Financial Advice

[alphamale]

Working in finance, specifically the banking sector, we do not "cum" when we see a credit score like that. Especially now where systemic fraud and credit manipulation is at an all time high, having a 850 credit score has little impact.

What does make us cum (similar to many women) is cash on deposit. The more cash you have on deposit inside of your account, the more we are going to want to make you happy to keep it there and deposit more. Currently financial institutions number one objective is fighting for customer deposits. As always gentleman, cash is king.

Interesting!
But surely, an 850 FICO has to stand for something
It has to have some import!
(It can't be totally ignored!)
It can't be totally meaningless!
So, you're sayin' when you go to buy a car .... and the car salesman does a credit check on you ... and, it comes back 850 .... he doesn't cum in his pants?
You're saying ... a car buyer with a 850 FICO ... gets the same reception as a car buyer with a 600 FICO?
That's rather hard to believe!
Surely the MBA, algorithm geeks at Experian, Equifax and Transunion have had to have come up with a way to effectively separate (regardless of "systematic fraud and credit manipulation") the creditworthy wheat from the chaff ... and ascertain a person's credit worthiness!
(AI has gotta be especially suited for this!)
AI has to have outsmarted them; AI has to be ahead of the curve on this; .... and's gotta be a step ahead of the "systematic fraud and credit manipulation"!
For AI ... the methods and tactics of fraudsters and manipulators gotta be relatively easy to spot!
AI has got to easily be able to expose them and ferret them out!
No?

Let me tell a ya real-world story about having an enviable FICO score:
Once upon a time I was bangin' a totally hot, smoke-show, chica (Patricia Mercado)!
(She was great in bed; eager to please; could take a poundin'; and was up for anything!)
One night during pillow talk she says to me: "Oh my papi ... could you help me out with the rent?"
I said: "Yeah, I'll help ya out ... mami!"
(Now mind you, at that time I was routinely getting unsolicited $1000 checks in the mail from Chase, Citi, Discover, Wells Fargo .... looking for my business and begging me to cash them!)
I never paid 'em no mind!
I was flush; I had $$$ in my pocket; I wasn't interested!
I didn't feel like gettin' in debt!
I just tore 'em up and threw them in the trash!
But, I knew somethin' was up!
( I suspected I must have had a pretty high credit score!)
There had to be a reason .... the banks were pursuing me!
But, I never bothered to check out my credit score!
So I said ... what the fuck, let me see what my credit score is ... and help out my caliente chica with the rent at the same time!
(It was time to see ... just how I measured up!)
So, I went to OneMainFinancial (right next to the check-cashing agency)!
I told the office manager I wanted to takeout a $1000 loan!
He says: "Let me see what I can do. Give me a credit card and your drivers license."
He comes back 5 minutes later with a little steam in his stride and says: "You got a FICO score of 820 ... I've worked here for 10 years and I've only seen 1 higher than that!"
Then he says: "I know you wanna borrow $1000 ... but is there any way I can convince you to borrow $10,000?"
There Ya Go!
(Mami was ever so pleased with my efforts ...And, I WAS RICHLY REWARDED!)

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[Townbizz54]

Interesting!
But surely, an 850 FICO has to stand for something
It has to have some import!
(It can't be totally ignored!)
It can't be totally meaningless!
So, you're sayin' when you go to buy a car .... and the car salesman does a credit check on you ... and, it comes back 850 .... he doesn't cum in his pants?
You're saying ... a car buyer with a 850 FICO ... gets the same reception as a car buyer with a 600 FICO?
That's rather hard to believe!
Surely the MBA, algorithm geeks at Experian, Equifax and Transunion have had to have come up with a way to effectively separate (regardless of "systematic fraud and credit manipulation") the creditworthy wheat from the chaff ... and ascertain a person's credit worthiness!
(AI has gotta be especially suited for this!)
AI has to have outsmarted them; AI has to be ahead of the curve on this; .... and's gotta be a step ahead of the "systematic fraud and credit manipulation"!
For AI ... the methods and tactics of fraudsters and manipulators gotta be relatively easy to spot!
AI has got to easily be able to expose them and ferret them out!
No?

