TLS c/o 2020 - In #Squad We Trust Forum

[chargers21]

Got a new amex card today and they gave me a $10k limit - my current card is only $2k and my income definitely doesn't warrant that high of one.. I mean my credit is good but

You all keep me responsible okay - this is just for me to get cash back on groceries lol

This is why I don't have a CC. One day I'd be using it just for gas and next thing I know I'd be traveling across Europe. It's a slippery slope.

I get the worry but you really should open credit lines to improve your credit score and lengthen your credit history. Only set your monthly expenses (Netflix, Spotify) on your credit cards (and set them aside with automatic payment set up) if you are that worried about compulsive shopping.

Ignore if you sleep and will continue to sleep on piles of Benjamins even after LS.

If my credit score is over 700 without a cc I should be fine without one, right?

[ashrice13]

Got a new amex card today and they gave me a $10k limit - my current card is only $2k and my income definitely doesn't warrant that high of one.. I mean my credit is good but

You all keep me responsible okay - this is just for me to get cash back on groceries lol

This is why I don't have a CC. One day I'd be using it just for gas and next thing I know I'd be traveling across Europe. It's a slippery slope.

I get the worry but you really should open credit lines to improve your credit score and lengthen your credit history. Only set your monthly expenses (Netflix, Spotify) on your credit cards (and set them aside with automatic payment set up) if you are that worried about compulsive shopping.

Ignore if you sleep and will continue to sleep on piles of Benjamins even after LS.

Luckily, I have an excellent credit score without a credit card. I just chose to build by credit other ways.

I wish a slept on piles of benjamins. BRB - praying to the LS gods now.

[ashrice13]

Got a new amex card today and they gave me a $10k limit - my current card is only $2k and my income definitely doesn't warrant that high of one.. I mean my credit is good but

You all keep me responsible okay - this is just for me to get cash back on groceries lol

This is why I don't have a CC. One day I'd be using it just for gas and next thing I know I'd be traveling across Europe. It's a slippery slope.

I get the worry but you really should open credit lines to improve your credit score and lengthen your credit history. Only set your monthly expenses (Netflix, Spotify) on your credit cards (and set them aside with automatic payment set up) if you are that worried about compulsive shopping.

Ignore if you sleep and will continue to sleep on piles of Benjamins even after LS.

If my credit score is over 700 without a cc I should be fine without one, right?

Yes. Credit cards are the most common/accesible way to build credit but not the only way. You can build credit with many small purchases over time (i.e. credit card) or a few large purchases paid off slowly (i.e. car or mortgage). Either option works perfectly fine on their own!

[guynourmin]

Got a new amex card today and they gave me a $10k limit - my current card is only $2k and my income definitely doesn't warrant that high of one.. I mean my credit is good but

You all keep me responsible okay - this is just for me to get cash back on groceries lol

This is why I don't have a CC. One day I'd be using it just for gas and next thing I know I'd be traveling across Europe. It's a slippery slope.

I get the worry but you really should open credit lines to improve your credit score and lengthen your credit history. Only set your monthly expenses (Netflix, Spotify) on your credit cards (and set them aside with automatic payment set up) if you are that worried about compulsive shopping.

Ignore if you sleep and will continue to sleep on piles of Benjamins even after LS.

If my credit score is over 700 without a cc I should be fine without one, right?

credit-wise, yes. There are a lot of benefits to having a credit card, though. they are safer (rather have someone steal your credit card than your debit card! chargebacks are easier too), they are good for holding hotel rooms and cars, the rewards aren't bad (I get 2% cash back). There are emergencies you cannot plan for, too, although ymmv there

[waldorf]

Got a new amex card today and they gave me a $10k limit - my current card is only $2k and my income definitely doesn't warrant that high of one.. I mean my credit is good but

You all keep me responsible okay - this is just for me to get cash back on groceries lol

This is why I don't have a CC. One day I'd be using it just for gas and next thing I know I'd be traveling across Europe. It's a slippery slope.

I get the worry but you really should open credit lines to improve your credit score and lengthen your credit history. Only set your monthly expenses (Netflix, Spotify) on your credit cards (and set them aside with automatic payment set up) if you are that worried about compulsive shopping.

Ignore if you sleep and will continue to sleep on piles of Benjamins even after LS.

Seriously, this. My credit score is good (around 730) but what holds me back is the length of history (1 year) because I was too scared to get a CC in college. This has also hindered me from applying for a second credit card.

