The 360 Thread! Post your 360 purchases/new questions here!

[THWIP*]

From what I understood, all the companies you have credit extended with make 3, 6, or 12 month reports on what you're doing. This includes credit cards. As long as you're paying your bills and not falling behind your credit goes up. This is what I've been told. Of course, it's easily possible for me to be wrong.

BUT CREDIT CARDS CARRY THE LEAST "WEIGHT" IN YOUR CREDIT BUREAU, BECAUSE OF HOW COMMON THEY ARE. BANKS KNOW THAT ALOT OF PEOPLE BUY FOOD, CLOTHES......EVEN LOTTERY TICKETS, WITH CREDIT CARDS; THAT'S NOT THE KIND OF PERSON THEY WANT TO LEND $100K+ TO.
IF YOU'VE PAID OFF FURNITURE, A CAR OR 2, ETC., YOU'LL HAVE A MUCH BETTER SHOT AT GETTING THAT MORTGAGE.

 

[THWIP*]

This is just for you THWIP taken from Wikipedia:

Automail is a type of prosthetic limb present in the series Fullmetal Alchemist that is used by various characters in the series as a replacement for lost or damaged body parts.

Automail is made from metal and linked directly to the nerves of the body. Automail can be used on both humans and animals. In certain situations, automail can be designed to replace huge portions of the body. Also present in the series are normal prosthetics, not linked to the body's nervous system. Many amputees choose to use these over automail, despite the numerous advantages automail has. This is because of the intense pain experienced when automail is first connected to the body.

Well-made automail allows a range of movement and strength as good as or better than the original limb it replaces. It is never directly stated how automail is powered, but it is known that the technology grew from the science of alchemy.

In the series, there also exist automail designers, and repair personnel known as mechanics. Episode 26 of Fullmetal Alchemist, "Her Reason," provides much insight into the world of automail and mechanics.

Now leave me alone ya' bastad.

THANKS FOR THE "EDUCATION".......BUT YOUR GAMERTAG STILL SUCKS.

 

[THWIP*]

I wasn't suggesting that you didn't know anything about researching place to rent games. It's insulting that you took it as such.

I do however find this ironic, since you assume I don't know anything about maintaining a budget or buying a house.

I DIDN'T "ASSUME" ANYTHING; I ARRIVED AT THAT CONCLUSION, BASED ON THE INFORMATION YOU'VE PROVIDED.

 

[The Master]

Well, I can help some. I'm not a homeowner, but I'm a 25 year old with a credit score of almost 800. What is your credit score by the way, and what kind of mistakes did you make when you were younger?

Around 690

I Maxed out a credit card during my first year in college and never paid it off. That situation got resolved, but I ended up with another credit card later on and had problems with paying on time. Part of the reason being that I was unemployed at the time and didn't know how credit was going to affect me in the long run. Eventually, the Card company closed my account and put it through a collections agency. I did pay it off once I got a job, but that whole situation had a very negative impact on my credit report.

My wife went through something similar, but but she's actually in better standing than I am.

 

[The Master]

I DIDN'T "ASSUME" ANYTHING; I ARRIVED AT THAT CONCLUSION, BASED ON THE INFORMATION YOU'VE PROVIDED.

My statement was based on what you said about me 'suggesting' that you don't know anything about looking for a place to rent games.

I really don't care what you assumed of me. I'm not one who gets riled up over thing like that.

 

[THWIP*]

Around 690

I Maxed out a credit card during my first year in college and never paid it off. That situation got resolved, but I ended up with another credit card later on and had problems with paying on time. Part of the reason being that I was unemployed at the time and didn't know how credit was going to affect me in the long run. Eventually, the Card company closed my account and put it through a collections agency. I did pay it off once I got a job, but that whole situation had a very negative impact on my credit report.

My wife went through something similar, but but she's actually in better standing than I am.

