AudioGuy
Affiliate Campaign Manager
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I dont have many $ methods to publicly drop right now so Im putting this together for you guys instead. With your personal credit you got access to money for things you want/need, you can start some small biz off these forums.
I was once in your shoes trying to get online income without a job making peanuts. I put $10,000 "Other income" on a couple applications and got $2,000-3,000 credit cards left and right with a 780 score before I fucked it all up getting way over my head with credit.
How to build your score:
Credit scores range from like 350-850 (800 is highest Ive heard from friends). Anything 700s is alright.
Free credit apps can be used to monitor your score. Keep balances under 33% on cards. "Loans" like car title loans/student loans/installment loans increase your credit mix which helps your score too.
If you never have had any credit you need to apply to something. Youll get denied with a letter in the mail called a "adverse action". Basically now youre in the system though. Try next time for a secured card or get put on your moms card as a authorized user.
Secured cards. Usually these include laying down a deposit.
Use a credit card matching site or app to see ones youll likely be accepted for. Theres hard inquiries and soft inquiries. Inquiries drop your score a little 3-10 points, no biggie. Just dont look desperate.
Lastly Ill say your length of accounts will help.
Google "Credit score mix" to see the percentages that affect your score. Also do some more research. Theres so much more than Im telling you but Ill just trying to give you some help.
Fixing your score:
Dispute everything negative on transunion or one of the 3 credit bureaus. Its not hard and you wont have to pay a credit repair company. They (CR companies) usually take a minimum of 3 months to send out letters on your behalf which is 3x$100+, thats a lot of dough for what can be done digitally.
Pay on time. What else can I say.
Use a self lender loan. If you have to get a secured card like Wells Fargo Secured and lay down a huge amount to get big credit limit.
Though.....CR companies are funny. I once had fraud on a card with a large balance. Someone was trying to access my account. Well, I disputed the items on my CR as fraud and the CC company closed my card ENTIRELY and wouldnt listen to me. I suppose it was alright though since thousands of dollars on the card I didnt have to pay back!
Personal credit:
1. Bank accounts offer you the opportunity to go overdrawn. Starting at $100 and going up to $1000+ depending on the bank. Fees, fees, fees. Usually these overdrafts dont get posted to your credit report (CR) unless you dont pay.
2. Credit Cards offer some nice bonuses. Refer to my thread on using cashback trick to get quick $$$ by spending on necessities or manufacturing your spending. Credit cards you can use for almost anything and theres some cool tricks to earn with them if you know your stuff (may put a private method together in future).
Ways to get money off of cards include cashback at grocery stores. Buying BTC. Cash advances. Or pushing the money through a payment processor like stripe then to your bank. So many ways.
Heres something too. On some cards you can make payments ahead of the bank processing. Which means getting money applied to your card for you to float.
3. Student loans are offered when you take a full load at a school. Theres online schools you could use FAFSA in the states to pay for the classes then a Stafford loan to take out. Were talking $3700 or more per 6 month term! That could be decent money. Plus I guess doing classs is alright....pffft.
4.All other unsecured credit like loans and payday loans usually want you to have a job. Paydays $250 in California, unsecured installment loans start at $2550 here. The costs are HIGH!!
5. Have free and clear property? Thats called collateral. You can get a loan against vehicles or houses quite easily. For cars look up "car title loans"
Electronics: Best to sell them on CL/Ebay for close to market price. Pawn places give you 20% of their resale value (lame).
6. Lots you can do with real estate, but since its out of reach for 95%+ people here I wont go into it. Cashout refinances are there and so many other ways.
"Derrrrr how do I make money with this since I have to pay it all back?"Good question! Invest in something with the least expensive money you have access to. Grow tent, ecommerce, mining rigs or whatever nefarious project you have in mind.
Real Estate:
The best business to be in depending on when you buy is real estate. You need a minimum score of like 620-640 FICO to get a FHA loan. Conventional are sometimes less or more stringent. Other then credit usage to buy theres creative financing and buying with cash, but this is a quick thread on credit. What do you do with the real estate? Well if its a single family house you can live in it of course and bank equity instead of throwing away on rent. You own the place, pimp it out by renting rooms, mining, AirBNB, grow your own food, grow plants, or whatever the hell you please.
You can buy additional properties as rentals. 80% of millionaires are so by real estate, nuff said.
Business Credit:
Its not tied to your name personally. Its your companies credit.
Have a business? If its tied to commercial office or real estate you can access business credit. Whole other ball game.
Other:
Credit is also sometimes important aspect of getting a job. They even check when you apply to get an apartment if through a property management company.
Maybe this helped?
Remember theres no debtor prison. There is for fraud though. Pay your stuff and do it on time. Debt collectors suck, I could go into my experiences with them and how to back them off but thats another story.
If you get in over your head dont think bankruptcy is a easy option, it costs thousands to process, you dont always get to not have to pay back everything. Also its very time consuming. Your score gets knocked down up to couple hundred points and you have those negative marks where you wont be able to get a house or anything a while.
