Dap This thread if your credit score is above 750 AND you have no Debt. LOL

Discussion in 'Group Discussions' started by RolandG, Aug 12, 2018.

  1. RolandG

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    I have to say that I'm a lucky dude. I'm only 38 years old with a great career, financial stability, no debt and excellent credit. I'm the odd ball in my family as my parents are not the greatest with finances. My mom struggles with balancing finances and I just got my father to stop carrying wads of cash around. They both distrust banks with a passion. I've always been frugal though. Odd jobs in my teens and worked my senior year in high school and summers and holidays during college. Also, I was fortunate enough to get a full scholarship to college and was even more fortunate to have enough to get refunds back that paid for apartments and my vehicle. I'm still struck by the number of my friends who have crippling student and credit card debt. These same friends have less than stellar credit scores as well. These friends continue to make poor financial decisions to this day despite my friendly advice. Buying brand new cars and paying high payments due to bad credit, renting apartments that cost more than most people's mortgages, using their credit cards to pay for frivolous material things without paying it off in full. I can't pinpoint the exact time I became aware of how to manage my financial health and why I seem to be the only one in my family who is good at it.

    I've been financially independent of my parents since the age of 18. No loans or handouts from them since i began college. But i would say that I didn't feel financially secure until i hit 29. That's when my corporate career took off and I was earning more than enough to live, invest and help out my family when i needed.
    I'm interested to know how many people feel that they are at a point in life where their finances are in order and they feel secure. Do you have six months of savings in case of a job loss? Can you take out a loan in case of an emergency? How long do you think it will take you to get there if you aren't already?
     
  2. Sean P

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    I have a mortgage on my home (primary residence) and a mortgage on my condo (2nd home). I will pay those off within 6 years and don't see a reason to accelerate those payments. Otherwise, I am debt free and make good use of the points and miles game without churning cards.
     
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  3. Juan-Carlos

    Juan-Carlos Opps are dealt with by a savage Thanos snap. HNY
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    It was important that I improve my credit score this year. In the past, I have made the annual free request for your credit report from all three credit bureaus and sent out the dispute letters myself. Things will drop off and a few short months later reappear. I am utilizing the services of a credit repair agency since October. They charge a monthly fee of $130 and there has been significant improvement. That agency sends out monthly dispute letters to all three bureaus and monitors the information that is being reported. I wanted to commit to one year then I'll drop. My score went up 100 points so I found the service worth it.
     
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  4. acessential

    Squad Leader Best Thread Creator The 1000 Daps Club

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    I just paid off my student loans about a week ago. I got really lucky with me being so young. I have a really well paying job where I was about to pay off a $21,000+ debt in 12 months. Now I'm focused on saving. My credit score has also improved a lot after taking a nosedive early on. Although the improvement has slowed down a bit. I'm happy where I'm at right now. Definitely feel more financially secure than many of my peers.
     
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  5. Infinite_loop

    Infinite_loop Is this thing on?
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    You'll have to take my Amazon Rewards Card from my cold dead hands!!! lol I think i am starting to get addicted to those points smh...that's how they getcha.

    isn't this more nuanced than just "no debt" though?

    how can you even have a credit score that high in the first place if you didn't incur any debt[1](regardless of whether it was "good" or "bad" debt)?
    [1] What Is a Good Credit Score?
     
  6. Infinite_loop

    Infinite_loop Is this thing on?
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    forgot to add to the debate: like most of us, I have some student loans that I have been paying off since I finished college in 2014. I looked at my options at the time and decided to take a more balanced approach since I wasn't in a position to pay them off quickly and full fill my other financial obligations. I gave myself seven years, 4 done 3 more to go. Instead I focused on saving and investing(especially maximizing those employer matches, whenever possible) and it has worked well so far.

    I guess I am mid-career? now...all in all, I feel secure but I've always been drown to cities with very high cost of living which makes saving a lot harder. Theoretically speaking, I could survive 6 months of expenses with 0 income(with some adjustments) but I would sure hope not ever have to test this theory haha.
     
  7. Sean P

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    I use my cards liberally. However, I pay off each balance every month. I don't carry them over from month to month.

    You have settled in some expensive places. Yet, you have plenty of runway to save/invest aggressively for the future. Tasting the good life now will make saving and investing easier in the coming years. :shades:
     
  8. Nick Delmacy

    Nick Delmacy is a Verified MemberNick Delmacy Da Architect
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    I'm doing pretty okay for a self employed freelancer. As with any business owner there are peaks and valleys, but I could survive for a couple years if I just stopped working by choice. It would have to be by choice because, as you all have seen through my posts, work comes pretty consistently. Also, I'm pretty low maintenance, so that adds to the coffers.
     
