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Unread 01-12-2011, 09:43 AM   #466
SplitNail
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That was sarcasm. Haha, I already have a credit card. So you're saying to pay off half of my credit card every month? And paying the minimum payment is bad? I'v never heard that.

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Unread 01-12-2011, 09:49 AM   #467
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no you'll have no negative reporting as long as you pay the minimum payment. but having less credit tied up is better, and will help your score, and how much you can get approved for for a new loan/card etc.

for example, if you have 2 cards with $2000 limits on each, you have $4k of credit, if you've got good standing on both(no late payments), but have 1000 spent on each card, you won't have as good of a score as if you had the same 2 cards with $0 balances on each, regardless of if payments are made on time or not.

but like you said, some credit history is better than none!
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Unread 01-12-2011, 09:50 AM   #468
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Quote:
Originally Posted by SplitNail View Post
That was sarcasm. Haha, I already have a credit card. So you're saying to pay off half of my credit card every month? And paying the minimum payment is bad? I'v never heard that.
no, he is saying only put things on it that you KNOW you can pay off COMPLETELY every month. Your credit score is hurt by the amount of debt you carry. If you only pay the minimum payment you will not only pay a ridiculous amount of interest on the item you are purchasing, but you will also be carrying more debt which is not good for building credit. Lending companies want to know you are responsible for the debt you have.
You will increase your credit fastest by accruing debt each month in the form of little credit card purchases and than paying it off in full each month.
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Unread 01-12-2011, 09:54 AM   #469
SplitNail
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So pay off at least half every month??
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Unread 01-12-2011, 10:10 AM   #470
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ive heard that paying a little more than the minimum each month helps
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Unread 01-12-2011, 11:38 AM   #471
85IrocZ-28
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Quote:
Originally Posted by sherker55 View Post
you can't pay it off every month if you are trying to ESTABLISH credit...if you pay it off, nothing gets reported...you gotta pay less than that, I did half payments.....
This information is not correct.

Quote:
Originally Posted by patrick983 View Post
um, don't go just buying stuff you dont need or want to gain credit. and having a credit card you pay off every month increases your credit score much more than not paying it off, in fact, not paying at least the minimum monthly payment will quickly ruin your credit.

you're credit score is determined by how much allowable credit you have in your name vs how much you are using.

i would start at your bank, they should issue you a credit card, they have programs for that. use it to buy something you want or need that you know you can pay off, and work up from that. i bought my bumper on a credit card, knowing that i could pay for 90% of it cash.
Patrick is a wise man, listen to his advice.

I manage a Credit Counseling department for a non-profit in Salt Lake. Open a credit card, and use it for something you would already be purchasing. We often recommend that our clients obtain two national credit cards (they are more heavily weighted than a local bank or credit union in the FICO scoring model). Use one card for groceries, and one for gasoline or utilities. When you get the bill, pay it off in full with the money in your checking account that you have not spent because you were using the card.

The credit card company often reports to the credit bureau's on the same date they send you a bill. So if you owe $200 this month, they send you a bill in hopes that you only pay the $15 minimum so that they can charge you interest. On that same date, they usually update the credit bureau with your balance, $200. If you pay it off in full, your credit report will still reflect a $200 balance for the entire month until the credit card company reports your new statement balance next month when they send you a bill again.

FICO (Fair Isaac and Co) scores are calculated as follows:
35% Payment History (Make your Payments on time every month!!!!!)
30% Amounts Owed (Keep your balances below 50% of your credit limit)
15% Length of Credit History (It is good to maintain credit accounts over many years)
10% New Credit (Having new activity can actually be beneficial for your score, although every time you apply for credit an inquiry lowers your score just a bit)
10% Mix of Credit (It is good to have different account types - Auto, Student Loan, Mortgage, Credit Card, Personal Loan, Line of Credit)

That is the simple explaination. The simple fact is that you need to have credit lines, ALWAYS pay them on time, and keep your balances under control. Don't worry much about the bottom three % categories, focus on the top two.

By the way, there are many misconceptions out there. The following items do NOT build credit at all (rare exceptions), even though these companies look at your credit report: Payday loans, checking or bank accounts, cell phone accounts, utilities, insurance, investments, rentals, employment, title loans (for the most part), rent to own...

By the way, financing for furniture is unreal. Those companies are banks that sell furniture on the side, they make their money on financing more-so than by selling furniture. Save up and buy it, or check out Craigslist if you need something cheap.

