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Old 08-05-2013, 08:41 PM
 
Location: work traveler, NC, VA, MD
52 posts, read 96,564 times
Reputation: 52

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Quote:
Originally Posted by ChiGuy2.5 View Post

P.S. How is it 3 OR 4? Do you not know how many credit cards you have? Also, a 790 credit score is very good. Do you mean 690? Sort of sounds like you might be trolling.

Are you kidding - A modern troll lies about credit scores now? Get real and post something useful.
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Old 08-05-2013, 08:43 PM
 
Location: work traveler, NC, VA, MD
52 posts, read 96,564 times
Reputation: 52
Quote:
Originally Posted by ukrkoz View Post
Sorry, but why do I have that feeling, that whoever told you about that credit depth was either an idiot, or pulled a quicky on you to get you into higher loan rate?
My kid built over 800 FICA score in matter of 6 month, by method I described. He bought a car, he had 1.4% rate and no one was trying to bs him with some "depth" thing.

Like berdee said, credit score depends on types of credit. And look up "credit depth" on the internet. A score of over 800 isn't everything if they run your history and look at what TYPES of loans you have had in the past. If all you have are credit cards, then you might not get the best interest rate or amount for say.....a big mortgage. You need to have different TYPES of credit, not just a credit card.

And again, anything over 2 credit cards lowers your score? Hahaha, you gave me a good laugh on this Monday.
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Old 08-05-2013, 09:50 PM
 
Location: 23.7 million to 162 million miles North of Venus
16,327 posts, read 8,294,031 times
Reputation: 7929
Quote:
Originally Posted by ukrkoz View Post
Sorry, but why do I have that feeling, that whoever told you about that credit depth was either an idiot, or pulled a quicky on you to get you into higher loan rate?
My kid built over 800 FICA score in matter of 6 month, by method I described. He bought a car, he had 1.4% rate and no one was trying to bs him with some "depth" thing.
Quote:
Originally Posted by JokerABC View Post
Like berdee said, credit score depends on types of credit. And look up "credit depth" on the internet. A score of over 800 isn't everything if they run your history and look at what TYPES of loans you have had in the past. If all you have are credit cards, then you might not get the best interest rate or amount for say.....a big mortgage. You need to have different TYPES of credit, not just a credit card.

And again, anything over 2 credit cards lowers your score? Hahaha, you gave me a good laugh on this Monday.



Quote:
Originally Posted by ukrkoz View Post
My kid built over 800 FICA score in matter of 6 month, by method I described.
There is no way your kid, or anyone else for that matter, can go from a non existent FICO score to a score of over 800 in just 6 months. Well, it may be possible if the person is added to a bunch of 40+ year old open and in good standing accounts ... but going from 0 to over 800 just by having one fairly new card and making timely payments on it is.not.possible!!
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Old 08-06-2013, 09:47 PM
 
Location: Santa Rosa
486 posts, read 780,501 times
Reputation: 497
You don't need to have a loan or carry a balance to build credit these are myths.

Are you already building credit by having credit cards.

Financial Myths and Urban Legends Thread - Post Yours Here!
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Old 08-07-2013, 09:43 AM
 
Location: Raleigh, NC
24 posts, read 34,449 times
Reputation: 10
hey all, my friend suggested this free site to track my credit score and how to improve and see what affects what: https://www.creditkarma.com/

anyone use this? is it really free and if so, what's the catch? i feel like there's always something or a hidden fee somewhere.
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Old 08-07-2013, 10:07 AM
 
7,280 posts, read 10,309,030 times
Reputation: 11486
Quote:
Originally Posted by Jay321 View Post
I have a 48 month car loan started 2 months ago, with a 50% down payment. I have a credit score of 790, but this didn't mean much because the bank said I have no "credit depth." I don't have a mortage, but do have 3 or 4 credit cards with balances, the oldest one being since 2001.

I took out a car loan to build credit even though I had saved up money very carefully to pay for a car in full. How long should I keep this loan to build up credit? Is 1 year okay? I would rather pay off this car loan and not pay interest for my car -but I also want to build a credit history for getting a mortgage in the future (whenever that might be, not sure).
I not sure if anyone asked before but much of the answer depends on your age. If you are relatively young and "starting out" there is no hurry to establish "depth" in your credit history.

Never forget the first commitment when it comes to debt and that is you. Carrying debt when it doesn't offer a benefit is not wise. If you are starting out, you have time to build some depth in your credit.

If you took the money you're putting into car payment interest into a retirement investment, you'll be much better off for it. You never know what the future holds. There is a freedom to being debt free few people enjoy. Debt becomes a routine, everyone has a car payment right? Wrong. Stay debt free. When needs arise, don't worry too much about it, you'll get the mortgage. Having liquid resources stashed away mean a lot more than a car loan you paid off.

Never had a consumer loan but never had a problem getting a mortgage. Most of the time I didn't need one, paid cash for the house. Nothing like kicking your feet up with a cup of coffee in the morning when everyone is hustling off to work and thinking "I own this" and knowing you do.
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Old 08-07-2013, 12:27 PM
 
Location: Santa Rosa
486 posts, read 780,501 times
Reputation: 497
Quote:
Originally Posted by taxidriverx View Post
hey all, my friend suggested this free site to track my credit score and how to improve and see what affects what: https://www.creditkarma.com/

anyone use this? is it really free and if so, what's the catch? i feel like there's always something or a hidden fee somewhere.
That is great website. Yes it's free but their is a lot of ads on the website.
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Old 08-12-2013, 03:24 AM
 
1,985 posts, read 1,080,330 times
Reputation: 1907
Quote:
Originally Posted by taxidriverx View Post
hey all, my friend suggested this free site to track my credit score and how to improve and see what affects what: https://www.creditkarma.com/

anyone use this? is it really free and if so, what's the catch? i feel like there's always something or a hidden fee somewhere.
I use it, and its a great website. I also have a service that tracks my credit scores for all 3 bureaus and credit karma is pretty accurate.
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Old 08-19-2013, 05:50 PM
 
398 posts, read 586,550 times
Reputation: 442
How much cash we talking here? If you have excess cash have you already maxed out retirement accounts? For 3.5%, I might be inclined to say stick the money in and index fund (unless you can't stomache any type of risk) and see if you can beat 3.5% over the next few years. Sounds like your loan balance is somewhat small if you put 50% down...in which case the actual interest paid over 4 years isn't much money at all.
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