Top US Binary Options Brokers 2020 by USBinaryOptions.com

Thisoption || A platform that needs to reckon with top tier

Thisoption || A platform that needs to reckon with top tier
Binary options were first introduced to the public in May 2008 and available for trading by American Stock Exchange(AMEX). In this trading method, you can bet on any financial assets and make a good amount of profit in a very short time. When the subprime mortgage crisis in USD occurred on one of the worst financial crises in human history then investors realized that they need a low-risk investment option which led to the emergence of binary options trading.
After AMEX launch this trading option for the first time publicly, some new binary options platforms were introduced by brokers such as 24option, Banc De Binary, and AnyOption. Those brokers are considered as the first one in binary options history. After that, we have seen a lot of brokers came into the market. A various trading platform dedicated to options trading emerged and start to support a wide range of crypto assets and tools for trading.

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Advantage of Binary Option

Before jumping into our main topic. I want to show some advantages of Binary options trading to our users.
  1. Binary option gives traders to get a high return of investment with a minimal cost. That is a reason behind the popularity of binary options in the market.
  2. Binary options offer a high reward for a very short time. It can be from 1 minute to 1 hour.
  3. There is a limited risk and with proper money, management trader can use its advantages.
  4. Trade can be done only by choosing yes or no. Thats make it one of the simplest trading method of all.
  5. Very low investment is required for trading. Most of the brokers let their clients trade with only 50$.
  6. A wide range of trading assets pair is available for traders.
  7. It can be traded on any market condition from anyplace at any time.

What is ThisOption?

Thisoption is a product of the Thisoption ecosystem which is first founded in 2016. Its a trading platform that is dedicated to Binary options trading and they already engaged with huge amounts of active members in their platform. It is estimated at over 700,000 and the number is constantly changing over time. It’s a platform that offers up to 80% of the return of investment for the traders with over 100 international trading assets.

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Advanatges of Thisoption.

Thisoption is another binary options trading platform that is well known for its high return of investment. There are several advantages of this platform and now I am going to introduce them to you guys.
  1. The high return of investment: Traders can get profits up to 80% of their initial investment and this platform is accessible from any device. A deal can be made with just a minute and its pretty fast.
  2. Low investment: Trades can stat up their trading account with just a handful of money and that is 50$. There is no KYC required to deposit, trade, or withdraw from the accounts.
  3. Limited risk: Thisoption is offering the best trading activity with the limited risk taken. It’s up to the traders how he is going to manage his fund and increases their portfolio.
  4. Many trading assets: Thisoption supports a wide range of international trading assets and even they will support crypto-fiat trading pair that is volatile and traders can make a huge profit through this market.
  5. 24/7 customer care: There is an active customer care service that can provide any help and support for the users. User will get a 24/7 customer care for solving their problems and any means necessary.

Conclusion:

There is a lot of brokers that give a variety of tools for trading in their Binary options platform. Thisoption is one of them and to be honest, it already shows its place in the market with over 700,000 clients. We can only lead its constantly growing rate faster.

Website || Thisoption || Whitepaper || Telegram || Facebook || Medium

Author: u/thorex25
Disclaimer This article is not meant to give commercial or any other kind of advice. It is just an informative text at all.
submitted by dojogang to CryptoOasis [link] [comments]

Crypto Traders, Investors and TA Experts: Test Your Price Prediction Skills and Win; $16,000+ in ETH to Be Up for Grabs Daily Starting April 17, 2018