Let me tell a ya real-world story about having an enviable FICO score:
Once upon a time I was bangin' a totally hot, smoke-show, chica (Patricia Mercado)!
(She was great in bed; eager to please; could take a poundin'; and was up for anything!)
One night during pillow talk she says to me: "Oh my papi ... could you help me out with the rent?"
I said: "Yeah, I'll help ya out ... mami!"
(Now mind you, at that time I was routinely getting unsolicited $1000 checks in the mail from Chase, Citi, Discover, Wells Fargo .... looking for my business and begging me to cash them!)
I never paid 'em no mind!
I was flush; I had $$$ in my pocket; I wasn't interested!
I didn't feel like gettin' in debt!
I just tore 'em up and threw them in the trash!
But, I knew somethin' was up!
( I suspected I must have had a pretty high credit score!)
There had to be a reason .... the banks were pursuing me!
But, I never bothered to check out my credit score!
So I said ... what the fuck, let me see what my credit score is ... and help out my caliente chica with the rent at the same time!
(It was time to see ... just how I measured up!)
So, I went to OneMainFinancial (right next to the check-cashing agency)!
I told the office manager I wanted to takeout a $1000 loan!
He says: "Let me see what I can do. Give me a credit card and your drivers license."
He comes back 5 minutes later with a little steam in his stride and says: "You got a FICO score of 820 ... I've worked here for 10 years and I've only seen 1 higher than that!"
Then he says: "I know you wanna borrow $1000 ... but is there any way I can convince you to borrow $10,000?"
There Ya Go!
(Mami was ever so pleased with my efforts ...And, I WAS RICHLY REWARDED!)

I just can’t keep my mouth shut. You are clearly young and have much to learn. So I will advise. Do with it what you want.
Number 1. Never put pussy on credit. My guess is you are still paying this off.
2. In the car buying senerio. You are correct the “salesman” is probably happier to see the higher score, because that means the deal is going to be easier to close theoretically. But the lender actually prefers the lower score. The high score is only getting you a smaller down payment, and lower intrest rate. Thus less money for the lender to make. The auto lender actually want the guy with the lower score as they will make more interest. This is why auto loans are so helpful in building or rebuilding credit. Also, maybe it’s how I was raised, but I dont barrow for cars. I pay cash and get a much better price. Just bought a black widow f250 a couple years ago. Paid in straight cash homie. Brought a legit brief case with me. That’s what made the car salesman cum himself. I didn’t come to bull shit. And got 30k taken off the sticker price becuse I was ready to walk over to Chevy across the street.
3 no body who is wealthy or financially successful is using one main financial. Or any other payday day or cash advance or vehicle Title loans. We use real estate loans. And use assets to get lines of credits with out equity. We do not get small loans just because a bank offers us something. That 10k probably cost you 20k to pay back over the 5 year term they talked you into.
My assumption is that at the time you were young, had a car loan and a couple of smaller credit cards you hadn’t missed payments on, thus giving you a high score, as all score generally start higher when you are younger, especially if your parents helped you establish credit in your youth.

A high credit score does not equate to wealth. It means you can manage your debt and obligations to your creditors. Along with having a good balance of dti, different loan types, and good payment history. If you take out a loan, you score will drop. That’s why investors refinance everything at the same time and hope to close those refinances as close to the same day as possible. If you pay off debt you score will clime,
3 years ago when I was last acquiring properties my score started at 750 went down all the way to the mid 6s and then over the last 3 years as I have paid things off and not barrowed or used my lines of credit. My score has climbed back into the 8s. When I go into buying later this years my score will drop below 700 again becuse I will be taking on probably 10 million dollars in debt.
Getting approved for those mortgages has nothing to do with my score. I could buy down the rate if I wanted. I will get approved for that becof the equity I have in my current properties, and the cash reserves I have built up over the last 15 years. Not becuse I have a high credit score. Credit is a tool annd if you don’t know how to use it it will haunt you for life’s if you master it it will open up a world of financial opportunity. And for the record. Anything above 700 really doesn’t affect most people. And I got approved for a million dollars loan in 2018 with a 590 score at the times.

