I am going to explode!! NSR

[phUnk]

Originally posted by InspectorGadget
take six months to a year to pay the debt in full. A clean track record of on-time payments is an important aspect in building one's credit rating.

Six months to repay the debt = Mas Interesto, no?

You can get "a clean track record of on-time payments" by using your credit card and paying the balance on time, in full, every month, no?

I have many questions, no?

[Telephil]

Originally posted by phUnk
Six months to repay the debt = Mas Interesto, no?

You can get "a clean track record of on-time payments" by using your credit card and paying the balance on time, in full, every month, no?

I have many questions, no?

no

[zion zig zag]

Dood, just get one of those zero interest for a year cards. Get it payed off in less, badda-boom. And if you had the money up front, it's like getting paid to use their money. Beautiful.

[iceman]

Originally posted by phUnk
You can get "a clean track record of on-time payments" by using your credit card and paying the balance on time, in full, every month, no?

Unfortunately a clean record isn't all creditors are looking for, they lend money to make money on the interest.

If you pay all your debts immediately, they lose money on the transaction (processing it, mailing a bill, etc.), so paying all your bills immediately is not a reason for a creditor to lend you money.

When trying to establish credit it is much better to make regular payments than it is to pay the whole thing off at once.

[grrrr]

Credit cards take a chunk upfront from the seller, too. So, even if you pay in full every month, they make money.

People fall all over me to lend me money. I average 4K in credit cards each month - and pay them in full.

Store cards are the easiest to get if you don't have credit already.

[zion zig zag]

Originally posted by grrrr
Store cards are the easiest to get if you don't have credit already.

Ding! we have a winner. Just apply for a line of credit at the bike store. Of course this may hurt your bargining power.

The Rocky Mtn. would be good choice, most of the girls on the board ride one.

[iceman]

Originally posted by grrrr
Credit cards take a chunk upfront from the seller, too. So, even if you pay in full every month, they make money.

I'm not an expert on this, but I believe Amex takes six per cent, so sure, they're making money whichever way it goes. That also explains why many places won't take Amex. Visa and Mastercard take much less, although I don't know the actual figure.

[Ski Monkey]

Originally posted by iceman
I'm not an expert on this, but I believe Amex takes six per cent, so sure, they're making money whichever way it goes. That also explains why many places won't take Amex. Visa and Mastercard take much less, although I don't know the actual figure.

Yeah, amex collections are a pain. They average about 1-1.5% more than visa/mastercard. They also take longer to deposit to your account.

What the lenders I've dealt with say is to keep a balance on your cards, with on time payments, but with a balance less than half of your credit line. Anything over half looks bad.

[Tippster]

True, Icemang, but AMEX isn't a "Credit Card," it's a "Charge Card." Big Difference. Try NOT paying off your balance every month and see what happens. That's why they have to charge the retailer so much up front - that's how they make their money. Remember Carte Blanche? They were set up the same way...

Now this AMEX Blue supposedly does let you carry a balance. I wonder what interest they're charging? Still considered an AMEX, though, by the retailers.

Sandy, definately go to the www.bankone.com website if you want a credit card. Do what others suggested - use it to pay your bills that you would normally pay with a check, and maybe carry over $50/month. The interest on that is about $2.00 - not much to pay for a credit HISTORY.

THIS is your problem - it's not your rating, it's your lack of payment history. Do you live in an apartment building, and if so is it owned by a Corporation? You may be able to charge your RENT. That adds up to some real $$ in a year.... just be careful. You don't want to end up in a big hole, either.

[iceman]

Originally posted by Tippster
True, Icemang, but...

Story of my life, I swear.

[InspectorGadget]

Originally posted by Tippster
Do you live in an apartment building ... You may be able to charge your RENT. That adds up to some real $$ in a year ...

Get a card that gives you airline miles so you can travel with the maggots to exotic ski locales.

The line of credit through the shop is another good idea; and - even though it shouldn't make any difference - negotiate your price before asking for the credit application.

[Ski Monkey]

is all a amge i figured, credit thas si . just start gettomg sp,e/ ot wprled fpr, e/ just look at me. and hwo moved my fucking keys on em keyboard.

edit: bastards.

[warthog]

I have been going through all of this shit, cause I am buying a house.

Your score of 770+ means basically nothing. We all start out with great credit. It is when we borrow cash that we start to generate the "history" part of it. You have no credit history. Ever wonder why people say it is a bad idea to chase those zero interest cards all the time? It is because you don't generate a valid history of borrowing and repaying. If you cancel the card in 6 months and get another one, you are slowly killing your score.

Get a few cards, do what others have said here, and pay them off slowly. It is good to owe some money to people, cause when you really need to borrow a shitload(i.e. a house), they will look a lot more favorably on you.

[Tippster]

Originally posted by iceman
Story of my life, I swear.

Heh. I once had a professor that maintained that the words "Yes, but..." equalled "No" in his world. Woe to those that used them in his presence!

Pardon my presumption. Didja ever go to Ray's?