Last month, a lot of us had fun with Crypto March Madness, where the person who guessed which cryptocurrency would come out on top (from a price change perspective) during a several week period won 0.5 ETH.
Today, I want to introduce the community to another opportunity to test your crypto price prediction skills (and win) starting on April 17, 2018.
On that day, a new price prediction Dapp will launch, which has been in development over the last 5 months. It's called Ethorse, and you may have heard people talking about the Dapp from an investment perspective.
I'm not here to ask you to invest, but to let you know that when the Dapp goes live, it will provide an opportunity for skilled traders, technical analysts and investors to earn ETH daily using their existing knowledge and experience. But first, a word about what Ethorse is — and is not.
Ethorse Price Prediction = Binary Options Trading
Many consider Ethorse to be a pure gambling app. In my opinion It is not. It allows players to engage in a form of skills-based binary options trading, which for the uninitiated is defined as (from Wikipedia) (note: I've edited this statement to clarify that my opinion is that this is not a pure gambling app, but rather a skills-based betting opportunity, many disagree as you'll see blow) :
"'Binary options' are based on a simple 'yes' or 'no' proposition: Will an underlying asset be above a certain price at a certain time? Traders place wagers as to whether that will or will not happen. [And win money based on whether they are correct.]"
It should be noted that Ethorse can operate without the noted downsides related to fraud and manipulation (associated with binary options) due to it being operated via a trustless smart contract that has been vetted in an open source and transparent fashion and is available for anyone to examine. This form of trading is common in the United States, for example (according to Wikipedia):
"In the United States, the Securities and Exchange Commission approved exchange-traded binary options in 2008.[55] Trading commenced on the American Stock Exchange (AMEX) and the Chicago Board Options Exchange (CBOE) in May and June 2008."
Essentially, Ethorse players can bet (a minimum of 0.01 ETH) on "races" focused on measuring which coins (BTC, ETH or LTC) will increase in value the most over one-hour, or 24-hour periods.
Note: As is normally the case with parimutuel betting (the type of betting currently offered on Ethorse), the "house" takes a 5% cut of all amounts bet. This amount, which is delivered to developers and investors as dividends, helps cover ongoing product maintenance, marketing and feature development, and rewards investors for funding initial platform development.
*According to the developers, the platform will "go live April 17, 2018, 17:00 GMT."
"[The developers will place up to 25 ETH on bets] during day 1 [April 17]. Afterward, "the team will use its funds to place ... bets in an automated fashion [daily]. Bets will be randomized to be placed on one coin per race and on a few races every day." By seeding the races, the developers are guaranteeing that there will always be a pot of ETH worth playing for from launch into the immediate future.
Earning Potential With Ethorse (Obviously, These Results May Not Represent Typical Potential Earnings and Odds Are Only Applicable to Winning Bets)
(Note: After posting this originally,many noted that I'm making it seem like these are guaranteed results. These numbers are based on my experience playing the Dapp over 40 times during the beta. Odds and potential earnings may change in the live game. Of course, play at your own risk and don't assume your returns will look anything like this.)
For TA crypto experts, traders and investors, Ethorse provides a fun way to earn extra ETH during bull and bear markets by using skills they have honed over months or years. Instead of fretting over a red day on the markets, you can turn your market knowledge into profit by participating in Ethorse races.
Here are some numbers to chew over:
-On average, you can expect race winnings to deliver between 2.5x and 3.5x your initial bet (minimum 0.01 ETH bet).
-A 1 ETH bet can deliver about 2.5 to 3.5 ETH per race
-Many people have been playing 3 hourly races per day and 1 24-hour race daily on the testnet (beta platform)
-Your daily winnings could be between 3 and 5 ETH per day for a 30-minute time commitment (the time it takes to study the markets and prepare your bet). (This assumes that you lose 1-2 races per day).
-Weekly earnings could be in the range of 18-35 ETH (assuming 1 ETH bets and accounting for lost races)
-ETH is currently about $525 USD, which means you could earn from $9,450 to $18,375 per week.
This (significant) earning potential makes playing Ethorse, a potentially winning proposition, especially for those skilled at TA or with experience investing in the crypto markets by watching price charts, etc.
A Few Disclaimers (I.e., Betting Is Risky) and Notes (This Game Favors Skilled and Careful Players)
(Note: Some feel I didn't make this clear enough in my original post. So I'll say it now. Warning: Ethorse is not a get rich quick scheme. It takes time and skill (and money) to master the game. Play at your own risk and don't take unnecessary or dangerous bets.)
Ethorse takes skills, with a dash of luck to do well in. If you're not comfortable analyzing buy/sell walls, charts, setting price targets, etc. you might want to learn or brush up on those skills before taking part in Ethorse. But, if you're willing to put your skills to the test, Ethorse can be very fun (and potentially profitable).
Also, if you plan to play, don't bet more than you're willing to lose and play conservatively. A few small wins each day can add up over time to a larger stash, which you can use for bets. The faster you create a decent betting stash (from winnings), the more you can earn daily (as your bet amounts increase).
If you are interested in getting started, Ethorse will be on the Kovan testnet for a few more days. I strongly recommend you try out the game for yourself and get a sense of whether it will be attractive to you. Here are some links.
-Testnet: https://testnet.ethorse.com/
-(You will need Metamask installed on Chrome/Brave and KETH, obtained from: https://gitter.im/kovan-testnet/faucet , in order to try it out).
Good luck. May the odds be ever in your favor.
submitted by davoice321 to CryptoCurrency [link] [comments]

