Young Credit Advice

> Have multiple credit accounts (at least 4)
> Have different types of credit (revolving, installment loan)
> Decent age of credit accounts (5 years or older, start NOW)
> Keep balances BELOW 30% at all times.
> DON'T MISS A FUCKING PAYMENT.

That's it.
Also
> Don't co-sign or co-own accounts with anybody.
>EVER

What's revolving/installment loan?
I can't credit with my bank till the end of the year since I'm 21.

>sign up for first ever CC
>bank lady asks me about payment plan
>decide to make auto payments in full out of my checking each month
>first payment comes around and nothing gets paid

Went to the bank and apparently she never finished setting it up. Already have bad credit and its only been a month.

lmao
with dates on papers that can be clarified, and there should exist a compensation

For what? A home loan? Why would you need to have some bogus score beforehand? Show your earnings job stability and deposit. Even then im pretty anti home loan

You shouldnt be buying a car if you have to finance it, rentals usually just need a bond where i am

Do payments on a dirt bike = high credit score

looks like a future tranny

Anywhere worth doing business worth will expect a good credit score.

Debt-free is the only correct way to live.

Such as?

He's either full of shit or he's been brainwashed by the bankers. There is no good reason to go into debt, and no good reason to care about getting a high credit score. I'm currently in the process of completely wiping out my credit history.

It’s easy to have a score in the early 700’s just by having little credit.. open up new cards/accounts, try to get 4 or 5 credit cards with high limits (do your research on which ones to apply for) and 100% get some kind of loan that you’ll pay off ..even a 5k loan for a car or something. That would give you strong enough credit to be approved for a decent
mortgage

Yeah but why

Why for what? They asked how to improve their score

Daily reminder that there is literally no good reason to have a credit card or any other instrument of debt.

>I have zero financial assets, no real estate and live with my parents

Never listen to anyone who says your credit score doesnt matter, theyre literal fucking brainlets who pay $250/month for car insurance because their credit score is 525.

Why are you conflating assets with debt?
True, I don't earn any real estate (I rent), but I do own a car and shares in a mutual fund.

Why don't you try explaining why it is that you like being a slave to debt? Why do you want to make the bankers rich?

Let me tell you a little secret to having cheap car insurance: don't get into any wrecks and don't get any violations! Credit score affects price by an insignificant amount compared to all money you waste getting a good score in the first place.

You own a '92 civic and got your shares as a gift from your granddad when you were ten and they amount to less than $200. Nobody who actually has any money whatsoever talks like that.
>I'm totally going to buy a house with $350,000 in cash
No you're not.

No, it absolutely affects your payments significantly, and it's why you've had to put down a deposit every time you've tried to sign up for utilities.

Actually, I own an Accord worth $9,000 to $10,000.
I buy more shares every month (target is 15% of my gross pay).
And yes, I plan to save up for a modest home in cash while renting cheaply. Definitely less than $200,000.

Where's your proof that it affects payments significantly? I paid of all my debts and closed all my accounts and I pay $350 per 6 mo. for insurance. If they try to jack up my premium I'll just switch to a different company with my squeaky-clean driving record.

I haven't paid a deposit for utilities in a long time, but even if I did I would just get the money back in a year. No big deal.

Why do you think operating with a credit card allows you to become a slave to debt?
It's just an extra step in the payment process. I go to the grocery store, instead of buying a candy bar with my money, the credit company buys it for me, and I pay them back in full at the end of the month.
Repeating this task enough times increases my trustworthiness (as shown through a credit score) and as a result I'm entitled to better rates than others.
It's a system devised in order to weed out people who are bad with money.

1. People who pay with cards spend more money (on impulse and otherwise) than people who pay with cash. Yes, even if you think "I was going to make that purchase anyway."
2. Paying with cash forces you to actually make a budget and plan ahead so you know how much cash to withdraw for a week.
3. There's no risk of floating debt on a credit card from the time you make the purchase until you get your paycheck.
4. You and I are paying an extra 3% on everything to make up for what the merchants have to pay the credit card companies.
5. It's a system designed to squeeze as much money as possible from suckers, cleverly disguised in the greatest marketing campaign ever as some kind of proof of responsibility/adulthood. The only thing a credit score shows it that you're good at making bankers rich.

