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I make over $100k/yr; credit cards are BS

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Salary/income is not as important to CC companies as how you: 1) pay on time, 2) balances on your accounts, 3) length of your credit, 4) how often you open credit, 5) types of credit.you have

<<<------- will have over $700 cash back from just from one credit card this month. Yeah, credit cards are for sucka.. This sucka will laugh all the way to the bank.. 😀

OP, you need to go to https://www.annualcreditreport.com/index.action and get your own report. No charge for the report and see if you have any error/mistake.
 
Svnla said:
Salary/income is not as important to CC companies as how you: 1) pay on time, 2) balances on your accounts, 3) length of your credit, 4) how often you open credit, 5) types of credit.you have

<<<------- will have over $700 cash back from just from one credit card this month. Yeah, credit cards are for sucka.. This sucka will laugh all the way to the bank.. 😀

OP, you need to go to https://www.annualcreditreport.com/index.action and get your own report. No charge for the report and see if you have any error/mistake.
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Salary/income is definitely important if you want high limit card. Try to get $50-60k credit limit on a Visa card. I bet the credit card bank will ask for proof of income and not just take your word for it.
 
BurnItDwn said:
Do you have shit credit? or no credit?

How did you make it through life this far without establishing a line of credit?

When I was 18 (1998) and worked part time for like $9 an hour I think my credit line was around 1000 or so ...
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I work with someone who is in his 50s, he has never had a credit card before the one we gave him at work, he has paid cast for everything for 50 years. his house his car... all in cash

he has no credit history at all, which made getting a loan to buy a new house near impossible for him
 
Anubis said:
I work with someone who is in his 50s, he has never had a credit card before the one we gave him at work, he has paid cast for everything for 50 years. his house his car... all in cash

he has no credit history at all, which made getting a loan to buy a new house near impossible for him
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That was my Dad. Financed his 1st car in 1957 and the house in 1961. Cash for everything after that.
 
ponyo said:
Salary/income is definitely important if you want high limit card. Try to get $50-60k credit limit on a Visa card. I bet the credit card bank will ask for proof of income and not just take your word for it.
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Read what I wrote again. I said "not as important to CC companies as ....". I did not say it was not important at all.

Case in point:

Bob - $50K/year - pays on time, has low balance, has credit cards for years, doesn't open credit cards often, has different types of credit

Billy - $100/year - rarely pays his card on time, large balances and pays minimum amounts, just has credit cards recently, opens cards often, only has credit cards.

Guess who will get better credit scores, higher credit limits, and bee seen as a much better credit risk to the banks/CC companies? Bob is the one even he makes lower salary then Billy.

<goodness I can't type today>
 
highland145 said:
True that.

images
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100k as fruit loop tester.
 
dud said:
Is this a brag or bitch/moan thread?
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100k in bay area doing IT and he's bragging about it. 😀

Literally with zero exaggeration, that's like making 50K-60K in NE / NY. I'd venture OP is in mid-20s, but posts like he's a teenager. He has no grasp of how credit works and its absolutely critical use/value.

He's amongst hundreds of thousands of single contributor making bottom-of-the-barrel salary in IT in Bay Area.

I mean jr programmer makes 80-120k, BA makes similar, PMs make a bit more in CA. THAT got to his head and proclaims how credit is useless, LOL.
 
Zeze said:
100k in bay area doing IT and he's bragging about it. 😀

Literally with zero exaggeration, that's like making 50K-60K in NE / NY. I'd venture OP is in mid-20s, but posts like he's a teenager. He has no grasp of how credit works and its absolutely critical use/value.
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I was wondering about this. Other than housing, are things really that much more expensive than elsewhere in the US? It's not like food cost is that much more and things like iPhone, TV, clothing, etc are same price as rest of the US.
 
I make 100k+ a year and credit cards own they are how I get s ton of free flights. I just applied and got approved for the United one with a 32k limit.

Difference is I've had a card since I was 16. I'm 34 now and have also had multiple vehicles and own a house.
 
ponyo said:
I was wondering about this. Other than housing, are things really that much more expensive than elsewhere in the US? It's not like food cost is that much more and things like iPhone, TV, clothing, etc are same price as rest of the US.
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I wondered this too and saw it in practice. Real estate plays a HUGE part.

