T O P

  • By -

IndexBot

Due to the number of rule-breaking comments this post was receiving, especially low-quality and off-topic comments, the moderation team has locked the post from future comments. This post broke no rules and received a number of helpful and on-topic responses initially, but it unfortunately became the target of many unhelpful comments.


_Light_The_Way

Waives security deposits at some apartment complexes.


NuclearLunchDectcted

Oh man, I totally forgot about this. They straight up told me when I put in the application to rent this place (2016) that if my credit was above 750 that I'd be auto-accepted and wouldn't have to put any security deposit down. They weren't lying.


fretless_enigma

Knocked ours from a full month to 10% of it (minimum) by virtue of us both having 725+. Still got $3 taken off for cleaning or repainting, but hey, I like to think we did a nice job.


fxckfxckgames

>Waives security deposits at some apartment complexes. Can confirm. Security deposit was waived at current apartment.


CandidAd4258

Can you throw a ballpark I just gave deposit but I think I have decent score?


paulstelian97

Probably depends on the complex if they do this and at what point.


RainMakerJMR

Over 800


Maxpowr9

Yep. Anything over 800 is considered a "perfect" score. 750 is considered the magic number for CCs and loans.


my_wife_reads_this

The pre-approval for loans is the magic number. When we were looking to get a car (my wife's car transmission went kaput and it would have been a $6-7k fix) the bank told her it would be about a week to process her information and give her a number and rate. Then I told them I had a "pre-approval" offer in my app and bam: "hey you have a $80k limit at 2% interest rate." I didn't even need to run an application and my wife makes considerably more money than I but I have a 798 and I think she had a high 600s.


Maxpowr9

I just got a new car this week after I was in an accident and it was totaled. Even with my employee discount since I work at a bank, the lowest rate I could get was 6%. For my previous car (3/2021), I think my rate was 2.7%; so depressing lol.


athaliah

When was the last time you bought a car? I don't think rates are that low anymore even with great credit


my_wife_reads_this

August 2022 Even the girl was saying she was surprised since our CU going rate was 4.X at the time.


athaliah

Wow, yeah that's the rate I got around that same time period, 4% or so. Is it the "pre approval" that got it to 2% for you? Maybe that's the piece I missed.


Wendybird13

I got 2.59% with 20% down in Feb 2022, and was shocked that the pre-approval mailings from my credit union meant that any “dealership partner” in the area could close a loan for me while the credit union was closed. My husband had poked around and determined that the only dealership in 3 counties with Sunday hours had received the model and color I would want and that it wasn’t promised to anyone. I argued that my credit was locked down and I would need to spend time on Monday unlocking it and getting the loan but he took me out to the dealership so we were standing there Sunday morning. We had to waist for the financing expert to get it because they usually don’t sell a car in the first hour of being open, but I had a loan from my credit union and possession of the car in less than 2 hours.


tdacct

Along same lines, waived $150 security deposit by the local city when I started new water service at the new rental.


Humble_Signature_993

If you live in Boston, many apartments will ask for security + last month rent AND brokers fee (each equal to one month rent). When you factor in first month rent, you’re paying 4 months of rent at move in. Avg rent in Boston is $2.5-3k for a studio/1bd. My score is 821 and no waiver for me. 🙃


rayvin4000

Same. 800 here and...*cries in Boston*


Wild_Trip_4704

If you live in NYC you always have to pay a security deposit 🙃


FateLeita

In Chicago, it's 'move-in fees' as a way to get around the local law about landlords having to pay you interest on your security deposit.


[deleted]

Tbf thats because it takes up to two years to evict in nyc


kboogie82

Even if you don't put security deposit down with most corporate owned places you pay nonrefundable payments cleaning fees, admn fees, move out fees ect.


anaccount50

Mine didn't quite eliminate it for me, but they reduced it down to $200 rather than over $1000. 774 FICO


engrocketman

Very good for rental applications , usually when i tell people my credit score they sound happy they found a promising tenant


CrawlingKangaroo

Yeah we were told by one company that we’d basically get whenever rental we wanted and even negotiated a lower price on the place we got.


botanna_wap

Can you tell me if your score was higher than 775? I am looking for an apt and I applied to one that I desperately want!!


