Investment BS Thread - Stocks/Futures/Mutual Funds/Bonds/Commodities/Options/ETFs/401ks/Etc

A small amount of hard pulls won't matter, and they fall off somewhat quickly. When my bank did it that way, I'd ask for a crazy high amount when I asked for an increase, and they'd settle somewhere in the middle (but I'd get an increase). Otherwise, if you shoot too low, you'll get it, but never know what you could have got.

 

I used to have a pretty high credit limit on my card, somebody else bought something with it totaling up to about $500. I didnt have to pay for it but it made me think. What if they bought a dirt bike or something for like $8000 and the credit card company wanted to fight me over it? After that I had my credit limit put back down to about 2k so if I did get stuck with a bill it wouldn't be as high.
Also when I used to get my credit limit raised it was a hard pull and dropped my score some for a few months.
If you dont get your low advertised rate you may be able to refinance the house after a year to get the intrest rate you want if they are still this low then.

 

I'm always looking for a new card i can routinely use and raise my line of credit. if you guys have any recommendations to look into.

I'm stuck around 780.

I use the costco card and citi double cash card for everything. I don't even have a debit card anymore.

I got the Savor card for that $500 + 1% cash back and once I hit that I closed the card due to it being $95 a year.

 

Which bank do you use? If Bank of America, I can probably guide you in the right direction, I have tried most of their cash back cards.

 

i do not use bank of america, but I will say the cash rewards card is interesting depending on how well the 3% back on your choice of bonus works.

 

I am now using the "Travel Rewards" card. It is nothing like it sounds. You redeem your rewards as cash, which goes on your credit card balance. The only thing travel related is that you can only redeem against travel related purchases. The bank categorizes things, and a lot of things you wouldn't expect fall into the travel category. I haven't had an issue having enough to redeem against and I don't go on vacation much. You get more money back from this card than the "Cash Rewards" card, I used to have that, and this one is much better.

 

On the USAA website you just ask for a "raise", but it didn't ask for specifics.

 

I’ve been around 740-800 for the past decade. (My score dipped to 740 when I paid my fj cruiser off and had no debt) Really the only ding on my credit report is the fact I’ve never had a mortgage/or lack of real estate history. I’m in the process of buying a house and my lender has advised me not to open new credit lines. Worrying bout your credit score to buy a house when you’re in the 760 range is pointless if you are a first time buyer. I’m no real estate or financial advisor but I’ve found that making the lenders compete and go to war with each other will be more effective at getting the best rate than trying to bump up your credit score. (If you really do have a 760+)

 

Well I have taught the Dave Ramsey class more times than I can count- I think his description of it that it is a debt score not a credit score is pretty accurate because they are measuring how you manage/use debt. Talking with my mortgage guy when I was doing real Estate- there are many algorithms on pulling a credit score- home industries/car industries/etc all have there own weight metrics- IT really can become a game chasing credit- Listening to you- can you ration out how that you never missed a payment and held substantial loan amounts somehow dont have a perfect credit score? I would encourage you quit the game- lose the cards. No one ever claimed the secret to their wealth was the accumulation of airline mileage points.

 

Turning down free money for doing nothing but spending your money how you normally would is pretty ridiculous. If you're even halfway decent with your money, Ramsey's advice on many topics is mediocre at best.

 

It is free money because many people fall for it and cant make the payoff. You are making a broad sweeping assumption, after doing this class as many years as I have, on the financial savviness of the average individual- his advice is rock-star level for these people. Look at it simply as a algorithm- if you follow the plan you will get debt free- your net worth will improve. It is extremely conservative, in a huge effort to minimize risk. The ultimate K.I.S.S. system! it ignores marketing gimmicks and leveraging because it takes into account that 90% people dont have the personal discipline to play those games. Or in my case I like not having to write any checks to nobody at the end of the month.

 

Yes, for people who are terrible with money, his advice is fine. Unless you want to pay off your debts as cheaply as possible.

Personally, I like getting a discount on everything I buy.

 

I use my rewards card instead of my debit card, never paid a penny on interest, just transfer the money from checking every few days (where it would be used by the debit card anyways). I do agree though, they must make money by offering the rewards, or they wouldn’t be doing it. I bet a lot of people do exactly what I do for the free cash though.

 

It's the people subscribing to DR that have been paying us the free money.

There is a lot more if them than us.

 

The CC companies are raking in money hand over fist off people who think they're winning by putting their new $2500 TV on a CC they wont pay off, at 20% interest, but getting 5% cash back lol

But if it takes a guy yelling at you to realize thats a crappy move, then they probably have more issues than a credit card

 

You’re right. Treat it like cash (that you already have) and you’ll be good. Actually, I hope everyone doesn’t do that or my rewards will go away lol

 

They don't get the cash back Money unless they pay it off before the end if the month.

Because they don't pay it off at the end if the month, we get the money.

 

If anyone here have not taken a course its got some meat to it. About half way through you get to the insurance portion and the budgeting/emergency fund/debt free concepts come together and a light comes on- you can self insure yourself through the minor issues of life- modify your deductibles and what is proper insurance to carry- You are no longer reactionary but looking forward. They can retain more of their income and build wealth. Had some good times.

One observation over the 10 years I have done this- It is more behavioral than head knowledge- you can almost see who will drop out. Every person/couple I have ever seen that got gifted/scholar-shipped the class never completed it.

 

Anybody who advocates a written budget and avoiding debt is doing it right.