690 IS ACTUALLY PRETTY HIGH, CONSIDERING YOUR HISTORY. THE THING IS, THERE ARE FACTORS THAT CAN RAISE/LOWER YOUR SCORE, WITHOUT YOU EVER OWING ANY MONEY AT ALL. FOR INSTANCE, YOU SHOULD ALWAYS REFUSE IN-STORE CREDIT CARD OFFERS, WHEN YOU MAKE A PURCHASE. YOU KNOW......YOU'RE AT 'SEARS', YOU'RE READY TO CHECK OUT, AND THE CLERK SAYS "WOULD YOU LIKE TO APPLY FOR A 'SEARS CARD' TODAY? IT COULD SAVE YOU ANOTHER 15% OFF THIS PURCHASE." WHAT SHE DOESN'T TELL YOU, IS THAT THE QUICK CREDIT CHECK THEY'LL DO ON YOU, WILL GO AGAINST YOUR CREDIT SCORE........EVEN IF YOU NEVER GET THE CARD. THE MORE TIMES SOMEONE ACCESSES/CHECKS YOUR CREDIT IN A YEAR'S TIME, THE MORE DAMAGE THAT IS DONE TO YOUR SCORE.

 

[The Master]

THAT'S REALLY NOT THE BEST WAY TO BUILD CREDIT. YOU REALLY ONLY "BUILD CREDIT" WHEN YOU'VE PAID SOMETHING OFF, VIA MONTHLY PAYMENTS; 90% OF CREDITCARD OWNERS/USERS NEVER DO THAT.

IF YOU WANT TO BUILD CREDIT (AND AGAIN, THIS REALLY NEEDS TO BE A THREAD IN 'COMMUNITY' ), HERE'S ALL YOU NEED TO DO:

1. DEVELOP A WORKING BUDGET
2. SET ASIDE "UNTOUCHABLE MONEY" EVERY WEEK/MONTH (HOWEVER YOU GET PAYED). EVEN IF IT'S ONLY $20-$50 A MONTH, IT'S A START.
3. WHEN YOU WANT TO BUY A T.V., OR BED, OR WHATEVER (PREFERABLY SOMETHING YOU CAN HANDLE), YOU BUY IT ON PAYMENTS, AND SUPPLEMENT THE PAYMENTS WITH THE MONEY YOU'VE SAVED.
4. ESTABLISH A WORKING RELATIONSHIP WITH A LOCAL BANK (PREFERABLY A LOCALLY-OWNED BANK), AND BORROW MONEY WHENEVER THE OPPORTUNITY ARISES. IF YOU KNOW WHAT YOU'RE DOING, YOU CAN USUALLY GET A LOW-INTEREST LOAN FOR PRETTY MUCH ANYTHING YOU'D EVER WANT.......AS LONG AS YOU'RE DEALING WITH A LOAN OFFICER WHO KNOWS/TRUSTS YOU, AND YOU CAN HOLD DOWN A JOB.

Not alot of Financial Institutions will evaluate that type of credit, which is considered at my job(I'm actually a Banker/Loan Officer) non-traditional credit. Most places(at least banks) are going to look at how you've handled traditional credit(credit cards, auto payments, insurance, etc) in the past. Ironically, Credit Cards are the the easiest ways for consumers(college students in particular) to establish credit if they have no history of using it.

Most Banks, like Bank of America will not approve you for a Mortgage loan at the table if you have not met the criteria for traditional credit, which is the reason why Mortgage specialists(who evaluate non-traditional credit like rent payments, cable bills and cell phone bills) are the best way to go if you don't have any established.

 

[guitarsingerguy]

Yep. We rent instruments at my store, and we do credit checks. It will actually give me an inquiry alert if you've checked it too much.

 

[guitarsingerguy]

THANKS FOR THE "EDUCATION".......BUT YOUR GAMERTAG STILL SUCKS.

I know I know. I accept the fact.

