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Originally posted by JD8180 i meant "account" as in your credit card account i hear they tap in to your credit card account to see what your balance is at a specific point in time. so if your statement comes out on april 25th, and by april 23rd they happen to tap into your cc account and you have $xx amount balance, then to them it seems like you have a balance. that is how i was taught, and like i said i'm sure paying it off entirely will not boost your score quickly, but it will go up slow and steady.

iirc your credit accounts are polled every 45 days, but i cant remember if thats the interval or not. either way, when you apply for things, and say you had a $4000 balance on a card that had a limit of 8k, and you paid down 2k, but then 7 days later applied for a loan, before doing that you need to call your credit card company and have them update the bureaus they report to. not all companies report to all agencies all the time. some only report to but one, and others report to all. this will ensure that your 2k balance is reflected int he bureaus records and you will then be scored properly. if the company doesnt want to do that, you can call each bureau and have your report rescored, which will poll all accounts that they have on the report (with respect to each agency) and you will then have an updated report.

row: spot on and proper. the only thing i disagree with on a general sense is the max # of cards, as i was formerly in the mortgage industry (not doing loans thank fucking god), and pretty much every loan officer and even the processors that worked more with the nitty gritty, will say that 2 cards is the most you should really have. anything more starts pushing the limits unless you make lots of money.

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Originally posted by bas Dual exhaust tips on dual exhaust = QUAD EXHAUST = 300 gain in horsepower. Duh

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Originally posted by bas Undies with a dickhole aren't good for guys. Your balls can get caught in them. That's why I prefer to go over the gate instead of through the fence.

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Originally posted by Enigmatik I've never had a credit card, nor will I ever.

joint cards count for/against you also. and since canada has a similar credit system to the US, you'd be smart to get one. and do as i tell everyone, always put the money that you would be using to pay for the item directly, in a savings account. when the bill comes, for at least the first year for first time card holders, pay half the balance off, and leave the rest in the savings account. then at the end of the first year, pay the rest off with the savings, you will have a sizable chunk in there to pay it off with the interest that you made. i dont recommend ever having more than $200 every month on the card as this has bad effects on your credit, but sometimes (read: should be rare) it happens.

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Originally posted by bas Dual exhaust tips on dual exhaust = QUAD EXHAUST = 300 gain in horsepower. Duh

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Originally posted by bas Undies with a dickhole aren't good for guys. Your balls can get caught in them. That's why I prefer to go over the gate instead of through the fence.

Credit cards are a very smart thing to have. If someone has bad credit or has maxed their card to the point that they have creditors calling ( which a lot of people are afraid of who wont invest in a credit card) then that's the stupidity of the card holder, not the card. You don't HAVE to use it and I know for a fact that a lot of people (including myself) rarely use it. I use mine if I happen to be purchasing a trip online or maybe e-bay shopping. I advise everyone to get one provided you're smart with money and have self control. I think that to buy a house, a car or any big life long purchase it's wise to have credit or it's NEEDED to have credit.

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Originally posted by Frenchie if I happen to be purchasing a trip online

What if someone calls you with a free one?

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Originally posted by iammesol What if someone calls you with a free one?

ahahahaa!! *click*

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Originally posted by gehzumteufel for credit building purposes, this is the WORST advice ever!

I think he just meant to make your payments on time

My 0.02:
don't spend money you don't have!!!!!!!
(this doesn't include buying a house, car, etc. when you're all growed up )
The only reason I even got a Mastercard was b/c I went to Europe alone for the whole summer and needed it in case of emergency. Now I make occasional purchases throughout the month and pay it off in FULL on the day that the payment is due.

IMO - having a huge line of credit is not all it's cracked up to be (again unless you *need* it for huge ass things)
It depends how much your credit card company will hold you liable for, but if you're card gets stolen and you have a nice $10,000 limit on it... fuuuuuuuuck

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Originally posted by Slylee oh well, different strokes different vaginas

Some dance to remember ~ Some dance to forget

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Originally posted by chach What about building credit though?

how old are you? and what do you have so far?

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I got soul, but I'm not a soldier.

i double post and suck

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Originally posted by Slylee oh well, different strokes different vaginas

Some dance to remember ~ Some dance to forget

i was always under the impression that you weren't supposed to cancel credit cards that no longer have a balance on them. i have quite a few that i haven't used in years that are still open, and now i'm reading from a few of you that you should have 2 or 3 cards open at most. currently i only keep a balance on 2 cards, but i have maybe 2 or 3 other ones that don't have any balance on them. what's my best option? keep them open or close them?

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Originally posted by ******** Get one from you bank if so - it will be easier to deal with them, and they've been pretty good with me for sure.. even increased my credit to $5000 plus my accounts are mutually protective to insure an absence of issues.. they work well together not to talk about my personal finances. Also for instance my bank BMO is putting out a joint bank/credit card ... with the new chip technology - I'm actually one of the trial run people - for this so it seems if I understand correctly and I may not.. I'll have a credit card and a bank card in one. Although I may just be confusing it and I'll have both a chip bank card and credit card. I havn't had to pay interest yet cause I make my payments on time, plus I get cashback and airmiles.. pretty good deal, imo.. basically I'm being paid to use my creditcard, and having a few thousand dollars liquidity is useful at times.

get a card WITHOUT RFID. this wave of new cards with RFID is dumb. why? with an iphone or windows mobile phone and 1 device connected either via wireless or wired i can swipe your credit card info WITHOUT EVEN TOUCHING YOU!! yes i said that correctly. with the proper equipement (read: buy stuff at radio shack) i can swipe your credit card, your gas card (mobile speedpass) and your mercedes s550/s600/s650 right under your nose and not trigger anything!

fuck i hate this RFID craze. its such a crock of shit for people. its the lowest security thing that is being implemented ONLY trumped by those old credit card imprinting machines!

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Originally posted by bas Dual exhaust tips on dual exhaust = QUAD EXHAUST = 300 gain in horsepower. Duh

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Originally posted by bas Undies with a dickhole aren't good for guys. Your balls can get caught in them. That's why I prefer to go over the gate instead of through the fence.

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Originally posted by lücid i was always under the impression that you weren't supposed to cancel credit cards that no longer have a balance on them. i have quite a few that i haven't used in years that are still open, and now i'm reading from a few of you that you should have 2 or 3 cards open at most. currently i only keep a balance on 2 cards, but i have maybe 2 or 3 other ones that don't have any balance on them. what's my best option? keep them open or close them?

i think you're supposed to close them. i think having credit cards at a 0 balance just lowers your score.