building credit - Page 3 - PeachParts Mercedes-Benz Forum

Tymbrymi · #31 05-28-2008, 07:55 PM

Keep up the good work!

Quote:

Originally Posted by TheDon

I inquired about a MMA and I need $2500 to start one but lately the interest rates have been less than ideal. My savings is starting at .15% where a MMA with a balance of 5k is sitting at .04% today.

You need to get an MMA online. I have one with CapitalOne and eTrade... They have stupid low minimum balances (I had $10 in my eTrade account until my online access was fixed). When I signed up with them about a year ago I was getting close to 5%, but now its a little above 3%. Still a whole hell of a lot better than .15%. They usually take about 4 days to transfer to/from my checking account. With CapitalOne you get a card where you can withdraw the money at an ATM if that does anything for you (I don't know what the PIN is on mine!).

Hatterasguy · #32 05-28-2008, 08:00 PM

Quote:

Originally Posted by Graplr

This sounds like a good plan.

If you do read Dave Ramsey's book and start to follow his advice, you will close that credit account soon.

The Myth- You need a FICO score (credit..or another way to say it...DEBT) to buy something. That is false. Some creditors do work only off of FICO scores. But there are some that do the old style underwriting. The only reason you (since you are doing things correctly) would need to borrow money is on a house. If you do not have a credit history you can still get a loan through someone who does the old style underwriting.

Someone like churchill mortgage would give a loan to someone like you who is responsible, has some cash for a downpayment, but has no FICO score.

Read here-
http://www.churchillmortgage.com/Info/loan-process.aspx

I have no credit to speak of, just a couple of credit cards and I managed to secure a pretty healthy hard money line of credit to build a spec house. So yes their are ways to get around not having a cerdit history. But its hard and expensive.

TheDon · #33 05-29-2008, 12:07 AM

Quote:

Originally Posted by Tymbrymi

Keep up the good work!

You need to get an MMA online. I have one with CapitalOne and eTrade... They have stupid low minimum balances (I had $10 in my eTrade account until my online access was fixed). When I signed up with them about a year ago I was getting close to 5%, but now its a little above 3%. Still a whole hell of a lot better than .15%. They usually take about 4 days to transfer to/from my checking account. With CapitalOne you get a card where you can withdraw the money at an ATM if that does anything for you (I don't know what the PIN is on mine!).

Is the E-Trade account FDIC insured? I've heard nothing but bad things about capital one

Tymbrymi · #34 05-29-2008, 09:40 AM

Quote:

Originally Posted by TheDon

Is the E-Trade account FDIC insured? I've heard nothing but bad things about capital one

They are both FDIC insured

I have a CapitalOne credit card and an MMA, and haven't had any problems, but I've heard of others that do.

Well, after looking at their webpages they aren't actually MMA's, they are just high yield savings accounts...

https://us.etrade.com/e/t/welcome/completesavings