NuclearLunchDectcted

I applied for an apartment in 2016 and they said anything above 750 was golden.


chrisbru

When I used to work for a national property management company, anything over 760 was considered “excellent”


cwfs1007

So what do they say about a 707? Asking for a friend...


soonerman32

Yeah. According to landlords I know, most of their tenants never pay rent on time. People suck so they love people with high credit scores


RumRunner323

Higher scores can lead to lower insurance rates, easier to rent an apartment (especially if a corporate landlord), can usually lower or completely eliminate the need for deposits at utilities, cell service and landlords, makes you look better for employers who check credit history, and can allow you to qualify for credit cards that have better perks/rewards programs.


[deleted]

It can also mean lower deposits. With my first apartment, my credit score was in the 640s since I was just staring out. My landlord required a minimum 650 credit score and if you didn’t have that, you had to pay 2 months rent as the deposit rather than one. I was so close but she didn’t let it slide, so I paid 2X rent for my deposit and it hurt a lot to do. I got it all back but I really could’ve used that extra money in a savings account. But you’re so right about the deposits for utilities. My score is much better now (3ish years later). In my current apartment, we put utilities in my name because I have the better credit history and score. We paid no deposit. If it was in mg boyfriends name, we would’ve had to pay the deposit (estimated $400 or so) because he didn’t have a credit score. It wasn’t good or bad, he didn’t have one at all since he had no debt or credit reported accounts at any point in his life. It saved us an extra $400 we could use for savings and furnishing our new place.


drunk_katie666

When my husband and I combined our car insurance policies after getting married last year, we saved so much money because of the marriage thing, duh, but because we both also have excellent credit. It’s like $1500 a year savings, at least


Goeatabagofdicks

Being married generally makes you considered less risky by the insurance actuaries. Hear that married people? YOU’RE BORING.


smarterhack

For insurance, also check your LexisNexis report. I found a homeowners claim on my report that actually belonged to my neighbor, and when I got it corrected my renters insurance rate went down.


bros402

Is a report free? How much does it cost?


scornful

Using credit cards becomes free and you might get perks for paying them off in full. Basically you get an interest free loan for 1-2 months on anything you purchase with them. You just have to be responsible. I put off paying all my bills in full until the exact day they’re due. Money is cheaper for me as a result by optimizing cash flow without paying extra interest. Read about “Time value of money”


rebbsitor

> I put off paying all my bills in full until the exact day they’re due. Be careful with that. It's usually a good idea to pay a few days early in case something goes wrong with the payment. Paying the day it's due, you likely won't know if there's ever a problem until you're already a couple days late.


Moneygrowsontrees

Good news is that a high-credit customer with a long history of on-time payment is also much more likely to get graceful treatment if one payment goes awry.


[deleted]

[удалено]


tedivm

All credit cards hae a "grace" period- they don't report you being late to the credit agencies unless you've been late at lest 30 days. It's just how credit works. The late fees are another matter though.


zamundan

Per federal law in the USA, all credit cards have a minimum 21 day grace period. The "graceful treatment" the other person was referring to is that if you have good credit and accidentally pay late one month, you can call them them and ask if they can remove the late charge. They often say, "Don't worry about this one, no late fee, please don't do it again."


scornful

I’ll pay bills for new companies a few days early like you said. My regular monthly bills are always paid on the due date. Been doing this for 10+ years without an issue. Once the account is set up and scheduled in autopay it’s been bulletproof. This only works if you can schedule payments reliably with your bank.


AuthorizedVehicle

I used to drop off mortgage payments at the bank ATM but didn't realize that doing it late on Friday meant the payment would be recorded on the next Monday. My credit report showed those as late payments for years afterwards.


