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Thread started 10 Jan 2006 (Tuesday) 14:26
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Boston POTN Meet (2)

 
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Harm
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Mar 15, 2013 14:53 |  #6376

When you apply for credit, your score dips a little, because they look into your history.

But when you have a CC card, never shut the account - that will lower your score. There will be a few cards you will never use again (those store cards that you get when you buy something for 0% financing) - but having just a few of them doesn't hurt your credit.

The other cards - linked to your accounts like AMEX, etc., are good if you use them regularly. They don't look at you spending $1000, then paying it off all in one go at the end of the month. I started with lunch every week, and paying it off every week. For my UK credit cards, I keep them alive by subscribing to things like the financial times etc. (that i can read online), then it automatically gets paid off with my UK current account that i can transfer money into from here. That way the computers know they accounts are still active.

so lunch or a starbucks once a week on your CC cards, paid off at the end of the week is great - because they look at your payment history. They don't care if you spend $10 per week and pay that off or $100,000 per week and pay that off. It is the point that you are paying back regularly.

Then the higher your credit score, the lower your APR is. My wife hated that when she could finally get a CC card for me through her account at a tiny credit union (they added me on!), that her APR jumped up high because i was fresh fish, after 3 years of being rejected from many CC companies (for having no history as opposed to bad history). As the years have gone on, that APR is dropping nicely.

School debt doesn't have too much of a bearing on your credit score. There are good loans and bad loans.


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Mistabernie
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Mar 15, 2013 17:17 |  #6377

Your credit only dips if you get into a certain number of 'hard inquiries', so it's not always a dip across the board. For example, if I were to apply for credit right now through something, I wouldn't really get hit.

Also, they dont' drop your APR while you have the cards (at least, not for any bank I've ever had). They do randomly raise my limits sometimes, but I do have a feeling that once my BofA Rewards inquiry drops off, I might re-apply for a different card in an attempt to get a lower rate (or maybe even just to hopefully get a year of 0%).

Installment loans (like schools, car notes) like Harm said, aren't bad, but having 3+ can give you a bit of a ding (I technically have two school loans and a car note; if I were to pay off my no interest loan (which there's obviously no reason to do other than clear up an installment loan) then it might help my credit a little. According to everything I've checked into it, it's the only real negative on my report right now, and it's not even truly a negative.

Nathan wrote in post #15718713 (external link)
Can someone confirm that this is true? I've read that having been approved for more credit may increase your credit score... the credit score itself, I think, will impact APR. I thought, however, having unused credit cards doesn't establish a payment history and may not help the score, either. To me, the whole credit score formula is a mystery to just about everyone - so it's just a bunch of speculation.

Cut to the chase: I have a combined credit limit of just under $50,000. Should I apply for another credit card? If so, what's good? I've also read not to get those no ceiling cards, because those certainly won't help in the calculation your score.

My goal is to get my score above 800... not sure what the tricks are to achieving that. I'm about 30 points under - too bad I have a bunch of law school debt.

Nathan, you're about 5 points above me at this point. There isn't a whole lot that will get our scores up. Believe it not, having a mortgage on your credit actually raises your score (demonstrates the highest level of credit worthiness). Things that would help me --

Average Card limit to increase by ~3000 would give me 10 more points.
Closing one of my installment loans would get me back 5 points (since I have 3)
Average age of credit (should hopefully go up in a couple of years) - gets me 3 points.
If I let both of my current hard inquiries fall off, I go up 12 points.
Mortgage paid on time would get me 10 points..

So, hypothetically, I dont' have an easy way to get to 800. I essentially wouldn't have an 800+ score till I get a mortgage, pay it for two years (to let the inquiry fall off) and hopefully have my limits raised. This could result in getting me up to just over 800.

(FYI, I'm going off of Experian data..)


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t3ichef
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Mar 15, 2013 17:41 as a reply to  @ Mistabernie's post |  #6378

so i dropped into hunts in melrose today looking for a 190xprob...on sale on the floor was a 190xproL, which i've never heard of before. when i asked what the difference was, the person behind the counter had to look it up, and after a few minutes we figured out it was actually marginally taller than the xprob, and had a bit less capacity.

i decided on it regardless...felt real solid, light enough for my needs, and 202 out the door, was perfectly on budget.

sucky part of the day comes when i lost my 67mm canon lens cap inside the MoS, and hunts quoted me a cool 27 dollars for a replacement. WTF?!? at some point the grotesque margins in photography equipment (see 70-200 tripod collar as well) catches up to the consumer, and i laughed and decided not to buy one. opting for ebay instead.

http://compare.ebay.co​m …edPriceItemType​s&var=sbar (external link)




  
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scotteisenphotography
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Mar 15, 2013 17:55 |  #6379

Here to interrupt your talk about credit cards and stuff.

