ll probably direct you to low risk index funds. But that would be done with your income, not debt.
You already have housing, transportation, presumably a solid income, and little debt. Most of the time your credit score just determines pricing of loans you intend on taking out. Anything about a 760 FICO score will give you the best pricing out there. Now as far as investing, you should be talking to a professional. If you don’t like to take bigger risks, they’ll probably direct you to low risk index funds. But that would be done with your income, not debt.
To get their credit up.