[Table] Reddit, IAMA statistician that's been dealing with credit for 12 years, I noticed that a lot of people have misconceptions about credit and credit score. AMA

Verified? (This bot cannot verify AMAs just yet)
Date: 2012-07-18
Link to submission (Has self-text)
Link to my post
Questions Answers
Why is the formula for calculating credit scores so secret? Considering the profound effects that number has on your life, people should at least know how it works. There are multiple reasons.
First the creators and banks are worried that you will game the system if you know the formula.
Next the more cynical answer is that the credit scoring industry generates hundreds of millions of dollars per year in revenue. By keeping them proprietary, the creators can keep charging and claiming that their score is the best.
Every man has his price and some people would be willing to pay a lot of money for such knowledge. How much of a bribe would it take to get detailed information about your scoring models? I haven't created in a decade. Even then it would be hundreds of lines of code.
It seems to me like there are two camps: those who don't understand credit/credit scores at all and dig holes for themselves they can't get out of, and those who obsess about their credit score when it probably doesn't matter. The former is probably pretty self-explanatory. About the second: am I wrong in thinking that your score probably doesn't matter much unless you're trying to get a car loan or a mortgage? Following up on that: Are there things people should consider doing that they're currently too scared to do because it might hurt their score, like opening up new credit cards for points/rewards and then closing them as soon as they can cash in their rewards? That activity would hurt your score, but if you don't need a high score and you act responsibly about those cards, that's basically free money. Right? What are some other tips/tricks? I think your score doesn't matter much if it is above 700 or generally considered good depending on the model and scale. For everyone else it has ramifications from auto insurance rates to just get by in life. There are many best practices to building credit that people don't do that they should. #1 is getting a no annual fee credit card. These things are free and they build credit. In many cases, they will even pay you to use them (cash back or miles). I suggest having 3-5 credit cards. Apply for them over 2-4 years. Never carry a balance. Never buy what you can't afford. If you do just this, your credit score will be in the good category in 2-3 years.
How do you model the "winner's curse" problem where you know you're competing with other credit suppliers, and you only win business when you've offered better terms than your rivals saw fit to? Adverse selection and positive selection are very real parts of the business. Many issuers will test the same product with different pricing to measure the effects rates and fees.
Along the same lines, if there was some hit on someone's credit that you knew didn't affect the payment probability but that did affect the customer's ability to get credit elsewhere, would you use it to charge him a higher rate? Ten year ago when I was at an issuer, we wouldn't do this. Few banks are predatory when it comes to pricing. Credit scores account for most of the risk and you would have to prove that the data is non-discriminating to regulators for the rest. It's just not worth it.
Do you prefer customers who generate lots of late fees but ultimately pay over ones who pay promptly? Fees generate lots of revenues. This question is a matter of strategy for the bank. Amex for example wants people who pay on time with no risk. Other banks may serve the middle market that take the fees into account when going after the market. You usually pick one or the other.
Do you pay any attention to people who try to game the cards, like when I only use my Chase Freedom card for whatever's in the 5% categories this quarter, or when people used to buy dollar coins from the Mint? For most issuers, this is a known cost of business. Some customers simply cost banks money either in the form of default or usage pattern.
What do you feel is the primary misconception about credit scores that you'd like to clear up? The biggest misconception is that there is only one credit score. I see this one all over the Internet and Reddit.
Each consumer has dozens of credit scores. You will never be able to see them all since many are not sold to consumers. This is further exacerbated by the fact that there are three bureaus which means that each score has three variants.
It is up to the bank to decide which credit score they want to use based on the price and how well the score predicts risk. Banks often don't want to talk about which score they use because it is a key determine of their losses and therefore a very competitive piece of information.
