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LordJezo

Banned
May 16, 2001
8,140
1
0
Just wondering..

I notice that everyone goes to you for credit card and credit advice.

What makes you qualified for this.. or is it just from lots of experience?

I am not trying to be rude or anything and I do agree with everyone that you provide valuable advice, but I would still like to know how you know so much about it all.
 
R

Red

Diamond Member
Aug 22, 2002
3,704
0
0
Ross knows his stuff. I'm not shabby on credit info if you ever need it... I worked for Citibank credit card division and have researched the Big 3 and scoring models a lot.
 
E

Eli

Super Moderator | Elite Member
Oct 9, 1999
50,419
8
81
He works at a bank, and knows his sh!t.

And it's not that he won't accept PMs- I imagine he has a lot of important ones he doesen't want to delete (yet), and his inbox is still full.

Although, he could export them.. heh.
 
Regs

Regs

Lifer
Aug 9, 2002
16,665
21
81
Originally posted by: Eli
He works at a bank, and knows his sh!t.
Click to expand...

lol, that certainly does explain it. Sounds like my father. Some people just make it their business to know about something for their own good.

 
D

dnuggett

Diamond Member
Sep 13, 2003
6,703
0
76
Originally posted by: cashman
Originally posted by: Squisher
You question the sanctity of the Grand Nagus?
Click to expand...

Exactly. NEVER question him ever again.
Click to expand...


rolleye.gif
 
RossMAN

RossMAN

Grand Nagus
Feb 24, 2000
78,921
389
136
Eli already provided a sufficient answer and yes I did give him a kick ass deal on a brand new Canon PowerShot A60 :p
 
E

Eli

Super Moderator | Elite Member
Oct 9, 1999
50,419
8
81
:D

Well, since this thread is here.. I may as well ask.

I've been saving up to get a secured CC(although.. it's been hard.. *stares at A60* :p).. and I just have a quick question.

When you graduate and get a "real" cc, you get your secured deposit back.. right? ;)
 
RossMAN

RossMAN

Grand Nagus
Feb 24, 2000
78,921
389
136
Correct.

1) Save up $300 - $500 (personally I would recommend $500).
2) Go to your local bank/credit union and apply for a SECURED CREDIT CARD.
3) They will take your money and open a savings account or CD in your name, this account will earn interest.
4) The whole advantage of a secured credit card is the lender has collateral, so just in case you decide to stop making payments they can cash in your savings/CD to payoff your cc. So there is virtually no risk to them, which means even if you just turned 18 and have no credit, you will most likely be approved (ask Nocturnal I believe he applied for a secured cc and was approved).
5) Remember that your savings/CD will be FROZEN, so you will not be able to access your funds.
6) Use your secured credit card at least a few times a month, pay it off in full every month, if you can't --- at least make the minimum payment every month. Repeat after me, LATE PAYMENTS ARE BAD BAD BAD!!!.
7) After 1 year, apply for a regular unsecured cc ... if you were a good boy, you will be approved. Then go to your bank and ask to close your secured cc, your deposit will be given back to you PLUS the interest you earned during the past 12 months.
8) You're on your way to a healthy credit future.

Vic really knows his sh!t and is better versed in credit matters than I am (I haven't worked in lending since 1998). He has recommended reading MyFico.com which has some excellent credit education information.

LordJezo - Please edit and remove my name from this thread title, thanks.
 
MattCo

MattCo

Platinum Member
Jan 29, 2001
2,198
2
81
Here's a question for you credit gurus:

I have three credit cards with fairly high credit limits on each ($19,000 - $12,000 - $9,000) but no balances. I will be applying for a Home loan in about 6 - 8 months and want my credit score to be as good as possible. I have never missed a payment or bounced a check and have had credit and checking acounts for 10+ years. Also, I have purchased a SUV and paid it off through regular payments.


Should I close one or two of the accounts to free up the credit stored on them?
or
Should I request credit limit decreases on them instead?
or
Should I just not worry about it because my credit will be fine.



