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Premium Member
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23,428 Posts
Discussion Starter · #1 ·
Seriously, I've been paying attention to all the credit advice flying around here, particularly from Adam (of the Jax variety), Chris, and Drew, and in about two years I've managed to raise my credit score 150 points :yesway:
 

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Mutes the Meat
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10,236 Posts
It's funny you posted this because I was just about to make a post asking about how the credit card industry works. What are the major ratings organizations? How do they determine your score? Which raters are more 'trustworthy'? What do banks actually look at when deciding to lend you money?

As far as I've ever seen or have been told I have solid credit, but I've always wondered about who actually decides I have solid credit :lol:
 

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Premium Member
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23,428 Posts
Discussion Starter · #4 ·
What I was doing...

  1. Using my debit card for purchases, buying crap
  2. Putting big purchases on the credit card
  3. Paying off the credit card slowly (because cash was being spent)

What I'm doing now...

  1. Using my credit card for purchases, buying slightly less
  2. Putting big purchases on the credit card
  3. Paying off the credit card faster, since I have cash

Funny how that seems to work! :lol:
 

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Mutes the Meat
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10,236 Posts
That's actually a strategy that I've been trying to work towards. It's a solid one, but for me I need to pay off my "employer fucking with me right when I go to buy a house and then a bunch of other shit happened" debt before I switch to it. :lol:

Credit, when properly managed, is fucking awesome.
 

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Guiterrorizer
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15,696 Posts
Wirelessly posted

I would like to pay off my card then pay it off monthly. I can, i just need to pay it off in full first (a bit of a pill to swallow)
 

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(╯°□°)╯︵ ┻━&#
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1,986 Posts
So. Here's a question from the credit pros. For years I've payed cash for everything including cars. So a couple of years ago I look into buying a house and learn that my lack of history was hurting me. So I bought a new car with a loan and got an amex card and started using it where ever I would use my debit card.

Now, my credit is about 700-710 depending on the agency, but I want >750. What else should I be doing? Just wait? Should I use a card other than my amex?
 

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Slow Money
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14,612 Posts
Wirelessly posted (Hivemind)

I'm not an expert, but I'm in the same position score/goal wise. Chris raves about having 4 lines of credit. 2 CCs, a mesium term loan like a bank LOC or car and a longer term like a mortgage or student loans. Defer to him to confirm I'm not completely off base. I hope not because this is how I've been doing things lol (and so far its been working)
 

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Bro of Bros, Bro.
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15,373 Posts
Amex is strange because you have to pay it off each month. They can look at this as you "actively managing your credit". It actually will look a little better if you get another card and maintain a small balance, say 10% of the credit limit.
 

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(╯°□°)╯︵ ┻━&#
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1,986 Posts
Well. I just got an Amex "Blue Cash Preferred" card. I'll start using it for groceries and gas rather than the Amex Platinum.
 

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(╯°□°)╯︵ ┻━&#
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1,986 Posts
Well... about a month after getting two cards they ended up reporting and my average score went up to ~740. Not bad at all.
 

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Is Actually Recording
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32,765 Posts
Congrats, dude. :D
 
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