24 Looking to build Credit... What are some good tips on your first Credit Card

[melo0115]

Damn that sucks. But yeah that why you have to always check your accounts so you can stay on top of things like this. I let my brother use my boot barn card multiple times. I had to always make sure he was making payments.

If you were checking, you would of noticed it as an open account. Lesson learned though. Credit can always be rebuilt. If pops has good credit then hit him for the cosign.

 

[slaughterx]

Finally broke 800! Gonna buy a new (used) car soon because my LaCrosse kinda **** the bed. Think I might buy a house in October too if I move back home... funny part is that either one should increase my credit even more if it's not very expensive. Think I'll finance something that need works forvabout 40k and I have about 40k in my 401k I'm gonna withdraw at the end of the year... might flip that house and do it again, sounds Better than going back to work for the next 30 years.

 

[アミーゴ]

Y’all should LOCK your credit when not using it

 

[ICE CITY CF]

looking for a credit card to use for daily spending and accrue points, since all i use is debit and cash like a bum.

shoot me recs papis

Nah credit as Jay Z would say

Barclaycard Arrival+ is the best card for everyday spending.

Love my Chase Sapphire Reserved but you don't even need to use it for everyday purchases to maximize it's value.

CSR gets me 3x points on travel, restaurants and bars.

Chase Ink Business Preferred gets me 3x on phone, internet, utilities.

Barclay Arrival+ gets me 2x on every purchase so I'm straight on anything not covered above.

I can't settle for anything less than 2:1 on any purchase.

 

[steebie j]

To follow up on my last post. I sent a goodwill letter to all of the big wigs at synchrony bank and unfortunately they can’t remove 3 of the delinquent payments. But they can remove one, which is better than nothing. They will send me a letter in 7-10 business days as back up.

 

[melo0115]

So, I've been trying to rebuild my wife's credit but I'm at an impasse. Well she is! Around 2017, we gave my wifes car to her little sister in hopes that my wifes parents would refi the car to take it out of my wifes name within like 6 months(huge mistake lol). Long story short they never did. And present day her mom has missed like 5 payments which has destroyed my girls credit. We're literally at a point where we're just hoping the car gets repo'd so we can start fixing my girls credit. Anyone ever been in this situation? We're not going to take any legal action against her family, but was wondering if theres anything we can do?

 

[slaughterx]

Yeah... take the car back for one. If they try to repo they are coming to your house.

Well, I guess they could track it with onstar or something.

 

[melo0115]

I mean, they say sometimes its bad to do business with family In situations like this .
We can't take it back because the little sister needs it. She's heading to college 8 hour drive.
The moms just one of those people that will miss payments, and when its close to them coming to get it, she finds a way to give enough to live another day.

I was just wondering if there were some type of loop hole laws I didn't know about.

 

[slaughterx]

If you live near a major city... park it somewhere at night and paint BLUE LIVES MATTER on it and let insurance write it off.

 

[youngthundercat]

Y’all should LOCK your credit when not using it

Wait! School me on that...me and my wife just cleared all our debt.

 

[ICE CITY CF]

Wait! School me on that...me and my wife just cleared all our debt.

Check this out. It cost a small fee but worth the peace of mind.

What To Know About Credit Freezes and Fraud Alerts

Credit freezes and fraud alerts can protect you from identity theft or prevent further misuse of your personal information if it was stolen.

www.consumer.ftc.gov

 

[アミーゴ]

Wait! School me on that...me and my wife just cleared all our debt.

The credit services let you lock your credit for free - no one can do a hard pull or use when locked. Check Experian

 

[youngthundercat]

The credit services let you lock your credit for free - no one can do a hard pull or use when locked. Check Experian

My guy

 

[アミーゴ]

My guy

Lemme know if you need help fam

 

[freshpairs]

If you do a freeze you can’t build credit then right? So once in the 800 club freeze it?

 

[ICE CITY CF]

If you do a freeze you can’t build credit then right? So once in the 800 club freeze it?

Nah it doesn't have anything to do with your credit score directly. You're not freezing your score at that moment in time.

Think of it as putting a freeze on the ability to take out any new lines of credit or make any modifications to existing credit in your name.

 

[アミーゴ]

If you do a freeze you can’t build credit then right? So once in the 800 club freeze it?

Nah you will be good fam - still goes up and down

 

[ROYGBiV]

Can we ask about 401k's here? Better to be taxed now or later. Not even sure what mine is set up at smh

 

[slaughterx]

Take it out by the end of the year... you have 3 years to put it back under the CARES Act and I don't think you have to pay any fees. I'm about to do this and buy a cheap house, fix it all up, and either flip it or live in it for a while. Putting that 37k back won't be **** because my mortgage will be like $300/mo instead of 1500. After I pay back the loan for my own money I should be able to pay that house off in like 2 years and probably flip it for 120k. We shall see, trying to rerire by 40 and live comfortably now.

 

[ROYGBiV]

Take it out by the end of the year... you have 3 years to put it back under the CARES Act and I don't think you have to pay any fees. I'm about to do this and buy a cheap house, fix it all up, and either flip it or live in it for a while. Putting that 37k back won't be **** because my mortgage will be like $300/mo instead of 1500. After I pay back the loan for my own money I should be able to pay that house off in like 2 years and probably flip it for 120k. We shall see, trying to rerire by 40 and live comfortably now.

I didn't beven know about that act. But I was actually asking as far as your contributions. Isn't there two options? You can either have it where you get taxed now, per contribution every paycheck, or not get taxed until you withdraw something?

 

[slaughterx]

ohh, I dunno... I have just been putting in 6% (which my company matches) of my income for the past 8 years almost. Moved it all to a money market after my company lost about 10k of it.

 

[ROYGBiV]

ohh, I dunno... I have just been putting in 6% (which my company matches) of my income for the past 8 years almost. Moved it all to a money market after my company lost about 10k of it.

Money market? Company lost 10k? This is all more complicated lol

 

[slaughterx]

Typically if your company matches your contributions they will automatically have your 401k going into their stocks. You can change it though. My uncle told me to put it into a Money Market because it's more stable.

 

[cs02132]

I didn't beven know about that act. But I was actually asking as far as your contributions. Isn't there two options? You can either have it where you get taxed now, per contribution every paycheck, or not get taxed until you withdraw something?

401k is through your employer and I’m pretty sure is taxed only when you withdraw
Roth IRA is taxed now not when you withdraw
Traditional IRA is taxed when you withdraw

they are all retirement plans just 401k is through your employer and the other 2 are personal individual plans

 

[ROYGBiV]

I see. Still have to do my research on it. Only benefit I see in a 401 is if your company matches