Now if this isn't a tangent from your Jeep build, I don't know what would be.
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Unread 01-12-2011, 11:45 AM   #472
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Quote:
Originally Posted by 85IrocZ-28 View Post
Now if this isn't a tangent from your Jeep build, I don't know what would be.
I was just about to ask Andrew what bumper he was planning on buying to get this back on track
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Unread 01-12-2011, 11:57 AM   #473
85IrocZ-28
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As long as he uses a new credit card to buy it...




Disclaimer: I am not advocating debt in any way. Haha
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Unread 01-12-2011, 11:58 AM   #474
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85iroc, right back at ya . thanks for the info from a professional, this is stuff/advise everyone should know. thanks for the percentage breakdown too thats interesting, like u said alot of misconceptions out there!
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Unread 01-12-2011, 12:04 PM   #475
SplitNail
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Quote:
Originally Posted by 85IrocZ-28 View Post
By the way, financing for furniture is unreal. Those companies are banks that sell furniture on the side, they make their money on financing more-so than by selling furniture. Save up and buy it, or check out Craigslist if you need something cheap.

Now if this isn't a tangent from your Jeep build, I don't know what would be.
It was 0% financing for 6 months. I would have had it pay'd off in 2. Just wanted to be able to make more credit. But its all good. I put the couch on my credit card. It was only $300. Im still under the half way point on my credit card. I have a credit card through my bank (Welsfargo). I plan on paying at least half of the card off every time. Is that a bad idea?
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Unread 01-12-2011, 12:05 PM   #476
SplitNail
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Quote:
Originally Posted by HaViiK01WJ View Post
I was just about to ask Andrew what bumper he was planning on buying to get this back on track
This is what I want to get

http://www.kenmtnac.com/WiWJ.html
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Unread 01-12-2011, 12:08 PM   #477
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Thanks for all the advice guys. I hope I'll be wise with my finances. The girl friend thinks I spend too much money on my Jeep. (and I do LOL) I hope to stop spending lots of money on the Jeep and start saving money for the future and "REAL WORLD" but its hard when there are TONS of tows to buy I really need to learn how to make my own bumpers and all that fun stuff
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Unread 01-12-2011, 12:14 PM   #478
85IrocZ-28
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Quote:
Originally Posted by SplitNail View Post
It was 0% financing for 6 months. I would have had it pay'd off in 2. Just wanted to be able to make more credit. But its all good. I put the couch on my credit card. It was only $300. Im still under the half way point on my credit card. I have a credit card through my bank (Welsfargo). I plan on paying at least half of the card off every time. Is that a bad idea?

Wells Fargo is a national card, and will be good for building your credit.

Paying off at least half is good, but any time you don't pay it in full you will be charged interest. The more money I can save, the more money I can spend on the Jeep. So I NEVER carry a balance on my credit card. I buy everything on credit cards though to get rewards points, then pay them off at the end of the month.

If you have the $ to pay the card off in full, do it so you can avoid the interest charge. Then pay for something small again next month (Not something you want, but something you would have purchased anyways). Just make a small purchase on your card each month, then pay it off.

The couch loan really wouldn't have built your credit.

- Inquiry for credit hurts your score a bit
- Having a new credit account helps your score a bit
- Having the new account open actually lowers your overall average length of credit history because the account is new
- Paying it off quickly reduces your balance which is technically good....BUT (see the next bullet)
- Only having the credit line active for a couple of months doesn't really build long term credit.
- Closing the account out after the couch is paid lowers your credit again because the credit account is no longer open and building history.

It is usually a wash (you break even) when you get a very short term loan like this. It kind of helps your credit, but kind of hurts it as well.

By the way, some furniture companies do not report anything to the credit bureaus when you purchase from them, so it doesn't help your credit at all. They only report if you fall behind and the account goes to collections. This isn't true for all, just for some.
Keep in mind that just because someone pulls your credit for approval doesn't mean that they will report to the bureaus each month in a way that helps your score.
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Unread 01-12-2011, 12:24 PM   #479
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^^ Okay thanks! I hope to be able to pay it off every month. But I'm sure sometimes I wont be able to. I think I will just have ONE credit card for now. I dont have enough income to keep up with credit cards. Its kinda overwhelming already with one.... I HATE being in debt.
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Unread 01-12-2011, 12:42 PM   #480
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i have one with a $250 limit for everyday use. that way i can always pay it off at the end of the month.
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