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I'm 18...

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Originally posted by: BigJ
Originally posted by: Scouzer
both of my parents have phenomenal credit, but again i will stress i am not an approved user on their cards, nor am i on their credit in anyway or theirs on mine.

but i have had my own bank acct since i was 11 years old. so maybe thats helps, lol.
Click to expand...

You have an artificially inflated credit score. You don't have any negatives to count against you (besides it being brief), but if you try applying for a respectable loan, you will be denied based on having no credit history.

A bank account has nothing to do with credit history.
Click to expand...


yep. you're pretty much = to a so-called "ghost"...

so your score is useless.
 
Originally posted by: Scouzer
both of my parents have phenomenal credit, but again i will stress i am not an approved user on their cards, nor am i on their credit in anyway or theirs on mine.

but i have had my own bank acct since i was 11 years old. so maybe thats helps, lol.
Click to expand...

Don't be so sure of that... The #1 rule that financial advisors give to people putting children on your credit card to boost their credit score is to NOT TELL THEM THAT YOU DID SO. There are few more things more financially dangerous out there than a kid in shopping mall with their parents platinum card 🙂
 
I probably have a credit score of nothing. My name is on nothing... and I'm 18. The only things I pay for is Yahoo Music... on a monthly basis.
 
Originally posted by: shortylickens
Home? Yes.
Cars. One.
Wife and kids? HELLL NOOO!
I know better. My idea of being smart is to not get into that crap. Kids are overrated and 60% of American marriages end in divorce. I dont need to make that mistake to learn it. I learn by others mistakes.
401K? Not even. Navy Thrift Savings Plan. They match dollar for dollar up to 100% of my base pay. Currently putting away 50%, which is easy since I have no debt. Have about 100 grand right now. I know people keep saying 1 million for retirement is nice, but by the time I want to retire a million bucks really wont be that much money. I know better. I started planning at age 17. I want several million. If I'm really slick I can collect my first pension at age 38, and my second pension at 58, which is much better than all the 60 year olds I know. Most of them dont even have a small egg.
Click to expand...

are you in the Navy? I'm not exactly sure how the navy TSP works, but i suspect its similar to the USMC one and they do NOT allow you to contribute 100% of your paycheck to it. Is that a new thing?


We should brag to the OP about our awesomely good deals on computers/gadgets compared to how he has to pay more for the same item in canadian dollars.
 
Originally posted by: Scouzer
Originally posted by: BigJ
Originally posted by: Scouzer
both of my parents have phenomenal credit, but again i will stress i am not an approved user on their cards, nor am i on their credit in anyway or theirs on mine.

but i have had my own bank acct since i was 11 years old. so maybe thats helps, lol.
Click to expand...

You have an artificially inflated credit score. You don't have any negatives to count against you (besides it being brief), but if you try applying for a respectable loan, you will be denied based on having no credit history.

A bank account has nothing to do with credit history.
Click to expand...

this i can believe! 🙂
Click to expand...

if that's true, most of us would have a 9000 score in canadian terms. If you have less than a year of credit history, average income for an 18 year old, no marks against you, and no mortgage, you'll be lucky to break 600 on the average US FICO.
 
Originally posted by: Scouzer
my fvckin parents have nothing to do with my score so fvck right off about that

i have my name on NOTHING but my credit card, one rejected CC app, and my car insurance

i make $22k a year
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you also live in alberta, land of the cheap.

 
Originally posted by: Pepsi90919
Originally posted by: Scouzer
my fvckin parents have nothing to do with my score so fvck right off about that

i have my name on NOTHING but my credit card, one rejected CC app, and my car insurance

i make $22k a year
Click to expand...
you also live in alberta, land of the cheap.
Click to expand...

uh oh... this is coming from a Canadian!!! :Q

😛
 
Originally posted by: shortylickens
Originally posted by: Engineer
Originally posted by: shortylickens
Originally posted by: Engineer
I'm 36 and nearly out of debt! 🙂
You've got 18 years to beat that! 😉
Click to expand...
I'm 26 and have been completely out of debt for almost one year.
Click to expand...

Home, cars, etc? Wife? Kids? NICE 401k nest egg? 😉
Click to expand...

Home? Yes.
Cars. One.
Wife and kids? HELLL NOOO!
I know better. My idea of being smart is to not get into that crap. Kids are overrated and 60% of American marriages end in divorce. I dont need to make that mistake to learn it. I learn by others mistakes.
401K? Not even. Navy Thrift Savings Plan. They match dollar for dollar up to 100% of my base pay. Currently putting away 50%, which is easy since I have no debt. Have about 100 grand right now. I know people keep saying 1 million for retirement is nice, but by the time I want to retire a million bucks really wont be that much money. I know better. I started planning at age 17. I want several million. If I'm really slick I can collect my first pension at age 38, and my second pension at 58, which is much better than all the 60 year olds I know. Most of them dont even have a small egg.
Click to expand...


errr...sorry buddy. But I have the TSP and the maximum contribution is around 8 or 9%.


 
Originally posted by: Kroze
Originally posted by: shortylickens
Originally posted by: Engineer
Originally posted by: shortylickens
Originally posted by: Engineer
I'm 36 and nearly out of debt! 🙂
You've got 18 years to beat that! 😉
Click to expand...
I'm 26 and have been completely out of debt for almost one year.
Click to expand...

Home, cars, etc? Wife? Kids? NICE 401k nest egg? 😉
Click to expand...

