NT: Official Personal Finances Thread

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A lot of misinformation about credit so I am asking, can you improve your credit if you have it frozen? Don't intend on buying anything major in the next few years outside of emergency situations, but I am trying to raise my score more. I thought having it frozen might prevent that. I was just talking to my mom and she is planning on buying a second house and she said she is about to unfreeze her credit.
As dude below said. It basically locks ur credit so no one has access to pull your credit.

U will not be receiving any credit card offers after a freeze either.

And whenever u need to pull credit for a loan or something. U login or call and have them lift it for a specified amount of time or u can give the loan company access to pull ur credit for a specific amount of time.

And as dude below said. Yes you can still use ur credit cards and ur credit score is still active (it can go up or down)

Yes, you can improve your credit while it is frozen. A credit freeze only freezes access to your credit reports. It doesn't freeze your credit scores. Freezing your credit just means you're unable to apply for new credit until the freeze is removed/lifted. It's particularly in place to prevent someone from stealing your information and opening new accounts in your name.

Now to maximize your credit scores, you'll need at least 3 credit cards and 1 installment loan. Implement the AZEO (all zero except one) method. Only let 1 of the 3 credit cards report a small balance. The other 2 credit cards should report a zero balance when the statement cuts. Same can be done if you have more than 3 credit cards. Just let 1 card report a small balance and all the others report a zero balance.

Sorry, I know the question wasn't directed to me, but I wanted to clear things up.
Great answer
 
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Also FYI credit freezes also affect opening new bank/brokerage accounts. I forgot to lift my freeze when opening my Vanguard had to go through some unnecessary hassles to even open the account
 

titang545

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Yes, you can improve your credit while it is frozen. A credit freeze only freezes access to your credit reports. It doesn't freeze your credit scores. Freezing your credit just means you're unable to apply for new credit until the freeze is removed/lifted. It's particularly in place to prevent someone from stealing your information and opening new accounts in your name.

Now to maximize your credit scores, you'll need at least 3 credit cards and 1 installment loan. Implement the AZEO (all zero except one) method. Only let 1 of the 3 credit cards report a small balance. The other 2 credit cards should report a zero balance when the statement cuts. Same can be done if you have more than 3 credit cards. Just let 1 card report a small balance and all the others report a zero balance.

Sorry, I know the question wasn't directed to me, but I wanted to clear things up.
No thank you for the info, I just closed a car because customer service was getting on my nerves. Will need to do this in the immediate future then freeze my credit. Call me crazy but there should be a mandatory course for all high school seniors on credit, have the teachers certified on the subject or have it online. I know some people will slip through the cracks but if at least a couple can hear it I think it would be worth it.
 
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No thank you for the info, I just closed a car because customer service was getting on my nerves. Will need to do this in the immediate future then freeze my credit. Call me crazy but there should be a mandatory course for all high school seniors on credit, have the teachers certified on the subject or have it online. I know some people will slip through the cracks but if at least a couple can hear it I think it would be worth it.
Are you looking to purchase a vehicle in the near future? If I were you, I'd take the time to freeze your credit reports immediately along with the members of your household. You can then very easily do a "temporary lift" when a creditor needs access to your reports. It literally takes less than 5 minutes to do a temporarily lift on the three credit bureaus. Also remember to freeze ChexSystems and Innovis.

Just yesterday I applied for a new credit card. I did a temporary lift on the three credit bureaus about 5 minutes before I submitted the application. Everything went smoothly and was instantly approved.
 

titang545

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Are you looking to purchase a vehicle in the near future? If I were you, I'd take the time to freeze your credit reports immediately along with the members of your household. You can then very easily do a "temporary lift" when a creditor needs access to your reports. It literally takes less than 5 minutes to do a temporarily lift on the three credit bureaus. Also remember to freeze ChexSystems and Innovis.

Just yesterday I applied for a new credit card. I did a temporary lift on the three credit bureaus about 5 minutes before I submitted the application. Everything went smoothly and was instantly approved.
No all vehicles are good, mine is paid off in Nov/Dec. The wife's Jeep is good, at least a good three years before I buy a car on credit, probably 2 years before we starting looking at buying a house.
 