-MC
 
FlashG

FlashG

Platinum Member
Dec 23, 1999
2,709
2
0
nother question

The folks at my credit union tell me it counts against you when you access your credit report. If this is so, wouldn't subscribing to a monthly cr service be counter productive?
 
yllus

yllus

Elite Member & Lifer
Aug 20, 2000
20,577
432
126
Originally posted by: FlashG
nother question

The folks at my credit union tell me it counts against you when you access your credit report. If this is so, wouldn't subscribing to a monthly cr service be counter productive?
Click to expand...
MasterCArd's website tells us that credit requests made by individuals don't count against your credit - just the ones made by companies and organizations.
 
CPA

CPA

Elite Member
Nov 19, 2001
30,322
4
0
Originally posted by: MattCo
Here's a question for you credit gurus:

I have three credit cards with fairly high credit limits on each ($19,000 - $12,000 - $9,000) but no balances. I will be applying for a Home loan in about 6 - 8 months and want my credit score to be as good as possible. I have never missed a payment or bounced a check and have had credit and checking acounts for 10+ years. Also, I have purchased a SUV and paid it off through regular payments.


Should I close one or two of the accounts to free up the credit stored on them?
or
Should I request credit limit decreases on them instead?
or
Should I just not worry about it because my credit will be fine.



-MC
Click to expand...

It's not a matter of freeing up the credit, so to speak, but to reduce the amount of available credit. This question really depends on you income levels. If you are worried, just pull a credit report to see your grade. My guess is you are in fine shape without having to close/reduce anything.
 
Budmantom

Budmantom

Lifer
Aug 17, 2002
13,103
1
81
Originally posted by: MattCo
Here's a question for you credit gurus:

I have three credit cards with fairly high credit limits on each ($19,000 - $12,000 - $9,000) but no balances. I will be applying for a Home loan in about 6 - 8 months and want my credit score to be as good as possible. I have never missed a payment or bounced a check and have had credit and checking acounts for 10+ years. Also, I have purchased a SUV and paid it off through regular payments.


Should I close one or two of the accounts to free up the credit stored on them?
or
Should I request credit limit decreases on them instead?
or
Should I just not worry about it because my credit will be fine.



-MC
Click to expand...

The correct answer is "C".

 
Budmantom

Budmantom

Lifer
Aug 17, 2002
13,103
1
81
Originally posted by: FlashG
nother question

The folks at my credit union tell me it counts against you when you access your credit report. If this is so, wouldn't subscribing to a monthly cr service be counter productive?
Click to expand...


The correct answer is False, checking your credit is ok.
 
D

DaveJ

Platinum Member
Oct 9, 1999
2,337
1
81
Here's another credit question... my homeowners insurance is paid by my mortgage co. using escrow money set aside each month. When the policy was due back in August they sent a check to the insurance co., which promptly screwed up and applied the check to someone ELSE'S policy. :| After a week of phone calls they finally figured it out and fixed the problem, or so I thought. It turns out that the mortgage co. canceled the first check but never sent out another one, so the policy didn't actually get paid until 11/14 (it was due 8/3).

My question is, what's the likelihood of this getting on my credit as a late payment, and if it does, how long would it take for it to show up? The insurance agent noted that a third party was responsible for payment of the policy (the mortgage co.) so would that help me at all?

Thanks,

Dave
 
CPA

CPA

Elite Member
Nov 19, 2001
30,322
4
0
Originally posted by: DaveJ
Here's another credit question... my homeowners insurance is paid by my mortgage co. using escrow money set aside each month. When the policy was due back in August they sent a check to the insurance co., which promptly screwed up and applied the check to someone ELSE'S policy. :| After a week of phone calls they finally figured it out and fixed the problem, or so I thought. It turns out that the mortgage co. canceled the first check but never sent out another one, so the policy didn't actually get paid until 11/14 (it was due 8/3).

My question is, what's the likelihood of this getting on my credit as a late payment, and if it does, how long would it take for it to show up? The insurance agent noted that a third party was responsible for payment of the policy (the mortgage co.) so would that help me at all?

Thanks,

Dave
Click to expand...

It depends. Does the insurance company even report to one of the credit agencies? If you're not sure, just ask them. Not everyone reports.
 
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