FICO tries to position themselves as the only score that matters. But it is really up to the banks. With that said, FICO is the most common score in mortgages cause Freddie and Fannie required a common risk score. FICO was the defacto score due to circumstances 20 years ago. But in every other industry, it is totally up to the bank to decided which score is best for them. Vantage is the next largest competitor. Here are their adoption numbers as validation: Link to vantagescore.com
What are the most common misconceptions about the credit industry? I think the second most common is that pulling your own credit score will hurt your score. The first was answered above.
There are two types of credit inquiries (aka credit pulls). A soft inquiry is what happens when you check your own credit. This is also what happens when you are pre-screened without your knowledge. These types of inquiries do not hurt your credit score.
The second type of credit inquiry is a hard inquiry. These are credit checks when you apply for credit.
Because both are called inquiries, many consumers believe that any inquiry will hurt their score. This is simply not true.
I'm 18 about to turn 19 and I live in my parents, next month I start school (local community college/ freshman) I have a part time job and average about 150-250$ a week. The only payments I have are my iphone which is 90/month and my insurance which is 100/month. What advice would you give to me regarding building a maintaining a GOOD credit score? Find a student credit card (they have lower requirements). Use it for gas or groceries. Never carry a balance. Never use more than 30% of the credit limit. In a year, your score will be higher. Get one more card (more cards will open up), keep the old one open. Follow the same process. Stop at 3 or 4 cards. In 3 years, your score will be in the 700s, you won't have paid a penny in interest.
Can you recommend any student credit cards? I think most of the big issuers have decent products. Check out Capital One Journey. In full disclosure we have a business relationship with them but they seem to be doing the right things in my eye.
I have a guy that I work with who had his mother open up credit for him when he was very very young, like prepubesent, or so he says. He finally came to age where is figured out how money works and ended up getting credit cards with 10K plus limits. He ended up raping his credit and joined the Air Force because of that. Is doing that sort of thing, getting credit as a kid, feasable? Or was he just lieing? Also, when I got my first credit card years ago, I pulled my FICO and it was like 700. That was extremely misleading to me. They should start credit in the middle, like 500/450, and go up and down from there... Also, I had perfect credit for 3 years, and bought a new car with 0.9% financing and they said they fought tooth and nail for me to get it. Should I hug them? Or did they lie? Twenty years ago it was all about score. Today most of the issuers use score and a host of custom data points and models. For example they might give you an adjustment if you have a mortgage in a declining real estate market. Scores matter but they are just a part of the decisioning process for any sophisticated credit card company. Generally credit starts at 600 for people with no history. It goes up or down based on what you do from there.
I'm a Credit Karma user and I love your service...it's helped me maintain a pretty high credit score over the past couple of years and given me a better understanding of how things like credit card utilization work. So here's a question for you...my credit is in the high 700's (775). Is there any real benefit to me to have a score much higher than that? If I'm say, shopping for a mortgage will the rate I'm offered differ significantly if my credit score is 800 instead of 775? Only bragging rights. Otherwise there is no real benefit.
What's the best way to check my credit score? The best way to check your credit report is AnnualCreditReport.com. Self promoting here but I think the best way to check your credit score is CreditKarma.com.
Just checked my score on creditkarma and I'm at 788. What I found odd was my credit card utilization score. I have $30,000 in limits. $90 in debts (actually paid that off today). Utilization of 0% and a grade of C. Why such the low grade? Simply because I have high limits and don't ever carry a balance? The grade we create by correlation. The rounding brings you to zero utilization which correlates with lower credit scores. If your score is 788, you have nothing to worry about. We have been wanting to address this corner case for a while.
When should you check your credit score? I know it's free once a year, but when is the best time to pull it? I've never checked me credit score, and I know it's not very good but I'm curious to see how bad it actually is. My fear is that if I pull it now, I might need it again sometime before that year is up. Should I wait until I know I need it, or is ok to check it now out of curiosity? If you check your report once per quarter, you should be fine. Check out CreditKarma if you are interested in check your score for free. (Shameless Plug)
Do people really give you their birthday and SSN that easily? When we first launched, no. But today we have been around for 5 years and have over 7 million users. That helps us get over the credibility hump.