[waldorf]

Got a new amex card today and they gave me a $10k limit - my current card is only $2k and my income definitely doesn't warrant that high of one.. I mean my credit is good but

You all keep me responsible okay - this is just for me to get cash back on groceries lol

This is why I don't have a CC. One day I'd be using it just for gas and next thing I know I'd be traveling across Europe. It's a slippery slope.

I get the worry but you really should open credit lines to improve your credit score and lengthen your credit history. Only set your monthly expenses (Netflix, Spotify) on your credit cards (and set them aside with automatic payment set up) if you are that worried about compulsive shopping.

Ignore if you sleep and will continue to sleep on piles of Benjamins even after LS.

If my credit score is over 700 without a cc I should be fine without one, right?

credit-wise, yes. There are a lot of benefits to having a credit card, though. they are safer (rather have someone steal your credit card than your debit card! chargebacks are easier too), they are good for holding hotel rooms and cars, the rewards aren't bad (I get 2% cash back). There are emergencies you cannot plan for, too, although ymmv there

Also this. SO MUCH SAFER.

My wallet was stolen and my credit card was maxed out, debit card used, etc. My bank took three weeks to refund me and the process was miserable - tons of paperwork, phone calls, etc. (my bank may be worse than others, though. There are other reasons I have been wanting to switch). My credit card company refunded me within 24 hours so that I had my money while they investigated and were SO helpful. Love them.

[Assasindowntheavenue]

Got a new amex card today and they gave me a $10k limit - my current card is only $2k and my income definitely doesn't warrant that high of one.. I mean my credit is good but

You all keep me responsible okay - this is just for me to get cash back on groceries lol

This is why I don't have a CC. One day I'd be using it just for gas and next thing I know I'd be traveling across Europe. It's a slippery slope.

I get the worry but you really should open credit lines to improve your credit score and lengthen your credit history. Only set your monthly expenses (Netflix, Spotify) on your credit cards (and set them aside with automatic payment set up) if you are that worried about compulsive shopping.

Ignore if you sleep and will continue to sleep on piles of Benjamins even after LS.

Seriously, this. My credit score is good (around 730) but what holds me back is the length of history (1 year) because I was too scared to get a CC in college. This has also hindered me from applying for a second credit card.

Seriously you should think about getting a CC or two. It's hard enough getting a loan for a car/home with just credit cards and small loans here and there. I can't imagine what it's going to be like with no cards at all.

[Stylnator]

Got a new amex card today and they gave me a $10k limit - my current card is only $2k and my income definitely doesn't warrant that high of one.. I mean my credit is good but

You all keep me responsible okay - this is just for me to get cash back on groceries lol

This is why I don't have a CC. One day I'd be using it just for gas and next thing I know I'd be traveling across Europe. It's a slippery slope.

I get the worry but you really should open credit lines to improve your credit score and lengthen your credit history. Only set your monthly expenses (Netflix, Spotify) on your credit cards (and set them aside with automatic payment set up) if you are that worried about compulsive shopping.

Ignore if you sleep and will continue to sleep on piles of Benjamins even after LS.

Seriously, this. My credit score is good (around 730) but what holds me back is the length of history (1 year) because I was too scared to get a CC in college. This has also hindered me from applying for a second credit card.

Currently working on burning through my sixth credit card for the bonus. My score usually fluctuates mid to high 700s. The number of credit cards you have has very little to do with your credit score. Your debt utilization ratio (how much money you spend versus your total overall credit limit across all cards) is what matters as well as the age of your accounts. No one cares if you have 20 credit cards but have been paying your bills on time (and in full) every month for a decade.

[Thomas Hagan, ESQ.]

Random question of the day:

Would you rather pay sticker

OR a full tuition scholarship but have to take out Payday loans for your COL?

[shotgunheist]

Random question of the day:

Would you rather pay sticker

OR a full tuition scholarship but have to take out Payday loans for your COL?

yale law tution: 60k a year, 180k total, with interest 200k~

col: 20k a year, 60k total, payday 400% apr, 240k~

so adding col to yale, payday may be a few thousand cheaper but it hurts to look at

[Thomas Hagan, ESQ.]

Random question of the day:

Would you rather pay sticker

OR a full tuition scholarship but have to take out Payday loans for your COL?

yale law tution: 60k a year, 180k total, with interest 200k~

col: 20k a year, 60k total, payday 400% apr, 240k~

so adding col to yale, payday may be a few thousand cheaper but it hurts to look at

Oh god.....

