how do credit cards work

[uh-oh]

like lets say i get this chick to buy me the MPC X, for 2200 on her credit card. what do i gotta pay her per month to pay it off?

i'm a hooligan with a 550 credit score and like 14k hanging over my head. i've been declined by every credit card i've ever applied for, this world is new to me

i just buy things outright like an american. but figured maybe this way i can get this sooner since saving money is also alien to me. just not as much as credit

EXPLAIN NC FINANCE GENIUSEs

[Hush]

Lmao wtf



Nigga are u fr right now ?




She gets a bill and u can pay the minimum accrue interest and overpay for the mpc
Or just give her 100 a week til it's paid off



Or just dick her down make her ur gf then cheat on her and pay nothing


The fuck wrong wit u man

[Aero]

Originally Posted by Hush

Lmao wtf



Nigga are u fr right now ?




She gets a bill and u can pay the minimum accrue interest and overpay for the mpc
Or just give her 100 a week til it's paid off



Or just dick her down make her ur gf then cheat on her and pay nothing


The fuck wrong wit u man

This but go with the latter.

Also if your credit score is 550 she'd be dumb asf to think you could keep up with a payment plan.

[uh-oh]

My plan was to throw her 100 a week til it was paid off, i was just wondering how crazy that would be, like itd be 22 weeks obviously for 2200, but i dont know how the interest works in a time frame like that. Like if it ends up being like 40 weeks fuck that ill just save it and get it the old fashioned way lol.

The only things on my credit score is medical bills now and a tax lien. 13k in bills from my hospital stay and surgery and shit. 1k tax lien. The reason i never built credit is because i let my parents put shit in my name to get cable and utilities lol, thats all off my report now but the medical bills are there

How does bankruptcy work that washes it clean right?

Ive never been concerned with credit. I grew up dirt nobody had credit lol, im as baffled that its apart of peoples lives as you guus are baffled that im lost about it

[Hush]

You type a lot man

Hey are u still pursuing marketing ur beats ?

If I had an avenue where u might be able to lease or sel some would u be into it ?

[Diablo]

Bankruptcy won't wipe it clean. If anything, that shit gonna stay on your credit file like 10 years or something and no lender is gonna give you credit.

How you so dumb yo?

[Diablo]

no offence, I like you uhoh, but you dumb as cheese for that comment hahahaha

[Razah]

lmao @ dumb as cheese.


But yeah, you're pretty much asking a question without having all the info needed. What's her interest rate? Will the purchase fall under that credit card's promotional rate or shit like that.


Also, bankruptcy is different in every state. I never really looked into it, but I think it lowers most of your debt & helps protect certain assets. Don't quote me but that seems to be the general idea of bankruptcy, in my head.

[uh-oh]

yea i dont know how none of this shit works. never looked into it. i thought bankruptcy wipes away all your debt except government shit, like student loans and tax shit.

its all good though, i've made it 27 years not giving a shit about credit, no point in starting now

[uh-oh]

Originally Posted by Hush

You type a lot man

Hey are u still pursuing marketing ur beats ?

If I had an avenue where u might be able to lease or sel some would u be into it ?

i havent been making any for awhile, and i don't got project files to any anymore. just mp3's.

i'd be down in the future though when i start banging shit out again

[kannon]

Originally Posted by uh-oh

yea i dont know how none of this shit works. never looked into it. i thought bankruptcy wipes away all your debt except government shit, like student loans and tax shit.

its all good though, i've made it 27 years not giving a shit about credit, no point in starting now

I mean, to be completely honest with you, you should start rebuilding your credit as soon as possible. Credit is hugely important in today's world. Jobs will run credit checks on applicants. Landlords run credit for applicants. If your car breaks down and you got shit credit, hope the bus runs close to your house, cause you wont get a car loan. You need credit for everything.

And bankruptcy stays on your credit report for 7 years making it next to impossible to get any lending for anything. Sure, you could settle some debts now, but you'll be shooting yourself in the foot long term. Don't do that.

Credit is basically a rating of your ability to repay. Using a credit card, you are essentially spending the bank's money, and paying it back. If you miss payments, your credit score goes down. But if you make payments regularly, and pay more than just the minimum required amount, your credit score will go up. There is a lot more that goes into it than just that, and if you'd like I can shoot you a DM with some more info. I've worked in banking for the last 4-5 years, so I could probably point you towards some options to rebuild your credit. (See if your bank offers a "Secured Credit Card." You're not going to like it. But it will help you rebuild credit. Most major banks offer them; BofA, Wells, Citi, US Bank, etc)

But to answer your original question, rather than trying to work out what you owe every month in interest, it would probably be easier if you just told her "HEY. You pay the $2,200 up front. I'll pay you back $2,400. $100 a week til it's paid off." Boom, done. And you'll probably pay less in interest that way than if you actually tried to break it down. Most credit cards charge 15-20% monthly.

[Diablo]

Kannon typed way more than I cared to, you should read his shit

I came in to say at 27 that's EXACTLY around the time you'll want credit...

For mortgage/wedding/car/funeral costs for a relative that passes away out of nowhere

all kinds of grown up bullshit

start fixing your credit score now

[Seyance]

Originally Posted by kannon

I mean, to be completely honest with you, you should start rebuilding your credit as soon as possible. Credit is hugely important in today's world. Jobs will run credit checks on applicants. Landlords run credit for applicants. If your car breaks down and you got shit credit, hope the bus runs close to your house, cause you wont get a car loan. You need credit for everything.

real rap. sort this out, you would not believe how easy it makes life. i can walk into most large stores and walk out with anything up to 30k without spending any cash.

does her credit rating not allow her to get a card with interest free periods? e.g. i just bought a new hp laptop, my credit card gives me a 24month interest free period. so in your case i'd have 2 years to pay off the 2200, no more than i actually spent. then i could apply for a another card with a similar offer but does 0% balance transfers, so i could now pay 2200 off over potentially 4 years.

but if she cannot get one of those check her apr, because that is the difference between paying back 2350 and 2900. (the latter is if her credit card was around 29.9% which is lower than say capitalone's apr).

[sral]

There are "bad credit" credit cards uhoh for Neanderthals like you with no worries other than "has the corner store got enough ramen left for the week?" who fucked up their credit years ago

these can help get your credit score fixed IF USED CORRECTLY but the APR will be like 35% so you would need to make sure you never missed a payment if you did it

they want you to fuck up basically so they get even more of your money

the idea with your credit score is to have credit available to you, but not need it

like if you got an overdraft on your bank account of $600, never touch it. it shows you're sensible with money and financially stable. that's what they want you to be