Home? Yes.
Cars. One.
Wife and kids? HELLL NOOO!
I know better. My idea of being smart is to not get into that crap. Kids are overrated and 60% of American marriages end in divorce. I dont need to make that mistake to learn it. I learn by others mistakes.
401K? Not even. Navy Thrift Savings Plan. They match dollar for dollar up to 100% of my base pay. Currently putting away 50%, which is easy since I have no debt. Have about 100 grand right now. I know people keep saying 1 million for retirement is nice, but by the time I want to retire a million bucks really wont be that much money. I know better. I started planning at age 17. I want several million. If I'm really slick I can collect my first pension at age 38, and my second pension at 58, which is much better than all the 60 year olds I know. Most of them dont even have a small egg.
Click to expand...


errr...sorry buddy. But I have the TSP and the maximum contribution is around 8 or 9%.
Click to expand...

yeah me too...maybe navy is different?
 
Originally posted by: SampSon
Hello people, he's Canadian.
Click to expand...

Indeed. You can all disregard this thread and the OP because Canadians are not humans. They're mutant monkeys.
 
Originally posted by: DJFuji
Originally posted by: Kroze
Originally posted by: shortylickens
Originally posted by: Engineer
Originally posted by: shortylickens
Originally posted by: Engineer
I'm 36 and nearly out of debt! 🙂
You've got 18 years to beat that! 😉
Click to expand...
I'm 26 and have been completely out of debt for almost one year.
Click to expand...

Home, cars, etc? Wife? Kids? NICE 401k nest egg? 😉
Click to expand...

Home? Yes.
Cars. One.
Wife and kids? HELLL NOOO!
I know better. My idea of being smart is to not get into that crap. Kids are overrated and 60% of American marriages end in divorce. I dont need to make that mistake to learn it. I learn by others mistakes.
401K? Not even. Navy Thrift Savings Plan. They match dollar for dollar up to 100% of my base pay. Currently putting away 50%, which is easy since I have no debt. Have about 100 grand right now. I know people keep saying 1 million for retirement is nice, but by the time I want to retire a million bucks really wont be that much money. I know better. I started planning at age 17. I want several million. If I'm really slick I can collect my first pension at age 38, and my second pension at 58, which is much better than all the 60 year olds I know. Most of them dont even have a small egg.
Click to expand...


errr...sorry buddy. But I have the TSP and the maximum contribution is around 8 or 9%.
Click to expand...

yeah me too...maybe navy is different?
Click to expand...

I highly doubt it. he's probably talking out of his a$. there's only 1 tsp (www.tsp.gov)

and that just remind me...i just switched all of my funds and contribution to C-Funds. what do you have?

the default G-Funds they put me in grow so slow and barely above inflation.

C Funds over the years gain a steady 10% vs G Funds 6-7%.

 
Wife and kids? HELLL NOOO!
I know better. My idea of being smart is to not get into that crap. Kids are overrated and 60% of American marriages end in divorce. I dont need to make that mistake to learn it. I learn by others mistakes.
Click to expand...
:roll:
 
Originally posted by: Mill
*shakes head*

FICO has so little to do with getting credit, loans, or premium services.
Click to expand...


Where did you get that Mill? One of the biggest factors we use to determine borrower risk in the mortgage industry is the Fico.
 
Originally posted by: KevinH
Originally posted by: Mill
*shakes head*

FICO has so little to do with getting credit, loans, or premium services.
Click to expand...


Where did you get that Mill? One of the biggest factors we use to determine borrower risk in the mortgage industry is the Fico.
Click to expand...

QFT. If you can't even pass a simple FICO score level then they won't even consider you.... Simple as that.
 
Originally posted by: KevinH
Originally posted by: Mill
*shakes head*

FICO has so little to do with getting credit, loans, or premium services.
Click to expand...


Where did you get that Mill? One of the biggest factors we use to determine borrower risk in the mortgage industry is the Fico.
Click to expand...

You're right. The mortgage, home equity loan, car loan, and 18+ credit cards are just a figment of my imagination.

AGE

AGE

AGE

Age of paid on time accounts WAY more than anything. A FICO over 650 will get you whatever you want. Perhaps not the best rate, but that will come in time. What you are want are old accounts that have always been paid on time.

FICO, of course, works as risk assessment because someone with a 620 is 10x to blah blah blah whilst someone with a 750 is 10x as likely to blah blah blah. Fine and dandy, but insane to worry about. Once you get to 25 or so -- if you've got a low FICO you're an idiot, and will likely never improve your bill paying procedures/ability. For anyone under 25 FICO doesn't matter much. People on AT have FICOs of over 700 all the time and they are sub-21, yet they'd never get approved for the same things as someone who was 28 that had a 670 FICO. Why? Age of accounts. For whatever reason, those artificially high FICOs do no impress lenders. Time heals and rewards all. If you pay on-time, then by the time you're 25 you will never worry about FICO again.

FICO is not to worry about if you pay on-time. Even high debt load won't hurt as much the older your accounts get if they are paid on time. I don't know how the FICO model entirely works, but I will say it rewards good solid accounts over anything else.
 
Originally posted by: Bigsm00th
im 20 and my credit score was 793 as of 3 weeks ago...

history:

worked for a year after HS to save $ for college, made ~36,000 and saved 64% of that
1.5 years ago - applied for a CC at BOA, the bank with all of my money, was given a financial rewards card and 8,500 limit
3 months ago - got an american express and a gas credit card at exxon and shell

never paid a cent in interest, never had a late payment, and i dont always have a very big revolving balance.
Click to expand...

Is that even possible? Unless your housing and food were paid for, or that figure is after-tax, I don't see how you could pay taxes, live, and put $23,040 in the bank on that salary...
 
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