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[oc.businessman.33]

Your FICO only determines your interest rate and your risk to lend to. Cash is King, always. Remember, if it don't make dollars it don't make sense.

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[Townbizz54]

Side note about the truck I bought. I went with my main girl and let her do the negotiating cus I don’t like doing that shit and I gave her every dollar below the sticker. (As an advance for our future dates) She was very motivated to get that price down because she was taking time off from this sex industry at the time. By the time we got back from where we went to buy the truck we’d fucked in it in 4 different states including while driving down the highway. that was a fun day.

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[alphamale]

I just can’t keep my mouth shut. You are clearly young and have much to learn. So I will advise. Do with it what you want.
Number 1. Never put pussy on credit. My guess is you are still paying this off.
2. In the car buying senerio. You are correct the “salesman” is probably happier to see the higher score, because that means the deal is going to be easier to close theoretically. But the lender actually prefers the lower score. The high score is only getting you a smaller down payment, and lower intrest rate. Thus less money for the lender to make. The auto lender actually want the guy with the lower score as they will make more interest. This is why auto loans are so helpful in building or rebuilding credit. Also, maybe it’s how I was raised, but I dont barrow for cars. I pay cash and get a much better price. Just bought a black widow f250 a couple years ago. Paid in straight cash homie. Brought a legit brief case with me. That’s what made the car salesman cum himself. I didn’t come to bull shit. And got 30k taken off the sticker price becuse I was ready to walk over to Chevy across the street.
3 no body who is wealthy or financially successful is using one main financial. Or any other payday day or cash advance or vehicle Title loans. We use real estate loans. And use assets to get lines of credits with out equity. We do not get small loans just because a bank offers us something. That 10k probably cost you 20k to pay back over the 5 year term they talked you into.
My assumption is that at the time you were young, had a car loan and a couple of smaller credit cards you hadn’t missed payments on, thus giving you a high score, as all score generally start higher when you are younger, especially if your parents helped you establish credit in your youth.

A high credit score does not equate to wealth. It means you can manage your debt and obligations to your creditors. Along with having a good balance of dti, different loan types, and good payment history. If you take out a loan, you score will drop. That’s why investors refinance everything at the same time and hope to close those refinances as close to the same day as possible. If you pay off debt you score will clime,
3 years ago when I was last acquiring properties my score started at 750 went down all the way to the mid 6s and then over the last 3 years as I have paid things off and not barrowed or used my lines of credit. My score has climbed back into the 8s. When I go into buying later this years my score will drop below 700 again becuse I will be taking on probably 10 million dollars in debt.
Getting approved for those mortgages has nothing to do with my score. I could buy down the rate if I wanted. I will get approved for that becof the equity I have in my current properties, and the cash reserves I have built up over the last 15 years. Not becuse I have a high credit score. Credit is a tool annd if you don’t know how to use it it will haunt you for life’s if you master it it will open up a world of financial opportunity. And for the record. Anything above 700 really doesn’t affect most people. And I got approved for a million dollars loan in 2018 with a 590 score at the times.

Interesting!
You're obviously a heavy hitter!
30k off MSRP on a Black Widow F-250!
A briefcase full of $$$!
(Very few people can pay cash for a car!)
That's impressive!
FTR:
I went to OneMain Financial just to check out my credit rating and help out my chica with the rent!
I didn't take the 10k loan!
I took the 1k loan.
(And, I paid it off the next week!)
That must have really pissed off OneMain Financial!
No?
Driving to the OMF office I encounter a squeegee man at a traffic light ... it dawned on me that OneMain Financial catered to low-information, paycheck-to-paycheck, down-on-their-luck, bottom-feeding working stiffs ... especially, when I saw the office was right next to a check-cashing agency and down the block the local talent was hangin'-out in front of the liquor store and a panhandler approached me outside the building.
(Not exactly ... the high-rent district!)

