Buying a bike as a student.

[Jiggles]

Here it is, these are the main categories that will impact your score.

[Falcor]

I like how my thread turned into a learning lesson .

[Jiggles]

+1 for off topic threads full of useful information

[Mulholland]

And memes.... needs moar cowbell?

[blink]

Buy a used one man, start saving now, and just go for a cheaper used one.

You might end up wanting something else after a month or two.

Anyways, trust both those comments. Let me clarify i said MIGHT =p

[massacremasses]

mine looks almost the same dude... hmmm

[Jiggles]

Originally Posted by Jiggles

Mine doesn't say anything about insurability, it's just my credit score. Right now it's at the highest its ever been 743. It has a tracker of the past 2 years and you can see my credit dip like 30 points each time I bought a bike, then it slowly creeps back up and goes a bit higher.

Not bad for a 21 year old

Guys! I found out some incredible news! Being disabled raises your credit score!!!

[Falcor]

On top of Jiggle's good news i just received an e-mail today from citi that i have been approved for their student card at $500. Should be getting it within the next 4-7 days.

[Miles_Prower]

the beautiful thing about being an authorized user on parents cards was that my credit rating slowly was established, at a thrilling 800+ score. But after buying my bike and opening some accounts I bet it slid down towards 760ish. Time to be responsible!

[Jiggles]

Originally Posted by Miles_Prower

the beautiful thing about being an authorized user on parents cards was that my credit rating slowly was established, at a thrilling 800+ score. But after buying my bike and opening some accounts I bet it slid down towards 760ish. Time to be responsible!

Why do I not believe this?

[Miles_Prower]

Originally Posted by Jiggles

Why do I not believe this?

no joke dude. when I bought my car last year they pulled my credit score. Mine was a bit over 800. When I go home I'll have to look for the paperwork lol. When I got my second credit card two months ago, after running a few checks (stupid discover wouldn't give me the card i wanted..tards) I was at 791. Trying to work it back up!

[Jiggles]

How old are you? And how long have you had credit?

[Falcor]

Originally Posted by Miles_Prower

no joke dude. when I bought my car last year they pulled my credit score. Mine was a bit over 800. When I go home I'll have to look for the paperwork lol. When I got my second credit card two months ago, after running a few checks (stupid discover wouldn't give me the card i wanted..tards) I was at 791. Trying to work it back up!

Discover wouldn't give me a card either :/

[Miles_Prower]

lol discover was giving me a card, but it had a higher APR..which didn't really matter to me because i pay in full every month, but I wasn't sure if they were going to give me my 150 bucks free (but Chase did, ftw!).

Jiggles I'm 24. I've had a credit card since I was 16, and got my own (as in I foot the bill) credit card at the age of 22. =D but I still wish I didn't have to pay the billzzzz lol

[Jiggles]

The thing is you don't inherit a good score, at 24 I don't think it's unlikely to have an 800 or close to it, I'm on that road myself. But I don't believe being an authorized user on a credit card builds your credit history.

[GreenNinja]

Originally Posted by Falcor

On top of Jiggle's good news i just received an e-mail today from citi that i have been approved for their student card at $500. Should be getting it within the next 4-7 days.

make sure it has no annual fee.

[Falcor]

No Annual Fee

[Miles_Prower]

Originally Posted by Jiggles

The thing is you don't inherit a good score, at 24 I don't think it's unlikely to have an 800 or close to it, I'm on that road myself. But I don't believe being an authorized user on a credit card builds your credit history.

I agree, you don't inherit it. You start with no number whatsoever. However, up until I think '08, being an authorized user did build your history (mom works for Chase, credit division). They stopped doing that during the whole financial industry eff up to reduce fraud or something. From what I was taught by my parents, pretty much the goal is don't carry much debt overall if you can help it, always pay off cards in full, get the highest possible credit limits you can while utilizing the lowest amounts possible. And then of course don't go crazy and open 10 credit cards and checking accounts lol.