Is it actually free or are you going to slam me with hidden fees when I don't expect it? Best answered by others.
I'm 23 years old, make 35K a year, and have never been able to open up a line of credit; I've been denied by USAA, Chase, even Target. Is secured credit my only option? Any suggestions as to where I would have a good chance at opening up an unsecured line of credit? If you have no serious derogs you might try Capital One. They cater to people with limited credit. If you credit is very bad due to delinquencies or charge off then yes secured is your best option.
Please note there is a difference between no credit and bad credit.
I have no credit whatsoever, would I still have a shot with Capital One? No credit yes. Bad credit maybe. It is important to note that there are differences between the two.
A request for your Website's Credit Simulator: Simulate the result of closing a card that is not the oldest, letting the user input the card's age and the amount of credit that will be removed. We have a number of simulator initiatives. They can be painful. Please bear with us.
A specific question related to the above: A year ago I obtained a new card with a very small ($1,000, compared to up to $35,000 on my other cards, the oldest from the mid-1990s) line without thinking about how this would affect the average age of my cards. Should I close the card, which I don't need, even if this means that my available credit would decrease slightly? As for closing your account, don't do it if there is no annual fee. Low limits don't hurt your score but short histories do. Just cut up the card and check on it once per quarter.
Is there any harm to having too many cards or too much available credit? I have a few cards with $1-2k limits that I'll never use again, but I haven't closed them because they're older than my current cash back cards. Rarely. If you have 20+ cards, it might be too many. But here is a chart you might find interesting. Link to www.creditkarma.com
Could you guys add to that infographic the population ratio between each of the five sectors to give a general idea of how how many people succeed in getting those higher scores? We have this image on our site. Link to ne.edgecastcdn.net
Thanks, is that chart derived from the same sample as the other one or is it a different group? Same criteria different time periods.
If you have a negative hit on your credit score by a collector how hard is it to remove it? The issue here isn't paying the fee but the detrimental effect on your credit score. If the collections inquiry is factual, it is fairly difficult to remove. Many people don't know that you can negotiate with the collections company. Google "pay for deletion" agreement. In that approach, the collections company agrees to remove the inquiry in exchange for you paying the debt. You can use it as leverage but it is not standard so get it in writing before you pay.
Thank you so damn much for this! My pleasure. Credit and Street Fighter are two of the things I'm good at.
How likely are they to agree to this? Sometimes I wonder if the goal of the credit agency is to collect money or to actually mess with people. Credit agencies don't collect money. They just report. Collections companies are different.
Collections companies buy you debt for pennies on the dollar. They want to collect something but they don't expect all of it. As a matter of fact the only expect a percent of their percent so just negotiate with them. They will gladly take something over nothing.
What is a perfect credit score and is it possible to hit it? My dad has had a credit card since they came out, more or less, and has never missed a payment. It depends on the model and the range. It is very difficult to have a perfect FICO score (850). In fact, I don't recall ever seeing one.
With Vantage it is much easier, I have seen many (maybe ~5% of users) have perfect Vantage scores (990).
Does having a credit card and not using it ever negatively impact your credit rating? No, the only risk you run is the issuer closing your account. I suggest charging a tank of gas once per month to avoid the pitfall.
I'm more interested in how you got in your line of work. How did you get to work for a credit card industry as a statistician? I had a math and econ degree. I was good with numbers and just ended up at a credit card company by happenstance. There is no formal training needed. Analysts are always in high demand. Learn SQL and SAS if you want a leg up on everyone.
How much experience did you have with statistical analysis, SAS, and SQL before you got your first job in the field? SAS - None SQL - None Stat - I have several grad level econometrics and stats classed but no real world experience.
I'm signed up with you and creditsesame. Right now your estimates differ by over 100 points. How do your methods differ, and what do you think of your competition? They use a different bureau so that is going to be a factor. Next they use a different model which will be another factor. More than anything the score matters. For example, my TransRisk score is 781 but my Vantage score is 990. Keep in mind both are the same credit bureau but this is a key illustration of why range and context matters.