[Dr.Degrees_Cr.Cash]

Random question of the day:

Would you rather pay sticker

OR a full tuition scholarship but have to take out Payday loans for your COL?

Sticker and it's not even close.

Just assuming 400% APR, your 25K in your first year will explode before you're even out of school

E: LOL I just ran a quick FV analysis, avg Harvard COL with Pay Day loan APR (400%) and no payments in school (not a possibility in the real world) would make the 28K estimate in your first year worth

$3.6 million

By the time you graduate.

[Dr.Degrees_Cr.Cash]

Random question of the day:

Would you rather pay sticker

OR a full tuition scholarship but have to take out Payday loans for your COL?

yale law tution: 60k a year, 180k total, with interest 200k~

col: 20k a year, 60k total, payday 400% apr, 240k~

so adding col to yale, payday may be a few thousand cheaper but it hurts to look at

This isn't considering the growth throughout your 3 years. @400% that is important for the payday loan

[Thomas Hagan, ESQ.]

Random question of the day:

Would you rather pay sticker

OR a full tuition scholarship but have to take out Payday loans for your COL?

yale law tution: 60k a year, 180k total, with interest 200k~

col: 20k a year, 60k total, payday 400% apr, 240k~

so adding col to yale, payday may be a few thousand cheaper but it hurts to look at

This isn't considering the growth throughout your 3 years. @400% that is important for the payday loan

LOL that's true, I completely overlooked that crucial part. That's pure insanity.

[shotgunheist]

Random question of the day:

Would you rather pay sticker

OR a full tuition scholarship but have to take out Payday loans for your COL?

yale law tution: 60k a year, 180k total, with interest 200k~

col: 20k a year, 60k total, payday 400% apr, 240k~

so adding col to yale, payday may be a few thousand cheaper but it hurts to look at

This isn't considering the growth throughout your 3 years. @400% that is important for the payday loan

forgot about that!

[R. Jeeves]

Random question of the day:

Would you rather pay sticker

OR a full tuition scholarship but have to take out Payday loans for your COL?

yale law tution: 60k a year, 180k total, with interest 200k~

col: 20k a year, 60k total, payday 400% apr, 240k~

so adding col to yale, payday may be a few thousand cheaper but it hurts to look at

This isn't considering the growth throughout your 3 years. @400% that is important for the payday loan

forgot about that!

sum(20000*(1+4)^n,1,3)= $3,100,000 at graduation if youre borrowing 20k yearly and it's compounding yearly at 400%

but idk if that's how interest for payday loans works. i thought they had some weird fee structure

[Monday]

.

[Stylnator]

Got a new amex card today and they gave me a $10k limit - my current card is only $2k and my income definitely doesn't warrant that high of one.. I mean my credit is good but

You all keep me responsible okay - this is just for me to get cash back on groceries lol

This is why I don't have a CC. One day I'd be using it just for gas and next thing I know I'd be traveling across Europe. It's a slippery slope.

I get the worry but you really should open credit lines to improve your credit score and lengthen your credit history. Only set your monthly expenses (Netflix, Spotify) on your credit cards (and set them aside with automatic payment set up) if you are that worried about compulsive shopping.

Ignore if you sleep and will continue to sleep on piles of Benjamins even after LS.

Seriously, this. My credit score is good (around 730) but what holds me back is the length of history (1 year) because I was too scared to get a CC in college. This has also hindered me from applying for a second credit card.

Currently working on burning through my sixth credit card for the bonus. My score usually fluctuates mid to high 700s. The number of credit cards you have has very little to do with your credit score. Your debt utilization ratio (how much money you spend versus your total overall credit limit across all cards) is what matters as well as the age of your accounts. No one cares if you have 20 credit cards but have been paying your bills on time (and in full) every month for a decade.

It is true that the actual number of credit cards is irrelevant to the score, but it affects how you approach maintaining great utilization ratios. If you have just one and the limit isn't high enough compared to your spending, your ratio would of course be not optimal. Having multiple cards allows you to "spread" costs to maintain <30% utilization. Of course, frequent balance payments negate the need for this, but a large chunk of people live counting the days to payday.