  9. takeyourmeds91

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    I'm in tremendous debt but my credit score qualifies though lmao
     
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  10. Sean P

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    Uhhhh... If your debt is in reference to your current professional journey, you're excused. These days, if you can get a medical degree debt free, you're either a trust fund kid or a genius of nearly unmatched intellect.
     
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  11. Infinite_loop

    Infinite_loop Is this thing on?
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    [​IMG]
    cheers to tremendous debt!
     
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  12. RolandG

    Bae Material Squad Leader The 1000 Daps Club Supporter

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    Ya'll better get that credit together. These menz not gonna wanna marry you with low credit scores. LOL I'm only kidding. But it seems like most of us either have descent credit or we already have a plan to get there. No one has reported a credit score of 550 while you continue to get cars from roadside lots and then let them go back. Good Job squad.

    @Nick Delmacy and @OckyDub , i think CA members tend to have high IQ's. Sorta like readers of the New York Times. What y'all think?
     
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  13. Nick Delmacy

    Nick Delmacy is a Verified MemberNick Delmacy Da Architect
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    I’m surprised that @OckyDub hasnt chimed in on this thread. He’s always going on about credit and debt since I first met him.

    I think because so many of us went to college, that means most will have some debt. Add car leases and mortgages to that and you have all the basic ball & chains that society tells us to obtain.
     
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  14. NewAfrikan

    NewAfrikan Squad Member

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    All I can say is FUCK student loans lol.
     
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  15. RolandG

    Bae Material Squad Leader The 1000 Daps Club Supporter

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    Yeah, Ocky been MIA lately. Hope he doing good.
     
  16. Omega Level

    Omega Level DRACARYS
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    My question is, why you credit score shaming tho?
    Some of us had very irresponsible 20 something years. :mjcry1: LOL
     
  17. Winston Smith

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    Lol some of us still carry on after 20...jk!!

    I didn’t take the thread as shaming or bragging. It’s an important subject and I like that @RolandG ended initially by getting people to think about where one currently is at.

    That being said, I don’t judge myself or others on an exact FICO score as much as demonstration of exercising goals, plans, etc. even if the FICO ain’t star level. For myself, I spent most of the past years and dollars taking care of elderly, handicapped parents and raising a son so my score is ok but below what someone in my professional station usually has. Ironically, those I’ve taken care of now have have perfect credit!

    As @Sean P cited in his mortgages, it’s also why you have debt and what you’re accomplishing. If it’s a reasonable mortgage or sensible business financing debt, not a problem.
     
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  18. Jai

    Jai Being strong minded.
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    Hmm.. I feel like the odd ball. I am totally disconnected with those things of the world. I do have a student loan from me being rebellious against my parents wishes. My loan debt isn't high. It's only like 10,000.

    I live a very low-key life, though I do have my own and take care of myself I've never really paid attention to any of those things to be honest.

    Even when I'm at work checking over client functionality and/or doing testing reports I hear some of my employees talking about something like that.

    The only thing I would like to have is a beach house where I can write and enjoy somewhere exotic to myself and maybe invite my best friend of 20+ years down to relax (if I can get him out of the country) and what not.

    Honestly, I don't even care to live in luxury. I'd love to quit my job and become a full time writer. My associates think I'm weird since I don't want to get married, date, kids..blah blah and all that other mess.

    If I did happen to get a competitive author advance, I'd probably shelve some off to my mother, donate some charity and get that beach house. Haha
     
  19. Nick Delmacy

    Nick Delmacy is a Verified MemberNick Delmacy Da Architect
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    Not even just in your 20s. Not too long ago had an old Wells Fargo Credit Card that got an automatic Credit Limit Increase and that cause my score to drop 40 points!

    As a dude who tries to save up pay cash for as much as possible, I rarely pay attention to this stuff though. I was raised to not buy something until you can afford to, not on credit. I know there are grey areas to that, especially for big ticket items like a whole house. But its so much freeing to not have everything you "own" actually belong to a bank somewhere.
     
  20. Sean P

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    Before credit card companies started offering lucrative rewards programs and when American Express and Diners Club were the only premium credit cards, I was all about cash and my Amex.

    While my philosophy around spending hasn't changed, don't spend more than the amount of cash that you actually have on hand, my approach to credit card use has changed. I am disciplined and use credit responsibly so the lucrative rewards programs, transferable points for "free" travel and lodging, sign up bonuses, bonus categories, cash back, purchase price protection, travel protection, free hotel nights, etc. are perks that I value and wouldn't want to pass up.

    Credit cards don't have to be a demon for many people, but they often shy away because they have seen friends and family fall into a debt spiral that they never escape.
     
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  21. Nick Delmacy

    Nick Delmacy is a Verified MemberNick Delmacy Da Architect
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    Agreed. If you have the available funds to cover the purchases and you’re using rewards credit cards as a strategy to get freebies and discounts, I’m all for it...