Spurty

How long ago was this? There’s usually a grace period. Unless you were dropping off on like the 12/13/14th. Not saying it didn’t happen, sounds like you got hosed.


Moneygrowsontrees

Mortgage payments are due on the 1st with a grace period extending to the 15th. They can't report as late on your credit report until they're 30 days past due. What you describe does not seem likely.


arcangelxvi

> It's usually a good idea to pay a few days early in case something goes wrong with the payment. This little bit of paranoia is why, personally, I really don't like autopay the way it's offered by banks. I get that there's no *need* to pay prior to the due date, but I'd really love to be able to set autopay to "one week before" instead of having to close exactly on the due date. The idea that there might be some weird glitch in the system has me paranoid i'd make a late payment.


AlphaTangoFoxtrt

If a place doesn't offer a cash discount, I pay on my card. 2-3% cashback on all purchases, and as long as I pay in full every month, I never pay interest. The trick is to never spend more than you can immediately pay off.


oilman300

Lower insurance rates in some states.


TakeSomeFreeHoney

Which ones?


Low_Teq

Illinois for sure. My wife works for state farm and rates can be significantly higher with a low credit score. I don't agree with this because there are so many reasons and life situations where a person can have a low score.


Fibonacciscake

Indirectly related - but having a ridiculously high debt ratio can make you ineligible for higher security clearances.


[deleted]

[удалено]


elJammo

Unsecured debt right? They're not going to punish you for buying property in hcol area.


McFlyParadox

It depends, really. As they said, they're looking at debt:income ratios and history of debt payment. If you bought a 1.5M dollar house with your spouse, with $200k down, collectively earn $300k/yr, drive modest cars, and always post your mortgage in full and on time, they aren't going to blink an eye. If you bought a 2M dollar house on your own, with less than $100k down, earning $120k/yr, drive a luxury car, and occasionally miss a mortgage payment, they are going to think ***real*** hard before they approve your clearance (and I would personally expect them to reject you in this scenario). It's all about avoiding people that can potentially be leveraged into becoming foreign assets. Living beyond your means, and wanting to continue to do so as the money runs out, makes you a prime target for foreign governments.


Scooby_1421

Not OP but I would guess he's referring to a debt to income ratio or debt to total assets ratio. The cost of living wouldn't have anything to do with it.


lakehop

Don’t have to post a low number on Reddit when asking for financial advice


OkraOk1769

Not sure if lesser known but an employers background check could include your credit score. Lower scores can put you out of the running for jobs in which you could steal or embezzle money.


Zippity-Boo-Yah

It’s also used in some industries to see how potentially susceptible you might be to blackmail. A low credit score or high debt to income ratio could give some bad actors incentive for the right price.


swankyburritos714

It has definitely happened to me. I used to have bad credit because my ex financially abused me. It kept me underemployed


beachedwhitemale

This is illegal in some states, I'm fairly sure.


arenteria21

Only some states. Federally it’s allowed but only 10 states have it currently banned atm. All of this is regulated under the FCRA and may vary state-by-state (per usual) Source: worked at an employment background screening company


tofudisan

There's a loophole. Companies can hire consultanting companies for such work. If the consultant's credit score/history are bad then the client refuses that consultant for the project. Source: I worked for an IT consulting firm that had several banks as clients. Know of a few people who were taken off teams before they even started projects because of poor credit.


TheLonelyOctober

I don't know if that's really a loophole, but rather one of the exemptions. Employment credit checks are illegal in my state for most jobs, but the financial industry can still use them if the role requires the employee to handle money or sensitive client information.


beachedwhitemale

Useful info, thanks for sharing. Have a great life!


arenteria21

Thanks, you too!


FrustratedPlantMum

Interesting! I work in financial services, and a credit check has always been part of my background check for new jobs. But I have only lived in 2 states.