I guess I was just assuming that people could control their spending even if they had multiple credit cards, but yeah it doesn't matter if you're living paycheck to paycheck. But I think at this point you shouldn't really worry about your credit score b/c you'd need to focus on saving what little you can.

[shotgunheist]

be careful y'all, don't forget every time you type 'payday loan' on the internet your credit score goes down a point

[R. Jeeves]

Got a new amex card today and they gave me a $10k limit - my current card is only $2k and my income definitely doesn't warrant that high of one.. I mean my credit is good but

You all keep me responsible okay - this is just for me to get cash back on groceries lol

This is why I don't have a CC. One day I'd be using it just for gas and next thing I know I'd be traveling across Europe. It's a slippery slope.

I get the worry but you really should open credit lines to improve your credit score and lengthen your credit history. Only set your monthly expenses (Netflix, Spotify) on your credit cards (and set them aside with automatic payment set up) if you are that worried about compulsive shopping.

Ignore if you sleep and will continue to sleep on piles of Benjamins even after LS.

Seriously, this. My credit score is good (around 730) but what holds me back is the length of history (1 year) because I was too scared to get a CC in college. This has also hindered me from applying for a second credit card.

Currently working on burning through my sixth credit card for the bonus. My score usually fluctuates mid to high 700s. The number of credit cards you have has very little to do with your credit score. Your debt utilization ratio (how much money you spend versus your total overall credit limit across all cards) is what matters as well as the age of your accounts. No one cares if you have 20 credit cards but have been paying your bills on time (and in full) every month for a decade.

i was about to churn my 6th CC but i thought I should stop before it came time to take those student loans out. does it actually not matter though? I though opening up a bunch of CCs in a short period of time negatively affects your score. my score also mid 700s, so could prob sustain a short term hit, but idk, ive been hesitant to open up another CC for some reason.

[Thomas Hagan, ESQ.]

be careful y'all, don't forget every time you type 'payday loan' on the internet your credit score goes down a point

shoot...i genuinely hope not because you won't believe how many times I've asked people "can you loan me $1, I want to get a Payday chocolate bar from the vending machines" on facebook.

[Stylnator]

Got a new amex card today and they gave me a $10k limit - my current card is only $2k and my income definitely doesn't warrant that high of one.. I mean my credit is good but

You all keep me responsible okay - this is just for me to get cash back on groceries lol

This is why I don't have a CC. One day I'd be using it just for gas and next thing I know I'd be traveling across Europe. It's a slippery slope.

I get the worry but you really should open credit lines to improve your credit score and lengthen your credit history. Only set your monthly expenses (Netflix, Spotify) on your credit cards (and set them aside with automatic payment set up) if you are that worried about compulsive shopping.

Ignore if you sleep and will continue to sleep on piles of Benjamins even after LS.

Seriously, this. My credit score is good (around 730) but what holds me back is the length of history (1 year) because I was too scared to get a CC in college. This has also hindered me from applying for a second credit card.

Currently working on burning through my sixth credit card for the bonus. My score usually fluctuates mid to high 700s. The number of credit cards you have has very little to do with your credit score. Your debt utilization ratio (how much money you spend versus your total overall credit limit across all cards) is what matters as well as the age of your accounts. No one cares if you have 20 credit cards but have been paying your bills on time (and in full) every month for a decade.

i was about to churn my 6th CC but i thought I should stop before it came time to take those student loans out. does it actually not matter though? I though opening up a bunch of CCs in a short period of time negatively affects your score. my score also mid 700s, so could prob sustain a short term hit, but idk, ive been hesitant to open up another CC for some reason.

Well you would need to determine if that card company would do a hard or soft pull for the card you'd want to open. If it's a soft pull then you wouldn't need to worry about it affecting your credit score in a significant enough way to impact your ability to receive loans for law school. In addition, federal loans are not disbursed based on an applicants credit score. If you are taking out private loans to attend law school (a horrible decision that I would advise almost anyone against) then yes your credit score matters, but again, opening additional credit cards with a soft pull and a long history of good credit would have minimal effect on your ability to receive student loans.

Also, please don't take out private loans for law school.

[Anon.y.mousse.]

Got a new amex card today and they gave me a $10k limit - my current card is only $2k and my income definitely doesn't warrant that high of one.. I mean my credit is good but

You all keep me responsible okay - this is just for me to get cash back on groceries lol

This is why I don't have a CC. One day I'd be using it just for gas and next thing I know I'd be traveling across Europe. It's a slippery slope.