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No thank you for the info, I just closed a car because customer service was getting on my nerves. Will need to do this in the immediate future then freeze my credit. Call me crazy but there should be a mandatory course for all high school seniors on credit, have the teachers certified on the subject or have it online. I know some people will slip through the cracks but if at least a couple can hear it I think it would be worth it.

I they educated the youth they wouldn't be able to profit off their financial mistakes
 
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Great way to add some low revolving credit is put netflix/hulu/recurring bill on a CC, put CC on autopay and don't put anything else on there. Set it and forget it. You have a low balance credit line being reported monthly every month that gets automatically paid for. Doesn't hurt to get some points/cash back either
 
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Great way to add some low revolving credit is put netflix/hulu/recurring bill on a CC, put CC on autopay and don't put anything else on there. Set it and forget it. You have a low balance credit line being reported monthly every month that gets automatically paid for. Doesn't hurt to get some points/cash back either
Great idea
 
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Any recommendations for Umbrella Coverage besides Geico? Just want to get quotes to see if I can find something cheaper than what I currently have.
 
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No thank you for the info, I just closed a car because customer service was getting on my nerves. Will need to do this in the immediate future then freeze my credit. Call me crazy but there should be a mandatory course for all high school seniors on credit, have the teachers certified on the subject or have it online. I know some people will slip through the cracks but if at least a couple can hear it I think it would be worth it.
I've recently been working diligently to get inside the public school to teach financial seminars to students. There's a lot of barriers put in place but it's been a dream/goal for years, hopefully it comes to fruition soon.
 
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I've recently been working diligently to get inside the public school to teach financial seminars to students. There's a lot of barriers put in place but it's been a dream/goal for years, hopefully it comes to fruition soon.
I really hope you reach your goal. There’s so much I learn as I get older that I really wish they would’ve taught me when I was a teen. It would’ve worked wonders
 
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I really hope you reach your goal. There’s so much I learn as I get older that I really wish they would’ve taught me when I was a teen. It would’ve worked wonders
This...everything I’ve learned about personal finance is from listening to podcasts, YouTube videos, and things I read on the web around 2 years ago when I was 23.

If I started when I was say 18 right after HS just pumping money into my Roth IRA and investments i’d have a 5 years head start
 
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This...everything I’ve learned about personal finance is from listening to podcasts, YouTube videos, and things I read on the web around 2 years ago when I was 23.

If I started when I was say 18 right after HS just pumping money into my Roth IRA and investments i’d have a 5 years head start
Man tell me about it. I was lucky enough to get some knowledge from my older brother who had to learn from trial and error which motivated him to learn about finances. I still have much more to learn, but I def. would’ve known much more by now if I was 18 with that knowledge
 

titang545

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I remember early on just turning 18 my sister was like yeah you want to have good credit so you don't have to put as much down. Then I said but if I put more down that means I pay less right? Well yes and no, didn't really understand yes you can put more down but what interest rate.
 
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What's the best letter/method to get in touch with the credit bureas and get negative stuff removed from your account? Are there any paid services online that can do the work for you so you don't have to?
 

Top Boy

formerly jay patt
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Man tell me about it. I was lucky enough to get some knowledge from my older brother who had to learn from trial and error which motivated him to learn about finances. I still have much more to learn, but I def. would’ve known much more by now if I was 18 with that knowledge
My family is so bad at finances for such educated people its crazy. I have an accountant in my family and they're not the greatest either.

They were the perfect example of how not to handle my money, been giving them advice since 18 and I got NT and the internet to thank for that.

Y'all helped put me on game early.
 
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What's the best letter/method to get in touch with the credit bureas and get negative stuff removed from your account? Are there any paid services online that can do the work for you so you don't have to?
Is there something begin incorrectly reported by the bureaus? In that case you'd dispute it with them.

If you have missed payments, defaults, or charge-offs, you should contact the lenders directly. Go to the MyFico forums and search for "goodwill letters." Depending on how old it is, you may be able to settle on a pay for delete agreement.

I've never had to dispute any of the above, so I can't provide my expertise. This is just by what I've read on the MyFico forums.
 
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Unsure if this is the correct thread but a question regarding life insurance policies..

As a contractor, my job changes too often to keep up with the work polices and benefits. Where can I go to set up a decent policy as a standalone?
 
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