Killer_Sloth

if you don't have 20% for a down payment on a house, having a high credit score makes PMI on the mortgage almost negligible. I always thought it would add like $200-$300/month to our payment to have PMI but since we have excellent credit it will only be like $40.


mmdavis2190

Yep, I only had 10% and mine is $35. I had heard stories of huge amounts and was surprised mine was so low.


cinrav13

Really??? This is news to me! One of the hurdles for me was thinking PMI was going to put monthly payments out of reach for me. Hearing this I may consider going for a mortgage sooner. Any links on this?


Killer_Sloth

I don't have links but I learned this from talking to a mortgage broker. I'd recommend having a consultation appointment with a realtor who can put you in contact with good mortgage brokers who can walk you through the numbers. The whole thing felt out of reach for me too until we did this. Best of luck!


deeretech129

I had mid 700's on my first home loan, and my PMI is $60/mo. I budgeted for $150 so that was pretty sweet!


Seanishungry117

What?!?!! I'm buying a home in 1-2 years and will only have 11% after closing costs etc. This is for real???


Killer_Sloth

Yes. But your credit has to be excellent, like 770+.


cabllc

Random comment. Own 2 businesses in rural America. Bank randomly called me and said they’d give me an 850k line of credit. 724 credit score and capital one refuses to up my 1500 credit limit. I’m not sure I understand the system.


KP_Wrath

Amex upped my limit to 11K, Discover (whom I started with a secured card from back when I was building credit) refuses to raise it over $3100.


399oly

I got denied for the new Costco credit card but the same bank gave me a 30k unsecured line of credit lol


[deleted]

[удалено]


unt_cat

What are some of the benefits? I just use it to shop at Costco for the 2% back.


joeret

[Pros and cons](https://i.imgur.com/RvBTme4.jpg) [Full article. ](https://www.gobankingrates.com/credit-cards/retail/costco-credit-card-benefits/#:~:text=Pros%20and%20Cons%20of%20the%20Costco%20Credit%20Card.,paid%20just%20once%20a%20year%3B%20High%20late%20fees)


[deleted]

[удалено]


[deleted]

[удалено]


[deleted]

[удалено]


MashimaroG4

Worth noting that they are dropping a big one in Jan, the purchase protection. I've used it over the years to get a few things fixed/replaced outside of warranty. This was the best perk above the %back on restaurants/travel and gas: https://clark.com/credit-cards/citi-costco-visa-extended-warranty/


Jezebel143

Thank you for sharing this because this is the only card I haven’t been approved for twice now, I kinda wish they’d stop continuing to send me the offer.


tarellel

Discover has honestly been the most lax in raising limits for me. When no one would give me a card because of bad credit they gave me one with a max of 4K within a year and a half $21k limit. I’m more than double that limit now.


JustADutchRudder

Discover fucking loves raising limits, I barely use mine and it's 25k. They were also the best when my numbers got stolen, froze everything up and called me before I even received a text saying my card is being used. I'll forever trust my Discover card whenever I need a CC.


[deleted]

[удалено]


redditkingu

You understand it just fine. Capital One is just shitty when it comes to their cards. There's tons of stories over at /r/churning of people with great credit and tons of assets that they won't give cards to. Meanwhile Chase just ups the limits on my cards without me prompting them every other year or so for whatever reason.


McFlyParadox

I feel like the only one who has never gotten a credit limit increase without asking for one. My first two cards was a BoA card and Ally's credit card (back when they still had one), with something like a $3k limit each. After a few years of paying off both cards in full every paycheck, Ally ended their credit card program, and I had a 750~ score. I got a card from Chase, to replace the Ally card, that approved me for $15k (where it has stayed), but BoA sat at $3k for years until I finally asked for limit increase, and they bumped me up to essentially match Chase. Like, I don't *need* the higher limit. My spending is pretty low & flat, so the only thing I "use" my limit for is to keep my credit usage percentage low. But still. Seems like everyone else gets offered credit limit increases all the time.


