No credit card required
Browse credit cards from a variety of issuers to see if there's a better card for you.
Hi, I'm looking for more inspiration to be purposeful with my finances and I want to know what yall are working towards. I'm rather new to improving my FICO score so all ideas are new ideas to me.
My first goal is to improve my loan terms on future purchases like my future dream-home and maybe a nicer car when this one dies. Also I want better terms on my car insurance and anything that pulls my credit.
My second goal is to retire early- before 55 if possible which requires a TON of work now so I'm starting early. I figure a great FICO score can only help me since "Rich Dad, Poor Dad" says debt can be the fastest way to build wealth.
You certainly save some money when you can get approved for the best rates. I also feel it is necessary(for me) to have high enough limits where I can go out and make a large purchase and not have to worry about the reporting balances killing my scores.
You never know when you may need credit immediately. My car could die tomorrow and I would have to go get one. Sudden funeral expenses? Need a new roof before the next rain hits? Applying for a new job and they run a credit check? In these scenarios, you probably won't have time to fix your scores/profile so it is better to keep them as reasonable as possible.
@Anonymous wrote:
I figure a great FICO score can only help me since "Rich Dad, Poor Dad" says debt can be the fastest way to build wealth.
Is this sarcastic?
Mostly for my own satisfaction lol
But also so I can get good rates on mortgages/auto loans, etc.
Also, it’s kind of fun.
@pinkandgrey wrote:Mostly for my own satisfaction lol
But also so I can get good rates on mortgages/auto loans, etc.
Also, it’s kind of fun.
Yep. The satisfaction and fun.
I don't need credit. It's nice to have it but I could live without it just as easily. It's satisfying getting that feeling of accomplishment though when you land those approvals though!
I do it to maximize my credit card rewards. Also for cases like when i need a new cell phone I want to be able to pay it off over 24 montgs interest free, to keep my money earning interest longer.
@Anonymous wrote:
It gives you options...when you may not expect to need them.
This is exactly what I'm thinking, you said it well. I want the options and financial literacy to deal with the unexpected: both good opportunities and bad stuff like accidents.
I'm seeing some forum signatures with more than $100k in available credit and even one with >$500k. Wow, those are impressive numbers but what does it afford you? What would you use part of that credit for? Or is available credit just a by-product of optimizing credit scores?