Aside from the 3% markup, everything you listed is on the assumption of other people.
People like me who budget and plan accordingly while using a card negate all of your points, and you're just coming across as really anti-logic as opposed to the anti-bank swing you're trying to get.

I'll believe you if you post your budget and actual expenses for the last quarter

>Paying with cash forces you to actually make a budget and plan ahead so you know how much cash to withdraw for a week.
It doesn't. You can withdraw cash at pretty much any moment you want. Where the hell is this logic coming from?

The point is you won't know how much cash to withdraw unless you have a budget. Are you going to go to the ATM 3 times a day or something?

The point is to either not have your debit card on you except for large, deliberate purchases (or not have it on you at all), have credit cards on you for emergencies, and have cash on you for small, planned expenses.

This is budgeting 101 here.

>budgeting 101
>credit cards on you for emergencies

Of all the times to use a credit card I can't think of a worse situation than an "emergency." How about keeping a large savings account for any emergencies? That's what I do

Running out of savings is also an emergency, you dipshit. People can have catastrophic life changes and issues in an instant. Try losing a family member who didn't have life insurance, for starters.

You can withdraw any random amount up to 500 bucks or whatever every single day if you wanted to. It has absolutely no correlation to having a budget or being fiscally responsible or not. Pretty much all your points are entirely subjective. Using cash doesn't magically make you better or smarter at budgeting or spending money.

>Running out of savings is also an emergency, you dipshit.
That should never happen if you have enough money saved. I have 6 months of expenses saved up. You think you can't find some kind of income in 6 months? Fine, save 1 year's worth of expenses.
>Try losing a family member who didn't have life insurance, for starters.
The solution is hiding right under your nose. Buy life insurance! As sad is it may be death is a 100% certainty. If people depend on your income to live then you need to buy life insurance.

>withdraw [...] every single day
Sure, I guess if you like paying a bunch of fees.
People who pay with cash spend less money than those who use cards. People who pay for almost everything with cash must do a least some amount of budgeting.

Seems like you are conflating paying with cash with having a budget which is totally wrong. I have no idea why you can't understand that.

>must do a least some amount of budgeting
No, they mustn't. It's just that people who would bother to do this are usually doing it for the cognitive mental gymnastic reasons of sticking to a budget you're describing so there is generally a correlation. But it is in no way BECAUSE of the fact that they use cash.

>The solution is hiding right under your nose. Buy life insurance!

Holy shit. Here's your (You)

>People who pay with cash spend less money than those who use cards
Probably because they have less money to begin with? Rendering your statistic meaningless. Unless you want to prove that it's a % of their disposable income rather than dollar amount.

Look, if you're going to pay for stuff all day with cash you need to have an estimate of how much cash you need for the week. That's at least a simple budget. No one wants to go to the ATM every single day.

What exactly is wrong with buying life insurance? I buy insurance for everything I can't afford to replace (life, rental, car).

For psychological reasons people more money when using cards vs. using cash. Lack of cash in the wallet is also a very visible reminder that you can't afford something. All of these keeps you from overspending.
psychologytoday.com/us/blog/retail-therapy/201306/why-we-overspend-credit

>you need to have an estimate of how much cash you need for the week
No you don't. You can go to an ATM any time. I already said this. Just because it's a nuisance doesn't mean it's impossible and that you have to plan anything a week in advance or have any kind of budget at all.

Do you not understand the difference between CAN and NEED TO? Seems like not.

Well, I could technically walk to work every day but it would be unreasonably inconvenient. Same with going to the ATM all the time.

Paying for everything with cash is unreasonably inconvenient yet here you are.

It's really not that big a deal. Another advantage is it forces me to really think about the price so I notice mistakes instead of just mindlessly swiping my card and paying too much.