If I have high credit score, what do I do with it? Get loan and use that $ to grow more money? I know of Tradelines but not how to get in? What do u think of the loans?
Any questions?
If u do get a loan I would not get one for more than you can expect to pay back with your regular dayjob in ~3mos.
For me my great credit just provides me more peace of mind knowing that in case of an emergency I have 5 figures at my disposal no matter what. I'm not really the hustle type tho.
ask for an increase on your credit limit, your credit score will further increase if you use a smaller proportion of your limit and are able to pay it off every month. if you want you can try applying for other credit cards with higher perks.
I wouldn't do anything drastic with it unless or until you really need to
Use it for better credit cards. Good credit is a little bit gassed until it comes time to purchase a home or car
Under no circumstance do you take out a loan to “make more money” because there is virtually zero shot you’d beat out the interest you’d be paying for the loan. Continue to maintain it and improve it incrementally. Credit really exists for trust on major purchases such as a home or a vehicle that will in turn allow you access to lower interest rates during the life of the loan
Buy a house
FHA loan, new home builders are paying closing costs.
Under no circumstance do you take out a loan to “make more money” because there is virtually zero shot you’d beat out the interest you’d be paying for the loan. Continue to maintain it and improve it incrementally. Credit really exists for trust on major purchases such as a home or a vehicle that will in turn allow you access to lower interest rates during the life of the loan
Ok so credit is just a trust/rep for buying house, it’s not for really helping u create more $$
Ok so credit is just a trust/rep for buying house, it’s not for really helping u create more $$
Might help lend some legitimacy to you when applying for a business loan, but I am not sure, I've never gone down that path myself. Honestly this type of question is what reddit is peak for. It's so many finance related subs out there..
There's also ppl who churn credit cards (r/churning) for the rewards/cashback but that seems like a whole job in itself and my perception is that it's only really effective/efficient once you reach a certain level of income/spending (takes money to make money n whatnot)
Ok so credit is just a trust/rep for buying house, it’s not for really helping u create more $$
Basically. Good credit is great to have but more as a tool for trust from financial institutions not necessarily for opportunity to increase wealth (at least not directly). Like @plants said you do get opportunities to utilize better credit cards that could indirectly increase your wealth opportunities (for lack of a better term) with rewards/cashback etc
Take out a loan for as much you can and bet Mavs game 3 & gm 4. Make sure the loan doesn’t have a prepayment penalty and you’ll be able to pay it back Monday
I personally maxed my card out on skittles. Best investment I’ve ever made
Wait if I have a ton of available credit and stuff I can use that to make more money?
I just use the cards with cashback for every purchase then overpay it back immediately