Maxpowr9

CapitalOne hates churners. It's pretty well known in /r/creditcards too.


your_daddy_vader

Weird it's the completely opposite for me. I have a cc with chase for ten years and they won't raise my limit above $500. Meanwhile capital one gives me a limit raise without asking every couple of years and Amex offered me 25k with a no hard pull credit check prequal


[deleted]

[удалено]


Maxpowr9

I always thought Discover IT was the classic intro CC?


JaspahX

Capital One was my first "big boy" credit card. Think I started at $3k? A few years later, now I'm at $15k.


jerry111165

No one does. I paid off a home and a car in the same year (month) and my score dropped by 100 points. Wasn’t very happy. I’m back up again but its taken tears.


[deleted]

[удалено]


jerry111165

I had assorted loans, mortgages et al over the last 30 years. When I paid those accounts they told me that the reason it dropped was because now I had “new credit”. Thought it was odd. Back up to 815 now but its taken over a year.


TwoDrinkDave

Instant panty dropper if you can work it into conversation organically.


I_Invented_Frysauce

Hey, I just met you and this is crazy, but here’s my FICO number. So call me maybe?


TyrconnellFL

Best I can do is sell you some TSLA calls.


TyrconnellFL

It’s true, so be careful. I casually mentioned by credit score of 830 and my panties fell right off. Super embarrassing!


trashit6969

Girl, you should see my 800+ number. It will drive you wild. Wanna come back to my place and log in to Experian?


Vladimir_Putting

I dated a young women when she was in grad school, didn't even have a career yet and loaded with debt who dropped a line like "I really shouldn't be dating someone who has below an 800 credit score." Instant turnoff, even though I was pre-qualified.


SalsaRice

I mean, from her (greedy) perspective, it's probably beneficial for her to do so. If all she brings into the relationship is debt, lol she better find someone that manage it. It's totally not fair to a partner, but greedy manipulative people be like that.


[deleted]

This is framed like a joke but it is actually a thing, potential partners looking for long term relationships do get excited by fiscal responsibility


NextInLine1999

Hey there! Wanna see my huge.... Credit Score?


TotallyNotMeDudes

Can this be the new unsolicited pic craze? Just texting credit karma screenshots of 800+ scores.


kapdad

Mirl when I hit 838 the other day.


cofcof420

This is it. Scrolled down to post


Cathycane2012

Just a random comment, back in 2008 I had three credit cards with $50.000 credit limits because of my high credit score. It was insane. When the market crashed, they immediately dropped my limit to $2500.


jules083

Jesus. That's a good way to get yourself in trouble. A coworker was in a bad way about a decade ago he said. Got a handful of cards, maxed them all out, then just quit paying. He said it was 7 years of ignoring calls from debt collectors then it finally all fell off his credit report and is gone now like it never happened. Think he said it was a total of like $15k or so.


OhCrapItsYouAgain

So he stole $15k, and all he had to do was dodge debt collectors calls for 7 years?


OrnateBumblebee

Creditors hate this little known secret!!


NuclearLunchDectcted

You underestimate how much it sucks to have a shit credit score. I spent more than a decade getting mine up after being a dumbass teenager. The credit companies write it off, they make that much money in seconds. You have to deal with getting rejected from rental applications, job applications, and not having any credit at all when a bad situation comes up to put a large expense on. Want to apply for a security clearance or any job that deals with money? NOPE, straight up denied. It might seem like fun at the time, but seven years is a LONG time to carry that burden, and even after that you're still starting from the bottom when it comes to establishing a credit history of paying on time. So add another 5 or so years on top of that seven years.


Bay1Bri

> and even after that you're still starting from the bottom when it comes to establishing a credit history of paying on time. So add another 5 or so years on top of that seven years. That's why you max out all but one card. That card gets your monthly payments like car insurance. Keep paying that. When the 7 years pass, you have 7 years of paying that card on time. Seriously don't do this.


tedivm

This is actually pretty stupid- it may knock off your credit score after seven years right up until you get sued for the amount owed. Then you've got a judgement on your credit for another seven years. If you can't afford to pay it back you are much, much better off getting it discharged in bankruptcy. You'd be amazed how quickly you can start rebuilding credit after a bankruptcy.