I have heard that a good credit rating has nothing to do with a person's net worth!

Forgive me for bein' practical but , a quick question:
If you're a prospective renter, isn't your FICO score the most-salient factor in the eyes of the landlord and your suitability as a tenant?

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[oc.businessman.33]

Forgive me for bein' practical but , a quick question:
If you're a prospective renter, isn't your FICO score the most-salient factor in the eyes of the landlord and your suitability as a tenant?

Not specifically your FICO, but your payment history via your credit trade lines. They look at how many times you were reported delinquent.

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[Townbizz54]

No, I’m a slum lord.

There are many factors. Income and rental history is more important, life happens. My buddy with a 3 million dollar net worth and a 470 credit score had a wife that ruins his credit in their marriage and he would rather wait 7 years for it to fall off than pay it.
If a tenant comes to me and has a 550 score and makes 10k a month and has a references from his past land lord, and no eviction history I will rent to him in a heartbeat.
Someone else comes to me with a 720 and only makes 5k a month’s and has an eviction from 5 years ago I’m making him put down a fat security deposit and have a cosinger
Someone else come with a 450 and is fresh out of prison and has all his shit together otherwise I’m gonna rent to him and make it very clear late fee on the 5th, notice to pay or vacate and a call to his parole officer after 15 days. Eviction notice and another call to parole officer after 30 days. And I will follow up on that the very first time just to set the tone, the second time doesn’t happen.
You give people a chance and they will become your best tenants.

Also I’m not a slum load, but I was taught by one.

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[Sexaddict]

Are you guys buying the bitcoin dip?

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[Swytypy]

Are you guys buying the bitcoin dip?

I’m never getting into crypto.

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[Sexaddict]

I’m never getting into crypto.

Yeah, I get that, why you don't.
EVERY other coin is a pump & Dump.

It´s a game where only the lightning fast snipers gets a piece of the prize.

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[connman]

Credit scores are a mystery to me. As far as I can tell, all they give is an indication of your credit history. Does he pay off his debt on time. What they don't tell is how much you have in savings, investments, or retirement accounts. All indicators of your ability to pay off any debts.
I found out a couple years ago that the number of credit cards also matters. I thought I was simplifying my life by cancelling a couple cards that I rarely used. Why do I need more than my VISA and my AMEX? I cancelled my MC and a store card. My rating dropped from 820 to 760. This despite the fact that I pay off both my cards each month and start each new month with zero debt. My score has since slowly made its way back to 780 but still. You would think I would be less of a risk of running up bad debt without the extra cards but apparently that is not how it works.

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[Swytypy]

Credit scores are a mystery to me. As far as I can tell, all they give is an indication of your credit history. Does he pay off his debt on time. What they don't tell is how much you have in savings, investments, or retirement accounts. All indicators of your ability to pay off any debts.
I found out a couple years ago that the number of credit cards also matters. I thought I was simplifying my life by cancelling a couple cards that I rarely used. Why do I need more than my VISA and my AMEX? I cancelled my MC and a store card. My rating dropped from 820 to 760. This despite the fact that I pay off both my cards each month and start each new month with zero debt. My score has since slowly made its way back to 780 but still. You would think I would be less of a risk of running up bad debt without the extra cards but apparently that is not how it works.

Yeah, I also found out the hard way years ago that closing credit cards actually hurts your score, which is ridiculous. Apparently, part of the score is how much debt to credit you have, so the more cards you have with the higher your available credit, the better your score will be as long as you have little to no actual debt and always pay your bills. The FICO score algorithm is a hot mess.

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[Deleted member 10784]

Yeah, I also found out the hard way years ago that closing credit cards actually hurts your score, which is ridiculous. Apparently, part of the score is how much debt to credit you have, so the more cards you have with the higher your available credit, the better your score will be as long as you have little to no actual debt and always pay your bills. The FICO score algorithm is a hot mess.

And age of accounts is a factor so having older lines around is good.