 

[THWIP*]

Not alot of Financial Institutions will evaluate that type of credit, which is considered at my job(I'm actually a Banker/Loan Officer) non-traditional credit. Most places(at least banks) are going to look at how you've handled tradition credit in the past(credit cards, auto payments, insurance, etc). Ironically, Credit Cards are the the easiest ways for consumers(college students in particular) to establish credit if they have no history of using it.

I'M SORRY......THE IRONY WAS JUST TOO MUCH FOR ME.




BUT, AS FOR YOUR INTITIAL STATEMENT, THAT'S WHY I SAID "PREFERABLY A LOCAL BANK". WHEN YOU DEVELOP A RELATIONSHIP WITH YOUR BANK, THE "RULES" CAN BE BENT, IN YOUR FAVOR. WHEN I BOUGHT MY HOME, I WAS A WEEK AWAY FROM GETTING MARRIED, HAD JUST CHANGED JOBS, AND MY WIFE WASN'T WORKING. I'D LEFT BEHIND MY ENTIRE CREDIT HISTORY WITH A SMALL BANK HALF-WAY ACROSS THE STATE, WHEN I MOVED A FEW YEARS PRIOR. AT THAT POINT, THE ONLY "CREDIT HISTORY" I HAD TO MY NAME, DIDN'T REALLY EXIST.....EVEN THOUGH I'D BORROWED AND PAID BACK OVER $150K OVER THE YEARS. ALL OF MY LOANS WERE SHORT-TERM, NON-TRADITIONAL LOANS, AND DIDN'T GET REPORTED TO MY CREDIT BUREAU AT ALL. HOWEVER, WITH PHONE CALLS TO MY FORMER LOAN OFFICER AND BANK PRESIDENT, I HAD AN IMPRESSIVE LETTER OF CREDIT FAXED ON MY BEHALF. I SUBSEQUENTLY GOT THE KEYS TO A $95K HOUSE WITH THAT LETTER, A PROMISE, AND A HAND SHAKE.

 

[The Master]

690 IS ACTUALLY PRETTY HIGH, CONSIDERING YOUR HISTORY. THE THING IS, THERE ARE FACTORS THAT CAN RAISE/LOWER YOUR SCORE, WITHOUT YOU EVER OWING ANY MONEY AT ALL. FOR INSTANCE, YOU SHOULD ALWAYS REFUSE IN-STORE CREDIT CARD OFFERS, WHEN YOU MAKE A PURCHASE. YOU KNOW......YOU'RE AT 'SEARS', YOU'RE READY TO CHECK OUT, AND THE CLERK SAYS "WOULD YOU LIKE TO APPLY FOR A 'SEARS CARD' TODAY? IT COULD SAVE YOU ANOTHER 15% OFF THIS PURCHASE." WHAT SHE DOESN'T TELL YOU, IS THAT THE QUICK CREDIT CHECK THEY'LL DO ON YOU, WILL GO AGAINST YOUR CREDIT SCORE........EVEN IF YOU NEVER GET THE CARD. THE MORE TIMES SOMEONE ACCESSES/CHECKS YOUR CREDIT IN A YEAR'S TIME, THE MORE DAMAGE THAT IS DONE TO YOUR SCORE.

That's what happend to my wife a few years before we got married.

Right now i only have two credit cards, the one that was closed(They reopened it) and the one I got though my job(I work at Bank of America). Both are Visas.

But I'm also getting Credit Card offers like every day. I just shredded like 5 of the yesterday.

 

[The Master]

I'M SORRY......THE IRONY WAS JUST TOO MUCH FOR ME.

Don't laugh too hard. I deal with more banking situations than loans.