My friend moved from NYC to Bay Area- namely San Jose. His father-in-law is quite rich (import biz from Hong Kong), so he's lucky to live in their second home rent-free. The home is your average 3 bed, 1.5 bath, 1800-2000 SF. Guess how much the home costs if it were on the market?

  • I own a 2500 SF, 4 bed, 2.5 bath home in NJ close to NYC. We paid about 500K, $3K mortgage & interest.
  • That home he's staying at is in your AVERAGE suburbs, nothing special. Zillow tells me 1.7 million, LOLWTF. His mortgage would be $10K a month, holy cow. Making $100K is literally peanuts there.
  • Another friend of mine does IT at Home Depot corporate in Atlanta. His home is a new 5-6 year old home with 6 bed/5 bath at 3000 SF for 350K. LOL. Their mortgage will be fully paid off in 4 years. He too makes $130K in Georgia. Now THAT cost of living is amazing.
So my Bay Area friend's real estate is straight up more than TRIPLE of mine, yet his salary is not triple. Bay Area probably only pay 10-20% more IF any compared to NY/Bos.
 
Zeze said:
I wondered this too and saw it in practice. Real estate plays a HUGE part.

My friend moved from NYC to Bay Area- namely San Jose. His father-in-law is quite rich (import biz from Hong Kong), so he's lucky to live in their second home rent-free. The home is your average 3 bed, 1.5 bath, 1800-2000 SF. Guess how much the home costs if it were on the market?

  • I own a 2500 SF, 4 bed, 2.5 bath home in NJ close to NYC. We paid about 500K, $3K mortgage & interest.
  • That home he's staying at is in your AVERAGE suburbs, nothing special. Zillow tells me 1.7 million, LOLWTF. His mortgage would be $10K a month, holy cow. Making $100K is literally peanuts there.
  • Another friend of mine does IT at Home Depot corporate in Atlanta. His home is a new 5-6 year old home with 6 bed/5 bath at 3000 SF for 350K. LOL. Their mortgage will be fully paid off in 4 years. He too makes $130K in Georgia. Now THAT cost of living is amazing.
So my Bay Area friend's real estate is straight up more than TRIPLE of mine, yet his salary is not triple. Bay Area probably only pay 10-20% more IF any compared to NY/Bos.
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But if you rent with multiple people, your portion of rent can't be much more than renting single in other parts of the country. For example, it costs around $1,200 a month to rent a decent 1bd apartment in Atlanta suburb. I can't imagine it cost much more than $1,200-$1,500 a month in SF or West Coast for a place if you live with multiple roommates. Sure you have to live with roommates but housing costs should be comparable. Other than housing, I really don't see the big difference. Cars cost the same. I think if you're young and single, you would be foolish not to move to the West Coast and take advantage of the higher salary. You can save much more on higher income.
 
ponyo said:
But if you rent with multiple people, your portion of rent can't be much more than renting single in other parts of the country. For example, it costs around $1,200 a month to rent a decent 1bd apartment in Atlanta suburb. I can't imagine it cost much more than $1,200-$1,500 a month in SF or West Coast for a place if you live with multiple roommates. Sure you have to live with roommates but housing costs should be comparable. Other than housing, I really don't see the big difference. Cars cost the same. I think if you're young and single, you would be foolish not to move to the West Coast and take advantage of the higher salary. You can save much more on higher income.
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Also income tax, sales tax, utilities, gasoline, insurance, registration fees, etc... Higher labor costs, means food is going to be higher. And you're comparing an one bedroom apt to having roommates.
 
I have a $30,000+ limit on a single card. They must have adjusted for my awesomeness.

In all seriousness, as far as credit goes, the longer you've had it, the more you use it, and the less you utilize it (i.e. never carry a balance), the more comfortable banks will feel giving you uselessly large credit limits on your cards.
 
IEC said:
I have a $30,000+ limit on a single card. They must have adjusted for my awesomeness.

In all seriousness, as far as credit goes, the longer you've had it, the more you use it, and the less you utilize it (i.e. never carry a balance), the more comfortable banks will feel giving you uselessly large credit limits on your cards.
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I guess I'm not there yet. Just cracked 750 finally, only things hurting me are 2 hard inquiries from assbag t-mobile which are about to fall off and average account age which is just under 5 years. Realized this too late in life, but did work to fix it.
 
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