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[Townbizz54]

always keep your cards open, unless there’s an anual fee, if there’s an annual fee, sometimes worth it just for the rewards ect such as the Amex flight lounge access ect

Also but EVERYTHING with a credit card then pay off monthly, you have much better fraud protection and the rewards will add up

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[swaggyking]

Just saw this thread and I am currently seeking advice on the best way to invest my money. I am currently in my early to mid 20s and I want to start investing so in the future I can live a very comfortable lifestyle like some of you individuals on here. I currently make around 30 an hour which I know over the years will increase but I want to invest a portion of this but I’m not sure in what. I have always believed knowledge is King and if there any advice such as what to invest in or where I can obtain more knowledge on this, I would highly appreciate it. I know there are so pretty successful people on so I thought it doesn’t hurt to ask. Thanks!

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[Sexaddict]

Just saw this thread and I am currently seeking advice on the best way to invest my money. I am currently in my early to mid 20s and I want to start investing so in the future I can live a very comfortable lifestyle like some of you individuals on here. I currently make around 30 an hour which I know over the years will increase but I want to invest a portion of this but I’m not sure in what. I have always believed knowledge is King and if there any advice such as what to invest in or where I can obtain more knowledge on this, I would highly appreciate it. I know there are so pretty successful people on so I thought it doesn’t hurt to ask. Thanks!

That’s one of the absolute best things you could do! I’m 28, and I started investing in 2020 by putting an initial amount into the S&P 500. Since 2022, I’ve also been investing in physical gold bars here and there.

Investing your money is the key! It will put you ahead of 80% of people—not in the short term, but in the long term. One day, they’ll all say, “I wish I had done what he did 10+ years ago.” I promise you that.

As I always say—and have lived by since 2020:
"Fast money runs, slow money stays."

Anyway, if I were in your situation, here’s what I’d do:
Start by investing an initial $3,000 in the S&P 500. Then, every month, contribute the same set amount you’ve chosen—whether that’s $300, $500, or whatever you're comfortable with.

If you have room for it, also buy one 5-gram gold bar every month for the next 5 years.

Do just those two things, and it’s almost certain you’ll be able to live the life you want—the life everyone wants—within 10 to 15 years.

It’s all about letting the money work for you. Keep enough in the bank to cover food, rent, and necessities—then invest the rest.

Oh, and also—when your stock portfolio eventually hits +$200,000, don’t sell your stocks. Instead, borrow against them.

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[connman]

Agree with all of @Sexaddict advice, but especially:

It’s all about letting the money work for you

Don't overthink it and mostly, don't panic during the dips. The S&P historically always comes back. You want your money there when it does. I lost hundreds of thousands of dollars in 2008 during the housing bubble/financial crisis and did again during the covid dip and supply chain mess. I didn't panic, left my money in a well diversified portfolio, and have 5x what I had prior to the 2008 drop. I haven't worked in over 2 years now but I'm still making 100's of thousands a year because my money is working for me.

Make a commitment and be in for the long run. One day the future you will appreciate the you of today.

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[Townbizz54]

Max out your 401 while you’re young. Have a large enough balance whey when you need cash this is where you go
Live poor
Buy real estate, rent rooms to your friends house hen buy more real estate. Utilize fha loans and house hacking strategies to build a portfolio that eventually you will have cash flow and equity in. Use this to reinvest and buy more properties not to live off of

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[Townbizz54]

Agree with all of @Sexaddict advice, but especially:


Don't overthink it and mostly, don't panic during the dips. The S&P historically always comes back. You want your money there when it does. I lost hundreds of thousands of dollars in 2008 during the housing bubble/financial crisis and did again during the covid dip and supply chain mess. I didn't panic, left my money in a well diversified portfolio, and have 5x what I had prior to the 2008 drop. I haven't worked in over 2 years now but I'm still making 100's of thousands a year because my money is working for me.

Make a commitment and be in for the long run. One day the future you will appreciate the you of today.

Once you realize money is a tool it changes the way you look at it. Work for money so that that money can work for you. Dont be a slave to debt. Read rich dad poor dad

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[swaggyking]

Appreciate the info guys.

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