    I have a close friend who does this with his Chase card (I think it was Chase, it was one of those heavy black cards with the special chip in it). He used it the whole time while we were on a trip to rack up points, but he paid off the balances before the interest kicked in.

    This is not what the majority of people who have credit and cards do though. They use it to buy things they can’t afford to get without installment plans. Obviously this gets more complicated when we go into buying homes. Using credit to take possession of a home and using the freed up funds to make renovations to increase its value is smart (-ish. It could backfire if the property becomes hard to sell in the future).
     
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  22. Sean P

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    Exactly!

    Personally, I'm not a big fan of home equity lines of credit if you have the time and patience to save money. I did a major remodel of my home 12 years ago and took out a construction loan, which converted to a mortgage upon completion of the project. For my condo, I have either paid out of pocket for renovations or insurance has covered them.
     
  23. Winston Smith

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    As someone who once worked in collections and bankruptcy, I’d caution that many people aren’t using credit cards to live the high life, they’re buying basic necessities like groceries and paying rent with them. And as income inequality increases, I’m afraid it might get worse before better.

    The credit card companies sold Congress a bunch of “welfare queen” narratives about card users and bankruptcy, which is why we got the 2005 BAPCPA reform law which made it harder to discharge debts. Of course they played themselves, as most people filing in the second Bush administration were filing because they were underwater in the mortgage not card debt. So a lot of card debt was easily dismissed during the Great Recession since secured debt (mortgages) takes precedent over unsecured debt (most consumer credit lines).

    The biggest thing once you get out of debt is to not go back into old ways and venues. That’s why it’s somewhat easy to get a new credit card or car loan after a bankruptcy discharge (albeit at higher rates). They know you have no legal recourse for years after a discharge and they can make your life a miserable hell through liens, garnishments, judgments, debtor exams, and other collection actions.

    And as @Sean P mentioned, HELOCs are generally bad. They were the major reason for most of the bankruptcies I saw during the Freat Recession, people treating home equity like Zsa Zsa Gabor on Rodeo Drive...
     
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  24. Nick Delmacy

    Nick Delmacy is a Verified MemberNick Delmacy Da Architect
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    Can we also discuss how @RolandG basically created this thread to find 750+ credit score Squad member DMs to jump into... :tears:

    [​IMG]
     
  25. machoBLKnerd

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    my credit is excellent and i save well. what i need is the conversation about retirement and investments. i simply don't know where to start re: investing and every advisor with whom i speak sounds like a shark.

    also, i agree w/ @Sean P about the utility of credit cards when used with discipline. i stacked up over $600 in cash rewards which then covered much of my trips to miami and nola this summer.
     
    #25 machoBLKnerd, Aug 16, 2018
    Last edited: Aug 16, 2018
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  26. Sean P

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    @machoBLKnerd While I've had the same financial advisor for years, I started investing extra cash with a robo advisor more than a year ago to compare the returns (The robo advisor fees are lower than the fees charged by their human counterparts.). Take a look at https://www.betterment.com as well as Financial planning and investing with Wealthfront couldn't be easier. We do it for you. I use Betterment and have been pleased with it.
     
    #26 Sean P, Aug 16, 2018
    Last edited: Aug 16, 2018
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  27. Winston Smith

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    Lol, it’s called Social Darwinism
    [​IMG]
     
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  28. Winston Smith

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    @machoBLKnerd in addition to @Sean P words, I’d also tell anyone to get into some general business instruction on a daily basis and replace what passes for “news” in this country for factual information. Even though you may hire a financial advisor, you want to have an idea of what’s going on, not just blindly follow the professional advice like so many Madoff people did.

    Ric Edelman’s weekly podcast is a good general place to start (avoid Dave Ramsey and Suze Orman). I also like the Goldman Sachs podcast as they deal with factual trends. If you have cable or a service like Roku or Sling, ditch CNN and MSNBC for Bloomberg Network and Cheddar TV.

    Avoid “pop business” garbage like Jim Cramer, CNBC, or Fox Business News channel, especially tv talking heads that push individual stock picks. I avoided the 2008 crash effects because I was cognizant of peddlers of puffery like Cramer and the Wall Street Journal, both of whom were still pushing HELOCs, collateralized debt, and multiple home buying even as the world economy was starting to tank in Summer 2007.

    To get a decent overview of what stocks, funds, etc are, find a good used study guide for the Series 7 exam. The 7 is the exam you take in order to become a securities dealer or stock broker. I kept my study guide from 2006 (I was going to get a license before I took my gummint job) and despite a few changes (e.g. the regulatory body NASD, for which NASDAQ is named, is now called FINRA) the general info is the same and will give you a good overall self-education on investment market basics.
     
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