[TnNinjaGirl]

I had to get a secured credit card for my first card.
Posted via Mobile Device

[Jiggles]

Originally Posted by Miles_Prower

I agree, you don't inherit it. You start with no number whatsoever. However, up until I think '08, being an authorized user did build your history (mom works for Chase, credit division). They stopped doing that during the whole financial industry eff up to reduce fraud or something. From what I was taught by my parents, pretty much the goal is don't carry much debt overall if you can help it, always pay off cards in full, get the highest possible credit limits you can while utilizing the lowest amounts possible. And then of course don't go crazy and open 10 credit cards and checking accounts lol.

Interesting, I just don't see how being an authorized user would reflect on your own credit at all. Afterall it's not your credit and you have no responsibility to pay the bill and if the debt went to collections they wouldn't come after you. So I really just don't see how authorized users can build credit from it.

The last 2 cards I opened they gave me a $5000 limit and I was like holy crap why would I ever need that!??! Haha, and my first wellsfargo credit card has been slowly increasing the limit without me asking them too, it started at $1000 and is now up to $2200, thanks wellsfargo, I guess lol

[Miles_Prower]

Originally Posted by Jiggles

Interesting, I just don't see how being an authorized user would reflect on your own credit at all. Afterall it's not your credit and you have no responsibility to pay the bill and if the debt went to collections they wouldn't come after you. So I really just don't see how authorized users can build credit from it.

The last 2 cards I opened they gave me a $5000 limit and I was like holy crap why would I ever need that!??! Haha, and my first wellsfargo credit card has been slowly increasing the limit without me asking them too, it started at $1000 and is now up to $2200, thanks wellsfargo, I guess lol

wow that's surprising actually..both of my cards are $4000 each. I want to be a baller and have 100k limits hahaha.
I guess think of an authorized user somewhat as a cosigner. Purchaser doesn't pay? Cosigner gets heckled. I think it used to be with an authorized user, they benefit, but if the bill doesn't get paid, all users on the account get their scores hit.

[Jiggles]

But the extent of adding an authorized user is just adding their name, no social or anything, I could add you to my card but they won't come after you if you don't pay.

[Falcor]

He's speaking of a past tense system i believe, suggesting that policies have changed.

[Jiggles]

I understand that but the way credit works it still doesn't make sense. No risk, no reward

[Miles_Prower]

of course there's a risk lol
if you add me to your card and I'm like oh hai, I'm on your accountz racking upz the billz, and you can't pay the card, your credit score..AND MINE...go down. there's still a risk. the cc company might not get their money back, but your credit gets wrecked so you can't get away with continuous fraud.

[GreenNinja]

Originally Posted by Jiggles

Interesting, I just don't see how being an authorized user would reflect on your own credit at all. Afterall it's not your credit and you have no responsibility to pay the bill and if the debt went to collections they wouldn't come after you. So I really just don't see how authorized users can build credit from it.

Logically it does not make sense but I quit applying logic to our wonderful credit system(the same goes to our government). Anyways, what Miles_Prower says is correct. My wife had no credit so I put her as a additional user of a credit card I have had for over 11 years. The one I added her to required SSN, DOB, and Name. Three months, later she went from having nothing to 650. Two years later she is around 720. I know if her credit score has gotten better from all the annoying "pre-approval" credit card offers she keeps getting. It originally started at a max of a $300 credit card and now it is up to $1,000. I don't even have to do a credit check on her: She just needs to read her junk mail LOL.

[GreenNinja]

Originally Posted by Miles_Prower

wow that's surprising actually..both of my cards are $4000 each. I want to be a baller and have 100k limits hahaha.
I guess think of an authorized user somewhat as a cosigner. Purchaser doesn't pay? Cosigner gets heckled. I think it used to be with an authorized user, they benefit, but if the bill doesn't get paid, all users on the account get their scores hit.

If you want them to increase your limit, just go in debt to the credit card for a few months. Even if it is a few hundred at a time. I went from 2500 to 15k in less than a year. One time I was in debt for 4k and they bumped it up to 25k; I called and told them to drop that back to 15 because 25 is just absurd. Of course they were confused as to why I wanted to go backwards but they eventually complied.