Personal blog on early retirement, selling tradelines, and analytics projects. I write about what I learn as I am learning it.
People ask me about credit card approvals all the time, usually right after asking about tradelines. The questions are connected — someone working on their credit profile is often trying to qualify for a specific card, not just fix a number on a dashboard. So I’ve thought about the minimum income for a credit card more than the average person. Here’s what I actually know. Related: why did i get denied for a credit card — worth reading if this applies to you.
When someone asks me if a tradeline will help their credit, one of my first questions is whether they have any public records on their report. It changes the picture significantly. Public records are the heaviest derogatory marks in the scoring model — they’re not like a late payment, which fades in a couple of years. The main one that still shows up, bankruptcy, can sit on your report for a decade.
Continue reading “What Is a Public Record on a Credit Report?”
Buyers come to me after Chapter 13 discharge more than you might expect. They’ve just finished a multi-year repayment plan, their credit took a real beating, and they want to know two things: where does my score stand right now, and will a tradeline help? The honest answer to both questions is more nuanced than what most posts on this topic give you.
Continue reading “Average Credit Score After Chapter 13 Discharge”
I put a $2,200 HVAC repair on a credit card once. Didn’t think much of it — I’d pay it off in a couple months. But in the meantime, that card went from about 15% utilization to over 70%. My credit score dropped around 30 points. I wasn’t planning to apply for anything, so I didn’t notice for weeks. That was the last time I “just charged it” for an expense I knew was coming.
Continue reading “Sinking Fund Categories That Actually Make Financial Sense”
The short answer to “can you transfer a car loan to someone else?” is: sometimes yes, but lenders make it complicated, and most people end up going a different route. Here’s the honest breakdown of what’s actually possible and when each option makes sense.
Continue reading “Can You Transfer a Car Loan to Someone Else?”