Question about Credit

If you are not eligible for a military credit union right now, Cain, consider a nonmiltary one. Credit unions are non-profits, run for the benefit of depositors. This is why their services are superior to those of a bank.

The only time you should consider a bank is when taking out a mortgage, and that's only because credit unions do not offer them. But auto loans, savings, checking, credit cards, etc., they do.


Just a point of correction. I can't say all CU's offer mortages, but Navy Federal and Pentagon Federal do.



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Cain,

I feel like such an ass. All this time I've seen "Air Force DEP" and interpreted it to mean Air Force Dependent and not Air Force Delayed Entry Program.


:eusa_wall::eusa_wall::eusa_wall:


My bad and I truly apologize for the confusion.


As a member of DEP I'm not sure if you qualify for to join one of the military credit unions yet. If you may or may not be, I would recommend calling their 1-800 number and check. As a member of the DEP you may qualify if you are actually now in a Reserve status. I'm totally not knowing on that aspect.


If you can join fine. If not, it's not that big a deal. Just what until after Basic to join one of the military CU's. In the grant scheme of a 20-year career, a few months won't make that big a difference, although you may want to have an account with a local CU just for initial direct deposit purposes.


God I feel like an idiot.



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lol Don't worry about it. Well, I am considered a "In-Active Reservist" I believe, I think I can qualify for one, I'll talk to my recruiter about it. Thanks for all the help, I owe ya one, and thanks for serving again :). Also, I don't know if I'll stop at 20 years even, I mean, the only jobs I've ever wanted outside of military is a Professor for Military History and Farmer.
 
lol Don't worry about it. Well, I am considered a "In-Active Reservist" I believe, I think I can qualify for one, I'll talk to my recruiter about it. Thanks for all the help, I owe ya one, and thanks for serving again :). Also, I don't know if I'll stop at 20 years even, I mean, the only jobs I've ever wanted outside of military is a Professor for Military History and Farmer.


Might I suggest another alternative to your list for 20+ years down the road.


Welcome to Holm Center


We have 4 High Schools in the division I work for. Each with a JROTC program. A very rewarding "second" carrier with the ability to have a great impact on the lives of young people. The ability to begin training the next generation of those that will serve.


If it's something you end up being interested in... Plan early, get the required/suggested degree, shoot for the types of assignments that will prepare you and will make you competitive for selection.



Just a thought.


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lol Don't worry about it. Well, I am considered a "In-Active Reservist" I believe, I think I can qualify for one, I'll talk to my recruiter about it. Thanks for all the help, I owe ya one, and thanks for serving again :). Also, I don't know if I'll stop at 20 years even, I mean, the only jobs I've ever wanted outside of military is a Professor for Military History and Farmer.


Might I suggest another alternative to your list for 20+ years down the road.


Welcome to Holm Center


We have 4 High Schools in the division I work for. Each with a JROTC program. A very rewarding "second" carrier with the ability to have a great impact on the lives of young people. The ability to begin training the next generation of those that will serve.


If it's something you end up being interested in... Plan early, get the required/suggested degree, shoot for the types of assignments that will prepare you and will make you competitive for selection.



Just a thought.


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Eh, I promised myself I'd never teach at a high school after going through this one.
 
So, I have always had questions about what Credit really is, and how to make the best of it, and I have a few questions that I'd like to ask:

1. If you where to use a credit card to let's say, pay your payments/buy everyday items, and you always pay it off that day or at most a week later, would that improve your credit more then just buying and selling with money or debit?

2. How can you improve your credit score other then a credit card and paying payments on time?

3. What good is having a high credit score?

4. What is your credit score when you become 18? I mean, is their a standard everyone starts with?

1. I usually carry very little cash on me. I have a credit card that I use for just about all of my routine purchases and I pay it off in full every month the day that the bill arrives in the mail.

2. Do not apply for credit that you do not need - especially credit cards.

3. I have a high credit score. It was 843 when I bought my truck last year.

4. Don't know what your credit score is when you turn 18. It's different for just about everybody depending on credit you might establish.