BUT, AS FOR YOUR INTITIAL STATEMENT, THAT'S WHY I SAID "PREFERABLY A LOCAL BANK". WHEN YOU DEVELOP A RELATIONSHIP WITH YOUR BANK, THE "RULES" CAN BE BENT, IN YOUR FAVOR. WHEN I BOUGHT MY HOME, I WAS A WEEK AWAY FROM GETTING MARRIED, HAD JUST CHANGED JOBS, AND MY WIFE WASN'T WORKING. I'D LEFT BEHIND MY ENTIRE CREDIT HISTORY WITH A SMALL BANK HALF-WAY ACROSS THE STATE, WHEN I MOVED A FEW YEARS PRIOR. AT THAT POINT, THE ONLY "CREDIT HISTORY" I HAD TO MY NAME, DIDN'T REALLY EXIST.....EVEN THOUGH I'D BORROWED AND PAID BACK OVER $150K OVER THE YEARS. ALL OF MY LOANS WERE SHORT-TERM, NON-TRADITIONAL LOANS, AND DIDN'T GET REPORTED TO MY CREDIT BUREAU AT ALL. HOWEVER, WITH PHONE CALLS TO MY FORMER LOAN OFFICER AND BANK PRESIDENT, I HAD AN IMPRESSIVE LETTER OF CREDIT FAXED ON MY BEHALF. I SUBSEQUENTLY GOT THE KEYS TO A $95K HOUSE WITH THAT LETTER, A PROMISE, AND A HAND SHAKE.

$95k? When did you buy your house? Homes out here cost $150-700k

 

[The Master]

I know I know. I accept the fact.

Don't worry,

you don't want to know what my gamertag is....

 

[THWIP*]

Don't laugh too hard. I deal with more banking situations than loans.




$95k? When did you buy your house? Homes out here cost $150-700k

WELL, I LIVE IN KENTUCKY......ONE OF THE CHEAPEST STATES, REAL ESTATE-WISE. A HOUSE LIKE OURS.......1/2 ACRE LOT, QUIET NEIGHBORHOOD, 1800 SQ. FT 3 BR/ 2 BATH/ 2-CAR GAR., WOULD BRING ABOUT $150-$300 ANYWHERE ELSE IN THE COUNTRY; IN FACT, JUST ABOUT 2 HRS FROM HERE, IN LOUISVILLE OR LEXINGTON KY., IT'D BRING AT LEAST $150K. OF COURSE, IT'S A 28 Y.O. HOME, AND I'VE RECENTLY SPENT ABOUT $20K ON SOME REMODELING AND NEW FURNISHINGS AND A HEAT PUMP.

I TAKE IT YOU LIVE ON THE WEST COAST?

 

[The Master]

WELL, I LIVE IN KENTUCKY......ONE OF THE CHEAPEST STATES, REAL ESTATE-WISE. A HOUSE LIKE OURS.......1/2 ACRE LOT, QUIET NEIGHBORHOOD, 1800 SQ. FT 3 BR/ 2 BATH/ 2-CAR GAR., WOULD BRING ABOUT $150-$300 ANYWHERE ELSE IN THE COUNTRY; IN FACT, JUST ABOUT 2 HRS FROM HERE, IN LOUISVILLE OR LEXINGTON KY., IT'D BRING AT LEAST $150K. OF COURSE, IT'S A 28 Y.O. HOME, AND I'VE RECENTLY SPENT ABOUT $20K ON SOME REMODELING AND NEW FURNISHINGS AND A HEAT PUMP.

I TAKE IT YOU LIVE ON THE WEST COAST?[/i]

East.

I'm originally from Washington, D.C. but now live in Maryland. The cost to live out here is pretty high, but if you're a homeowner is worthwhile for equity purposes.

