HOW TO BUILD CREDIT---YOUNGER GUYS

[shorty]

This has proven effective for many years. Try it before you disagree.

1. Take $500 and open a savings account in XYZ bank along with a checking account.
2. 30 day later, with the $500 still untouched (not spent), go in and borrow $500 on a 60 day loan pledging your savings account.
3. Take the borrowed $500 and go to bank ABC and open a savings account with $500 plus a checking account. 30 days later take the $500 you borrowed from this bank (ABC) and pay off the loan at the first bank (XYZ).
4. 30 days later go to the first bank (XYZ) and borrow $1,000 dollars for 60 days.
5. Go to the second bank (ABC) and deposit in your savings account.
6. 30 days later go to second bank (ABC) and borrow $1,000 and go to the first bank (XYZ) and pay off the first $1,000.

You can do this with as many banks as you like. Within a year you will have built a SIGNATURE line of credit for $10,000. Simple as falling off a log. But, DO NOT mess up on your accounting, pay on time or a few days early. And do not be tempted to use one of the loans to buy some mod you really don’t need thinking you will pay it back after your next paycheck. Make this a business of building credit. It works.:rock:

 

[Dom426]

Dave Ramsey here buddy


Dom
Undefeated on the Internet

 

[shorty]

"Dave Ramsey here buddy"----no clue what this means but----OK :dontknow:

 

[mopar-or-no-car]

So let's get a higher credit line to the age group that % wise has the highest debt to income ratio??...WOW, speechless......

 

[fishin-nole]

Or you could go to Sears and get a card. Buy something you need mower, weed eater etc. You get about 6 months interest free to pay it off. Make the payment on time and pay it off within the 6 months and boom you're building good credit.

 

[VPRPWRD]

Dave Ramsey here buddy


Dom
Undefeated on the Internet

Same here, total money makeover is where it's at.

 

[mopar-or-no-car]

Dave Ramsey here buddy


Dom
Undefeated on the Internet

No its Dave's special brother...

 

[jman08]

Good advice.. nice to know...

 

[mopar-or-no-car]

This thread has now wasted 8 mins of my life I may never get back.....

 

[DOWURKSON]

Where the hell you been lately mopar?

 

[VPRPWRD]

This thread has now wasted 8 mins of my life I may never get back.....

Come on buddy, you can read faster than that!!

 

[mopar-or-no-car]

Where the hell you been lately mopar?

Busy as shit....50 hrs a week at work + side cheese after work.....

 

[mopar-or-no-car]

Come on buddy, you can read faster than that!!

I had to read it 15 times to make sure I was understanding the nonsence!!!!....The stupidity was so overwhelming that I just stood there for the other 5 mins in awe

 

[shorty]

Sorry so many already have all the answers and know all but there were those on another thread stating they had no credit and the bank would not work with them. Just trying to help the younger guys out a little. Them that know it all should not have even read this thread. Why in the world would they waste their valuable time reading something they already know? If my thread is gonna cause someone to abuse credit then they would have figured out already how to be irresponsible. Don’t need my help. But there are those that are young and inexperienced in the finance world that need a foot up.

I once saw a man start just this way building credit and he became one of Dallas’s most successful real estate moguls. Why, cause he took someone else’s advice without ridicule. Just saying

 

[mopar-or-no-car]

Sorry so many already have all the answers and know all but there were those on another thread stating they had no credit and the bank would not work with them. Just trying to help the younger guys out a little. Them that know it all should not have even read this thread. Why in the world would they waste their valuable time reading something they already know? If my thread is gonna cause someone to abuse credit then they would have figured out already how to be irresponsible. Don’t need my help. But there are those that are young and inexperienced in the finance world that need a foot up.

The young and inexperienced that you mention need help paying for there line of credit not obtaining it...plus banks don't give out 500$ loans, I don't care if you have the money to cover it...oh and if your just giving advise maybe it would be best not to contradict your self..because in another thread you posted in stated how you would never get credit for something that you couldn't pay cash for...just sayingr

 

[Dom426]

Bam snap crackled and popped on shortys old ass


Dom
Undefeated on the Internet

 

[mopar-or-no-car]

I was just saying......hello sweetie!!

 

[mopar-or-no-car]

Bam snap crackled and popped on shortys old ass


Dom
Undefeated on the Internet

Hello sweet cheeks!!!!....(I was just saying)

 

[Thumperama]

Banks do give out $500 loans, but not nearly as often as Credit Unions. Shorty's credit building advice is actually good if you're disciplined enough to stick to the plan and not spend the money foolishly.

Not many around here that would stick to the plan.

 

[trussman]

What shorty said will build credit. And like everyone knows you still have to be smart with it. I have screwed up with the dreaded credit cards in the past and am finally at a point where I don't use them. I have a vehicle loan and a mortgage. I have accepted that I will likely always have those 2(till my mortgage is paid off at least) If I were to lose my job. I would work 5 to make at least mortgage and needs. If I make enough for the car payment, then great! Us young guys have grown with a different mindset. Some think it's bad, some good. I say with me borrowing from a bank, at least I am giving several other people a job, especially when if I decide to quit paying and they have to hunt me down JK! The overall key is to not get too much in credit and not have enough to pay it. I do my best to never exceed 25% of my net income in financed stuff. Took me forever to get there tho IMHO.