Edited by CaliCashKing, 15 July 2019 - 02:31 AM.
I was once in your shoes trying to get online income without a job making peanuts. I put $10,000 "Other income" on a couple applications and got $2,000-3,000 credit cards left and right with a 780 score before I fucked it all up getting way over my head with credit.
How to build your score:
Credit scores range from like 350-850 (800 is highest Ive heard from friends). Anything 700s is alright.
Free credit apps can be used to monitor your score. Keep balances under 33% on cards. "Loans" like car title loans/student loans/installment loans increase your credit mix which helps your score too.
If you never have had any credit you need to apply to something. Youll get denied with a letter in the mail called a "adverse action". Basically now youre in the system though. Try next time for a secured card or get put on your moms card as a authorized user.
Secured cards. Usually these include laying down a deposit.
Use a credit card matching site or app to see ones youll likely be accepted for. Theres hard inquiries and soft inquiries. Inquiries drop your score a little 3-10 points, no biggie. Just dont look desperate.
Lastly Ill say your length of accounts will help.
Google "Credit score mix" to see the percentages that affect your score. Also do some more research. Theres so much more than Im telling you but Ill just trying to give you some help.
Fixing your score:
Dispute everything negative on transunion or one of the 3 credit bureaus. Its not hard and you wont have to pay a credit repair company. They (CR companies) usually take a minimum of 3 months to send out letters on your behalf which is 3x$100+, thats a lot of dough for what can be done digitally.
Pay on time. What else can I say.
Use a self lender loan. If you have to get a secured card like Wells Fargo Secured and lay down a huge amount to get big credit limit.
Though.....CR companies are funny. I once had fraud on a card with a large balance. Someone was trying to access my account. Well, I disputed the items on my CR as fraud and the CC company closed my card ENTIRELY and wouldnt listen to me. I suppose it was alright though since thousands of dollars on the card I didnt have to pay back!
Personal credit:
1. Bank accounts offer you the opportunity to go overdrawn. Starting at $100 and going up to $1000+ depending on the bank. Fees, fees, fees. Usually these overdrafts dont get posted to your credit report (CR) unless you dont pay.
2. Credit Cards offer some nice bonuses. Refer to my thread on using cashback trick to get quick $$$ by spending on necessities or manufacturing your spending. Credit cards you can use for almost anything and theres some cool tricks to earn with them if you know your stuff (may put a private method together in future).
Ways to get money off of cards include cashback at grocery stores. Buying BTC. Cash advances. Or pushing the money through a payment processor like stripe then to your bank. So many ways.
Heres something too. On some cards you can make payments ahead of the bank processing. Which means getting money applied to your card for you to float.
3. Student loans are offered when you take a full load at a school. Theres online schools you could use FAFSA in the states to pay for the classes then a Stafford loan to take out. Were talking $3700 or more per 6 month term! That could be decent money. Plus I guess doing classs is alright....pffft.
4.All other unsecured credit like loans and payday loans usually want you to have a job. Paydays $250 in California, unsecured installment loans start at $2550 here. The costs are HIGH!!
5. Have free and clear property? Thats called collateral. You can get a loan against vehicles or houses quite easily. For cars look up "car title loans"
Electronics: Best to sell them on CL/Ebay for close to market price. Pawn places give you 20% of their resale value (lame).
6. Lots you can do with real estate, but since its out of reach for 95%+ people here I wont go into it. Cashout refinances are there and so many other ways.
"Derrrrr how do I make money with this since I have to pay it all back?"Good question! Invest in something with the least expensive money you have access to. Grow tent, ecommerce, mining rigs or whatever nefarious project you have in mind.
Real Estate:
The best business to be in depending on when you buy is real estate. You need a minimum score of like 620-640 FICO to get a FHA loan. Conventional are sometimes less or more stringent. Other then credit usage to buy theres creative financing and buying with cash, but this is a quick thread on credit. What do you do with the real estate? Well if its a single family house you can live in it of course and bank equity instead of throwing away on rent. You own the place, pimp it out by renting rooms, mining, AirBNB, grow your own food, grow plants, or whatever the hell you please.
You can buy additional properties as rentals. 80% of millionaires are so by real estate, nuff said.
Business Credit:
Its not tied to your name personally. Its your companies credit.
Have a business? If its tied to commercial office or real estate you can access business credit. Whole other ball game.
Other:
Credit is also sometimes important aspect of getting a job. They even check when you apply to get an apartment if through a property management company.
Maybe this helped?
Remember theres no debtor prison. There is for fraud though. Pay your stuff and do it on time. Debt collectors suck, I could go into my experiences with them and how to back them off but thats another story.
If you get in over your head dont think bankruptcy is a easy option, it costs thousands to process, you dont always get to not have to pay back everything. Also its very time consuming. Your score gets knocked down up to couple hundred points and you have those negative marks where you wont be able to get a house or anything a while.
Edited by CaliCashKing, 15 July 2019 - 02:31 AM.