 

[NOFX]

690 IS ACTUALLY PRETTY HIGH, CONSIDERING YOUR HISTORY. THE THING IS, THERE ARE FACTORS THAT CAN RAISE/LOWER YOUR SCORE, WITHOUT YOU EVER OWING ANY MONEY AT ALL. FOR INSTANCE, YOU SHOULD ALWAYS REFUSE IN-STORE CREDIT CARD OFFERS, WHEN YOU MAKE A PURCHASE. YOU KNOW......YOU'RE AT 'SEARS', YOU'RE READY TO CHECK OUT, AND THE CLERK SAYS "WOULD YOU LIKE TO APPLY FOR A 'SEARS CARD' TODAY? IT COULD SAVE YOU ANOTHER 15% OFF THIS PURCHASE." WHAT SHE DOESN'T TELL YOU, IS THAT THE QUICK CREDIT CHECK THEY'LL DO ON YOU, WILL GO AGAINST YOUR CREDIT SCORE........EVEN IF YOU NEVER GET THE CARD. THE MORE TIMES SOMEONE ACCESSES/CHECKS YOUR CREDIT IN A YEAR'S TIME, THE MORE DAMAGE THAT IS DONE TO YOUR SCORE.

Its nice to know that now

 

[NOFX]

Don't laugh too hard. I deal with more banking situations than loans.




$95k? When did you buy your house? Homes out here cost $150-700k

150???!!! For a decent house in So-Cal is at least half a Mil

 

[THWIP*]

Its nice to know that now

I TAKE IT YOU FILL OUT ALOT OF CREDIT CARD APPLICATIONS?

 

[THWIP*]

East.

I'm originally from Washington, D.C. but now live in Maryland. The cost to live out here is pretty high, but if you're a homeowner is worthwhile for equity purposes.

WELL, YOU JUST NEED TO MOVE TO KY., AND START OVER. up:

 

[NOFX]

I TAKE IT YOU FILL OUT ALOT OF CREDIT CARD APPLICATIONS?

Well at the moment I only have 3 but yea I applied alot of credit cards when I didnt have any credit. My credit score is only 626

 

[THWIP*]

Well at the moment I only have 3 but yea I applied alot of credit cards when I didnt have any credit. My credit score is only 626

WELL, FOR FUTURE REFERENCE.......IF YOU QUALIFY FOR ONE CREDIT CARD, YOU'LL GENERALLY QUALIFY FOR ANY OF THEM (OF EQUAL LIMITS ANYWAY); IT REALLY DOESN'T PAY TO FILL OUT DOZENS OF APPLICATIONS. IF YOU WANT/NEED A CREDIT CARD, YOUR BEST BET IS TO GO WITH YOUR BANK. IF YOU JUST WANT A CREDIT CARD FOR CONVENIENCE OR TO MAKE PURCHASES THAT REQUIRE ONE, GET A VISA/MC "CHECK CARD", THAT WORKS JUST LIKE A CREDIT CARD, BUT JUST COMES OUT OF YOUR CHECKING ACCOUNT.

 

[guitarsingerguy]

Yeah, but I won't accept a credit card over 7.99% fixed. That makes a big difference.

 

[THWIP*]

Yeah, but I won't accept a credit card over 7.99% fixed. That makes a big difference.

WHICH IS WHY YOU GO THROUGH YOUR BANK, RATHER THAN THROUGH THE MAIL.

ACTUALLY, I'VE NEVER HAD A NEED FOR A CC, SINCE WE HAVE OUR MC CHECKCARDS, AND CAN BORROW MONEY FROM THE BANK, IF WE EVER NEED IT; OUR CURRENT FIXED INTEREST RATE ON OUR MORTGAGE, AND OUR "HOME IMPROVEMENT" LOAN, IS ABOUT 7.4%

 

[guitarsingerguy]

WHICH IS WHY YOU GO THROUGH YOUR BANK, RATHER THAN THROUGH THE MAIL.

ACTUALLY, I'VE NEVER HAD A NEED FOR A CC, SINCE WE HAVE OUR MC CHECKCARDS, AND CAN BORROW MONEY FROM THE BANK, IF WE EVER NEED IT; OUR CURRENT FIXED INTEREST RATE ON OUR MORTGAGE, AND OUR "HOME IMPROVEMENT" LOAN, IS ABOUT 7.4%

My bank CCs aren't nearly that low. My low ones are through Chase, Bank of America, and RBS.

 

[XwolverineX]

Wow, what a long ass conversation...