I believe that my credit score is so high is because I pay all of my bills every month on time and never carry over a credit card balance to the next month. The rule at my house is use any credit card you want to use but it must be paid off in full every month. It's foolish to pay interest on a credit card balance. I have a 6 figure savings account in several local banks and our farm shows income every year. My wife is not dependent on me financially nor am I dependent on her financially. We both manage our own financial affairs but we have an account that we pay household bills off together. We are careful to live within our means. Living outside of your means usually leads to quick trouble and is a credit score killer.
 
Eh, I promised myself I'd never teach at a high school after going through this one.

OK, but remember one thing. JROTC students are there because they want to be. It's not a required course, students have to volunteer to be there. That usually a characteristic that can make a big difference on the type of student you get.


But that's OK, just thought I'd throw it out there. Teaching isn't for everyone.


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Eh, I promised myself I'd never teach at a high school after going through this one.

OK, but remember one thing. JROTC students are there because they want to be. It's not a required course, students have to volunteer to be there. That usually a characteristic that can make a big difference on the type of student you get.


But that's OK, just thought I'd throw it out there. Teaching isn't for everyone.


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I want to teach, but not high school, I want to teach at college or academy maybe.
 
I want to teach, but not high school, I want to teach at college or academy maybe.


Well good luck to you, my time is past, yours is about to begin. Carry on the tradition, server with Honor, Courage, and Commitment.

Let me close this with a Navy tradition...


......................................................Fair winds and following seas.


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I want to teach, but not high school, I want to teach at college or academy maybe.


Well good luck to you, my time is past, yours is about to begin. Carry on the tradition, server with Honor, Courage, and Commitment.

Let me close this with a Navy tradition...


......................................................Fair winds and following seas.


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I shall do my best.

lol thinks, although if you find me on a boat, you better pray, me and ocean or any large body of water=not good
 
Hi everyone. I'm the About.com Guide to Credit/Debt Management. This is my first post here and I really wanted to chime in to clear up some incomplete information I read here.

Do you have a credit score at 18?

Probably not. To have a credit score, you need to have at least one account on your credit report that's been active for at least six months. Otherwise, the credit scoring calculator doesn't have enough information to create a score for you. If you try to check your credit score, you would get back a message saying you have a limited credit file - meaning, there's not much information on your credit report.

BTW - there are two parts to your credit history. Your credit report and your credit score. Your credit report is a document that contains information about all your credit card and loan accounts. It gives basic account information and lists your payment history. You have credit report with the three major credit bureaus (the companies who collect all the information for your credit report) - Equifax, Experian, and TransUnion. You can check your credit reports free once a year through AnnualCreditReport.com. Be careful of using any free credit report site that asks for your credit card number. Even if they say it's free, they're probably looking for a way to charge you in a couple of weeks.

Your credit score is a numeric evaluation of the information in your credit report. It's kind of a grade that lets you know if you're doing good or bad. There are lots of different credit scores, but the most commonly used one is the FICO score. It ranges from 300 to 850, with higher scores being the best.

Biggest credit score factor

It was stated that the biggest credit score factor is the debt-to-credit ratio. That's actually not true. The biggest factor for your credit score is your payment history. That's 35% of your credit score. Debt-to-credit ratio is 30% of your credit score. Age of credit history is 15%. Types of credit accounts is 10%. And recent credit applications is 10%.

Income does not influence your credit score, but it could play a role in whether you get a credit score. Credit card issuers are now required to ask for income on all credit card applications.

Cosigner Required for Applicants Under 21

A new law requires credit card companies to verify the income of any credit card applicant under 21. If you do not have verifiable income, you must have a cosigner to be approved for a credit card.

Secured credit cards

It was stated that secured credit cards are similar to debit cards, that need reloading when you spend. That's not entirely true. While you do have to make a deposit on a secured credit card, this deposit is just a security. It's placed in a savings account and left untouched unless you fall behind on your credit card payments. Otherwise, you can make charges on a secured credit card and pay them back just like a regular credit card. Some secured credit cards convert to unsecured credit card after 12 months of timely payments. At that time, you can get your security deposit back.

Best Ways to Use a Credit Card

Keep your balance below 30% of your credit limit. If your credit limit is $500, your balance should never go above $150. Charging high balances hurts your credit score.

Always pay on time. Remember, payment history has the biggest impact on your credit score.

Pay your bill in full every month. This keeps you from paying interest on your balance and it also keeps you from getting into debt.

Hope this all helps. Good luck.
 

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