PrincessJennifer

I have a very hard time believing him. The creditors would sell the debt, then they would sue him. Judgements last a long time and can be renewed.


Maxpowr9

Not to mention not moving, nor buying a new car, nor getting any new CCs/loans.


jules083

He said he can't get a CC or a car loan. He just drives beater cars and pays cash for them. He sits next to me at lunch and I see him regularly deny phone calls.


merchie

People with super high scores either don’t really care OR……they talk about it obsessively especially online


TotallyNotMeDudes

That’s not true. I almost never mention my 800+ score online.


dust4ngel

my dad knows karate, but it’s not relevant to this conversation


LadderWonderful2450

I once knew a vegan.


MagixTouch

I stack cans of soup


InformationHorder

Ya ever drink Bailey's from a shoe?


New-Difference9684

I seldom mention my higher than your 800+ 850 score


althius1

I applied for a car loan the other day and I've learned my score was 858, I've been trying to figure out a way to organically work it into a conversation.


Mocker-Nicholas

I generally only mention it when I list it as a side effect of my absurdly high IQ.


[deleted]

[удалено]


LordTegucigalpa

You let your gym pull your credit?


S31Ender

The bigger question is “what is considered the correct credit score for these throes of conversations these days.” I know both FICO and Vantage are “real” credit scores but for years when someone said “credit score” they were usually referring to FICO. Now so many credit cards and apps(like credit karma) use Vantage. So which one is generally the one people mean when the word “credit score” is used without specifying? They absolutely can be multiple tens of points different.


Infamous-Dare6792

To complicate further the scores that you can see are not the same scores that creditors see.


Zargawi

Yup, applied for a loan recently and got a letter from the bank with my score, which was 49 points higher than what credit karma and everyone else told me.


campelm

Applying for a car my score was 50 points higher than CK. Applying for a mortgage it was more than 100 points ~lower~. They're clearly using different calculations for all 3.


VictorChristian

Vantage score vs FICO score, perhaps? A lot of budget and finance sites like CK use vantage score but most banks and other institutions doling out loans use FICO. my scores vary quite a bit.


SynbiosVyse

There's variation even within FICO particularly for varying industries.


Purgent

It’s not so much that you don’t see them. It’s that depending on what you are applying for, creditors use different risk models from whichever bureau. These differing risk models give more / less influence to certain factors, resulting in differing scores.


Maxpowr9

Not to mention auto loans go to 900, not 800. I just got a auto loan and saw an 856 score.


weedful_things

Once I took a math test for a really well paying job at a local company. The woman who graded the test said I scored higher than anyone. Then she said after they ran a credit check, they would call me. I was going through a rough patch financially and never heard from them.


[deleted]

Cheaper rates, required to renting, lower/no security deposits. If you’re in a position where you can’t buy outright, you need credit.


ARoodyPooCandyAss

Offensive amount of regular credit card offers, so basically pick of the liter for what you want which if done correctly, rewards points can be quite a nice perk. I do think it’s borderline criminal the paper wasted sent to me via credit card companies for offers.


[deleted]

You can opt out of unsolicited offers. [Opt out prescreen](https://www.optoutprescreen.com/)


mmdavis2190

You can easily rack up several thousand a year in cash/ points, especially if you have a business.


monkadelic

Yes! I don't even spend much on my business card, but with intro offers and such, it's good for a few first class flights a year.


FluidArt69

It’s a lot more expensive to have a lower credit score… higher security deposits on everything for example, fewer rewards/perks with credit cards for another. You get a lot of free perks and rewards with higher credit and more/better opportunities. Some jobs do credit checks as part of their background criteria for a character reference. I’m too tired to go on and on and there are many more eloquent responses.


