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christmascheese

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  1. You get access to airport lounges for several different airlines (basically almost any airport worldwide) without having to pay an annual fee or join any single airport membership. That's a great benefit for people who travel a lot on different airlines. Those people are already spending over 50K on travel and getting tons of miles plus reimbursement from their companies.
  2. I'd go for a chase or discover card if it were my first card. I never go after sign up bonuses as I don't need the short term incentive to get another card and usually those cards have something hidden in the fine print.
  3. I don't see any point in paying before the statement, just pay the bills off after the statement arrives. As for getting better limits, you can call and ask for better limits, keep utilization under control, improve your credit score/report, and increase your income.
  4. Is this thing thick? I doubt many people would pay to have a credit card.
  5. I'd go only for cards that let you get a credit line increase via softpull. That means no chase. Discover is one of the best. I'd suggest capital one quicksilver, but wait until your credit score is above 700.
  6. Yeah, it makes a lot of sense: Convenience store purchases: 63% + 41% = 104% Grocery Store: 52% + 51% = 103% Restaurant: 53% + 48% = 101%
  7. I see a credit line decrease being useful. I'm recently up to $59k credit line across 3 credit cards. For me to use 1% utilization, I need to spend more than $590 per month in credit cards. Actually it's probably more than that because each card issuer will report at different times and when I pay off one, my utilization drops before a credit score is generated. Now normally I spend about $1000 per month on credit cards but there are a couple months where I might spend less. Some credit score models round up, if I utilized 0.8%, it rounds up to 1%, but some models may round down which puts me at 0% utilization occasionally.
  8. I would think most people who don't have much saved also don't have investment accounts other than their work 401k/pension. So that $25,000 would sit in a checking/savings account and not invested. Even if you had an investment account, most likely you couldn't just pull money out when you want because you might lose money in a down year like 2016 or capital gain taxes would lower your net profit by a lot on an average year. I would just wait until I had at least $40,000 saved. If my credit was good, I'd buy in cash and still have $20k money for investments and emergencies. If I needed an installment loan to boost my credit, I'd pay 1/4 to 1/3 of the car in cash and finance the rest for 3 years. Financing always costs money, and usually more than buying the car with cash. Make sure your total cost is no more than $21,000 for a $20,000 car. Dealers will try to push you on low monthly payments, but you need to see the final cost to understand if the financings is a good deal for you.
  9. Chrome card had a starting limit in Oct 2014 was 4k. Current limit is 30k. 7 CLI's all requested online in the past 12 months.
  10. Got a SP CLI of 6k today. Last CLI was 6.5k 55 days ago. All of my CLI have been around the 55-65 day mark. This card had a starting line of 4k 15 months ago and is now 30k. Discover gives huge credit limits.
  11. You should do more reading and less pontificating. Your "facts" are largely wrong. FHA loans only require a 3.5% down payment. I bought a 620k house with a 90k income. I started my credit rebuilding with a secured loan and a secured credit card; 3 months later I was approved for a 10k unsecured CC. For best FICO results, you need 3 "normal credit cards" - not 1 or 2. And I took my scores from 570 to 804 in 16 months - not the years that you seem to think that it takes. Thank you JeffeVerde. I guess the bankers I've been to told me wrong facts. You must have done the right things to get such a great credit score and history in a short time. Ccan you tell a little about your loan, like the interest rate, did it improve after some time. What kind of utilization did you have on your credit cards? Do you still have 3 cc or did you later get more? What's your recent score now?
  12. I don’t know if this is a joke or not, but OP, if you want to buy a house, you need 3 things, good credit history, at least 20% down payment in savings, and stable income from your job. You want a 500K house, you need at least $150k income. If you want a $1M house, you need at least 300k income. As far as credit, secured cards and secured loans are not helpful. You need 1 or 2 normal credit cards, and need to pay them back fully on time, every month. Utilization needs to be less than 10% for the best score, which you need because of your debts. I think you’re looking at a minimum of 3 years to build a decent credit history and credit score. As for your plan to test drive a car and return it for “cash”, no dealership will let you drive away with a new car and then come back several days later to return it. Once you sign the sales order for the car, you are stuck with it. Also, perfect credit takes years of dedication. Heck, anything above 800 takes a long time to acquire, and you have to constantly check every single payment, every check you send out, every hospital and doctor who forgot to bill you. That’s right, you actually have to make sure people bill you on time, not just pay bills on time. You can’t let a speeding ticket go unpaid, and you have to pay the parking meter extra so you don’t get a ticket. Any misstep, and your score can tank by 100 points easily.
  13. I'd recommend paying off all the debts, including the credit card and 2 cars. Make your credit utilization under 10%. You and your husband both need credit scores above 700, otherwise your interest rate will be too high and will force you into further debt. Your combined income is good, you should be able to save a lot in 2 years for the down payment.

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