IMAGE: http://farm9.staticflickr.com/8528/8559943109_5dd52f11ce_c.jpg

2X Canon 1Dx|Canon 1D Mark IV|Canon 5D Mark III|14mm 2.8L II|16-35mm 2.8L II|24mm 1.4L II|35mm 1.4L|50mm 1.2L |85mm 1.2L II|70-200 2.8L IS|200mm 2.0L IS|300mm 2.8L IS|400mm 2.8L IS|800mm 5.6L IS| 580EX II| 600EX RT II|

  
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peepdeets
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Mar 15, 2013 18:48 |  #6380
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Where you guys going to be Sunday?




  
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scotteisenphotography
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Mar 15, 2013 19:24 |  #6381

peepdeets wrote in post #15719538 (external link)
Where you guys going to be Sunday?

airplane


2X Canon 1Dx|Canon 1D Mark IV|Canon 5D Mark III|14mm 2.8L II|16-35mm 2.8L II|24mm 1.4L II|35mm 1.4L|50mm 1.2L |85mm 1.2L II|70-200 2.8L IS|200mm 2.0L IS|300mm 2.8L IS|400mm 2.8L IS|800mm 5.6L IS| 580EX II| 600EX RT II|

  
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Nathan
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Mar 15, 2013 19:25 |  #6382

peepdeets wrote in post #15719538 (external link)
Where you guys going to be Sunday?

Convention Center

Anyone want to shoot Saturday night? Wife's got a girl's night out and I'm looking for something to do.


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Harm
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Mar 15, 2013 19:27 |  #6383

At a bar somewhere with Guinness galore


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20DNewbie
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Mar 15, 2013 19:28 |  #6384

I'll be trying to make some headway to joining a local gun club.


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20DNewbie
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Mar 15, 2013 19:30 |  #6385

Harm wrote in post #15719632 (external link)
At a bar somewhere with Guinness galore

Sounds like the best plan yet.


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symbolphoto
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Mar 15, 2013 20:57 |  #6386

20DNewbie wrote in post #15719635 (external link)
I'll be trying to make some headway to joining a local gun club.

Braintree?




  
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CyberDyneSystems
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Mar 15, 2013 21:46 as a reply to  @ symbolphoto's post |  #6387

Harm wrote in post #15719632 (external link)
At a bar somewhere with Guinness galore

20DNewbie wrote in post #15719635 (external link)
I'll be trying to make some headway to joining a local gun club.

20DNewbie wrote in post #15719638 (external link)
Sounds like the best plan yet.

No, the best plan, is to combine the two, AND take pictures! :)


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symbolphoto
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Mar 15, 2013 21:50 |  #6388

CDS lives, how goes it Jake?




  
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CyberDyneSystems
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Mar 15, 2013 21:51 |  #6389

Slowly creeping out of the woodwork... :)

Glad you noticed.


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Mar 15, 2013 22:03 |  #6390

scotteisenphotography wrote in post #15719410 (external link)
Here to interrupt your talk about credit cards and stuff.

QUOTED IMAGE

I see the irony in us talking about custom made shirts and credit cards, while you are posting images of the horrible tragedy there. Spending any amount of time in India can make Haiti look like an isolated problem. Not trying to reduce the problem there, just saying that most tend become desensitized to it after a while.

For some, it becomes a life long obsession of volunteering, donation and living a minimalist lifestyle. God bless them, they must live very soul-fulfilling lives.

For me, i donate to a few charities, mostly to DWB. After my second trip to India, i came to terms with the fact that i enjoyed the lifestyle i live and i don't take anything, not a single thing, for granted. It's easy for me to say that, because i grew up dirt poor. Bottom of the barrel, poor. And made something - whatever it may be, of myself.

Donating money to worthwhile causes is enough to clear my conscience. Some people may look at me as a hypocrite or even an outright jerk. But that's the way the world is... all of life will never be fair. And i don't wear that morality question on my shoulders any more. I've accepted that people will be both richer and poorer than i am. And i have no aspirations to be any richer, or poorer than i currently am.

Not saying you were implying that we were being superficial or anything, just thought i'd comment since it seems relevant at the moment.

How do you deal with it down there? It's got to be rather surreal when you hear that the public works system up here in Boston sucks, after spending time in a place like that, right? I always think about things like that after coming back from India...

When my life slows down a bit, i fully intend to give back more. Donate time, labor and help to inner-city youth in particular.




  
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