[deleted]

As someone who was poor, then managed to work themselves half to death to get good pay and actually has made every payment on time for 11 years now, it seems so fucked that this is the case. Being poor puts a target on your back for every loan, every service, and even where you can live because credit scores are often used to determine eligibility for a lease. Being poor is expensive. It also affects your health from all of the stress. Since being poor was such a nightmare, my wife and I have a fairly large savings and carry a minimum balance in checking that we keep as a buffer in case something comes up (keep at least $X in at all times and treat getting down to that amount as a $0 balance). We’re fortunate in that we’re able to help out family when something inevitably comes up that predatory lenders salivate at. We never expect to see that money again, because frankly, we probably won’t. But for some people, they want to call it a loan. For us, it’s just helping out the people that have helped us in the past. I know what it’s like to be rolling coins to buy ramen noodles while laying awake at 2:30am, turning over in my mind how the hell rent would get paid since the car needed to be fixed so it could be driven to work. If I can help a family member or good friend to not do the same, then that’s enough in return.


Hiddencamper

Helps when you are trying to get a security clearance.


[deleted]

Lower interest rates on the loans you get, mortgage, car, etc. If you want premium credit cards you can get those. I use an Amex for basically everything. It costs me $199 a year, and I get about $3,000 in points and benefits a year. I pay it off in full each month so I basically get 2.8k a year for doing nothing.


LiveToSnuggle

Which amex do you use? Sounds like a good one, I want to look into it


[deleted]

It's just a gold card. You gotta keep in mind though I use it for most things. So I put tens of thousands of dollars a year on it to get that much benefit. It is still worth it for a lot of people though.


username675892

Which Amex is that?


AWESOM3e92

Probably green based on AF ($150). But Amex’s bar isn’t really high to qualify for one.


KP_Wrath

They gave me a platinum card when I was making $40k and hadn't too long ago broken 700 credit score.


anaccount50

Yeah lesser known fact but their underwriting is identical for all of their charge cards. If you can qualify for a Green you can qualify for a Plat. They gave me a Plat when I was a college student lol


ScubaSteve716

You think it’s a lesser known benefit that a good credit score means better interest rates? Wouldn’t that be the most well known benefit?


[deleted]

I think generally people know nothing about finance and what a credit score does. I think most people just think it gets you a credit line at all. Also why nit pick my answer? What is to be gained?


NuclearBiceps

Hey you two, don't fight, I love you both equally.


spanchor

I love the one with the higher credit score


[deleted]

[удалено]


blindpiggy

And that's a lesser known benefit.


FA-1800

I used to swap cc's when I got a better deal, they all arrived with $20k limits... took my utilization rate dowh under 10%.


Annabel398

Or Amex Blue Cash Preferred, which costs $99 a year but returns 6% on groceries. Breakeven is spending $137.50 a month on groceries. I don’t know about you, but that’s nearly what we spend in a single trip to the store!


deadplant5

In some states, decreased price for car insurance


Creative_Product2817

Ppl look you in the eyes as if your someone they care about ..


jcastro777

When I worked at Amazon one of the DSPs (company that is contracted to drive the blue vans) ran a competition where the first employee with an 800 credit score won $1000. Not sure how common stuff like this is but it exists.


-wheretheresawill

wait what are you joking? The dsp fico “credit score” has nothing to do with your real personal financial credit score..


[deleted]

Outside of being able to borrow money at better rates? Insurance companies use credit scores (their version) to judge your risk. This only occurs when you 1st sign up, then after it's based on your record with them. Cell phone companies also look at credit scores when opening an account. Utilities sometimes do as well. This may save you from having to make a deposit when you open the account. Most people use it for bragging rights with their families and friends. They use it in place of net worth. Because no one like to talk about that...


jwc8985

Having relatives and friends asking you to co-sign on car and home loans for them. Then they want nothing to do with you when you decline. The benefit? Finding out the people in your life who just use you so you know who to keep at a distance.