I get the worry but you really should open credit lines to improve your credit score and lengthen your credit history. Only set your monthly expenses (Netflix, Spotify) on your credit cards (and set them aside with automatic payment set up) if you are that worried about compulsive shopping.

Ignore if you sleep and will continue to sleep on piles of Benjamins even after LS.

Seriously, this. My credit score is good (around 730) but what holds me back is the length of history (1 year) because I was too scared to get a CC in college. This has also hindered me from applying for a second credit card.

Currently working on burning through my sixth credit card for the bonus. My score usually fluctuates mid to high 700s. The number of credit cards you have has very little to do with your credit score. Your debt utilization ratio (how much money you spend versus your total overall credit limit across all cards) is what matters as well as the age of your accounts. No one cares if you have 20 credit cards but have been paying your bills on time (and in full) every month for a decade.

i was about to churn my 6th CC but i thought I should stop before it came time to take those student loans out. does it actually not matter though? I though opening up a bunch of CCs in a short period of time negatively affects your score. my score also mid 700s, so could prob sustain a short term hit, but idk, ive been hesitant to open up another CC for some reason.

Well you would need to determine if that card company would do a hard or soft pull for the card you'd want to open. If it's a soft pull then you wouldn't need to worry about it affecting your credit score in a significant enough way to impact your ability to receive loans for law school. In addition, federal loans are not disbursed based on an applicants credit score. If you are taking out private loans to attend law school (a horrible decision that I would advise almost anyone against) then yes your credit score matters, but again, opening additional credit cards with a soft pull and a long history of good credit would have minimal effect on your ability to receive student loans.

Also, please don't take out private loans for law school.

Fairly sure that the GradPLUS loan or whatever is based on credit score. Now the fed gov's definition of "good credit" is probably looser than that of a private lender, but they still check it.

[Stylnator]

i was about to churn my 6th CC but i thought I should stop before it came time to take those student loans out. does it actually not matter though? I though opening up a bunch of CCs in a short period of time negatively affects your score. my score also mid 700s, so could prob sustain a short term hit, but idk, ive been hesitant to open up another CC for some reason.

Well you would need to determine if that card company would do a hard or soft pull for the card you'd want to open. If it's a soft pull then you wouldn't need to worry about it affecting your credit score in a significant enough way to impact your ability to receive loans for law school. In addition, federal loans are not disbursed based on an applicants credit score. If you are taking out private loans to attend law school (a horrible decision that I would advise almost anyone against) then yes your credit score matters, but again, opening additional credit cards with a soft pull and a long history of good credit would have minimal effect on your ability to receive student loans.

Also, please don't take out private loans for law school.

Fairly sure that the GradPLUS loan or whatever is based on credit score. Now the fed gov's definition of "good credit" is probably looser than that of a private lender, but they still check it.

Ah yes you're right! I was just thinking of stafford but if you go with the GradPLUS they will do a credit check. But I'm pretty sure one's ability to receive this doesn't depend on opening a credit card - they look more at bankruptcies, defaults, and other things that go into bad credit

[R. Jeeves]

i was about to churn my 6th CC but i thought I should stop before it came time to take those student loans out. does it actually not matter though? I though opening up a bunch of CCs in a short period of time negatively affects your score. my score also mid 700s, so could prob sustain a short term hit, but idk, ive been hesitant to open up another CC for some reason.

Well you would need to determine if that card company would do a hard or soft pull for the card you'd want to open. If it's a soft pull then you wouldn't need to worry about it affecting your credit score in a significant enough way to impact your ability to receive loans for law school. In addition, federal loans are not disbursed based on an applicants credit score. If you are taking out private loans to attend law school (a horrible decision that I would advise almost anyone against) then yes your credit score matters, but again, opening additional credit cards with a soft pull and a long history of good credit would have minimal effect on your ability to receive student loans.

Also, please don't take out private loans for law school.

Fairly sure that the GradPLUS loan or whatever is based on credit score. Now the fed gov's definition of "good credit" is probably looser than that of a private lender, but they still check it.

Ah yes you're right! I was just thinking of stafford but if you go with the GradPLUS they will do a credit check. But I'm pretty sure one's ability to receive this doesn't depend on opening a credit card - they look more at bankruptcies, defaults, and other things that go into bad credit

thanks for the info guys

gonna figure out what card to churn to fund a trip to california now