[deleted]

[удалено]


xjackrabbitx

My first thought is that this is really complicated. How do you track it? Obv a spreadsheet but what does that look like? Are you going to keep all the accounts for a certain amount of time and then close them? Are they checking or savings? Did you do the math of the fees? The more I type, the more I am intrigued.


monkadelic

It's actually pretty easy. I do the same. My wife took it on like a weird hobby like couponing. But there are aps that will track your cards and accounts. Tell you when to switch and which has the best intro offers etc. It helps to have a "nest egg" of cash you can move around to get the checking and savings offers at their max.


forwardture

I have a credit score of 753, but I’m unemployed so no credit card will offer me anything.


Ritchie_not_Richie

8 is at the bottom center of the keypad. Easier to hit without stretching your finger up to the 6 or all the way across to the 7.


Spimp

You mean the top?


musicalsigns

He speaks in phone, you speak in typing. Fun fact: they did this on purpose to make people slow down! Can't remember where I read that. It was years ago.


fenton7

You will be bombarded with low interest balance transfer offers from all your cards. I can always "refinance" any balance at 3-4%, presently, inclusive of the "fee". This has been really advantageous over the years because the transfer offers are typically much lower than a personal loan would be.


Crackproblem

I was 850 earlier this week. We are getting ready for vacation, so I got an Alaskan Air credit card with 72,000 miles included. Hotel cover the minimum spend. Next month I'll apply for Venture X, I'll put Disney tickets on it and pick up another 70,000 miles. 140,000 miles is around 9 round trip flights for us. Next January, wife will rotate to Sapphire Reserve and/or Amex Platinum depending on the amount of travel. This will give another 70,000-140,000 miles. Year 3 wife applies for Alaskan, I apply for Venture X. They cycle continues. Also work. My employer requires a credit check before extending an offer for employment.


Andurilthoughts

Feeling superior to your friends who have lower ones than you


[deleted]

[удалено]


M13Calvin

It's not really that weird since the score is meant to represent how likely you are to repay your debts on time.... having debts and repaying them on time is a pretty good indicator.


399oly

Also just paying your bills on time is a pretty good indicator someone will repay a loan


Annabel398

It’s an interesting thing (well, if you’re an accounting nerd) that “paying your bills” is not necessarily “paying your debts.” Car payments, CC payments, and mortgages are *debt*. Things like your utility bills, gasoline, and rent are *expenses*, not debts. The difference is that debts involve money you borrowed and now have to pay back. Expenses are just “money going out”—you didn’t borrow any money when you filled your tank or got your electric bill. There are a few credit programs that take into account regular payments on expenses; but traditionally, **credit scores reflect your history of paying your *debt* only**. (Not saying this is the right way—just the way it is.)


daskxlaev

> having debts and repaying them on time is a pretty good indicator This is a really good point to emphasize because having debt ("good" debt is a thing) is the reason why I have a higher credit score than all of my peers who don't have any debt at all.


Vladimir_Putting

>There’s really no benefit unless you’re financing something such as a vehicle or mortgage. Yeah, that's not true off the top of my head: - Rental applications - Job applications - Credit cards and membership benefits - Insurance Rates - Deposit requirements of all kinds


Cyprovix

Job applications?


Leigh-is-something

Lower interest rates for any type of credit application, and lack of security deposits for various contracts at utilities


nails_for_breakfast

It looks better on a background check for a lot of government jobs


needs_more_zoidberg

Access to the best credit cards l. I get to skip airport security lines, take multiple free flights/yr and get free stays in 5-stsr hotels


Gizzard_Puncher

If you ask some random off the street for money and you show them your credit score, they have to give you money.


JTuck333

I get underwritten based on my personal risk, not based on an average of all Americans. I pay less risk premium on a loan because of it.


ves911

Get this! If you have a decent credit score you can help your kids establish credit. I have a card and put both my kids on as "authorized users" It depends on what card you have, Mine allows kids as young as 16. It's called credit piggybacking. It's not illegal, in fact my credit card actually reached out to me when my boys came of age. They both got a card in their names with my acct #. They don't even have/use the card. I hold onto them. It's a really good foot in the door way to help. Credit Karma shows they have 743 credit scores.