We see our competitors as validation of the model. May the best product win.
I'm recently engaged and have a 700+ credit score. My fiancée made some bad decisions in her younger years and has a really bad score. She had debt collectors in the past and has been declined for a credit card and pretty much only uses cash now. She's debt free now an plans on staying that way. Any future pitflalls I should be aware of and what can I do to help rebuild her score? Have her get a secure credit card. Its like a pre-paid but it will start to build her credit. In 3-4 years her credit could be fine and it won't cost you anything to rebuild with the exception of the opportunity cost of the deposit.
What's your advice for somebody without a credit history? For examples, in case I move to the US for professional reasons (and have good credit back "home"). Just start like someone new to credit. Link to www.reddit.com
What probability distribution do credit scores have? They are logarithmic. It becomes increasingly more difficult to get from 750 to 800 than 550 to 600.
Scores are for consumer benefits. The models we build give us a probability. I suspect the industry transformed that probability into a score as no to offend but in the end, the banks translate the scores back in to a default risk. Very silly if you think about it.
Why get a credit card? I am an adult male in my mid thirties and have never had one. I have taken out three loans in my life and paid them off successfully. I have never been in real trouble with landlords or utilities. For the most part, my driving record should be clean as well. Do I still need a credit card, or can I continue to get by without one? Credit cards are virtually free and they are the backbone to your credit. Sure you can get by without credit but that is a more difficult path IMHO.
I'm interested in becoming a statistician. I was wondering if you could tell me how your got started? What was your degree? Is the pay respectable for the amount of education required? Where do statisticians get hired? How is the job security/prospects? I love math and statistics! Answers are peppered throughout the AMA. The career is great if you like data and understand data well.
Is it ever to late to start building credit with a card? No, credit scores can not take the age of a consumer into account as it would be discriminatory. As such, it is never too late or too early to build credit.
How many hard inquiries can you have on your record before it becomes detrimental? I currently only have 1 card opened, and 3 inquiries that have been there for less than 1 year. Credit Score is above 700. It varies by model and your current score. Most things in the credit score world aren't linear. I know that is a shitty answer but we performs lots of transformations and adjustments based on the user. My generalized answer is avoid more than 2 inquiries in any 6 month period unless you are shopping for a home or auto.
It's my understanding that if you have several 'hard' inquires of the same type (mortgage or auto for example) in a limited timeframe(14 days?) that they all count as the 'same' hard inquiry. Is that correct? That is correct. All will show on your report but for the score it will only count as one. The timeframe is dependent on the model.
What is your educational background and certifications. Are you an actuary? I have a degree in economics and mathematics. Mostly you need to know econometric or statistics. I started my career in a credit card risk modeling group and just learned most of the industry specific skills on the job.
What statistical tests and procedures do you use the most often? Expect lots of logistical regression. You will be looking at predictors of default (0,1)
In addition, CHAID and Clustering can often be used.
Many times, Excel and pivot tables are great precursors to modeling data.
I got a credit card when I was 18 with the intention of building up a good credit score so that when I actually needed it, I'd have no issue getting a loan or car or anything of the such. I'm currently 22. Sadly, last Christmas I went out and stupidly purchased more than I could afford. It was the first time I've ever done this. Since then, the balance has been riding on almost maxed, but never over, and never late payments (As I don't have much in terms of money, I can't exactly pay more than minimum each month. I understand this is stupid and I won't pay it off for a long time, but I don't intend on continuing this situation past more than a month from now. But I'm curious how this is affecting my credit, having a balance on it for the last 6 months and not paying it off completely. Is it negatively affecting me since it hasn't been paid off, or is it fine since I haven't went over my balance + I've made the minimum payment? Duration is less a factor as more credit scores are snap shots rather than time series. Try to get it under control ASAP. As long as you don't miss payments the impact should be minimal.
Why can't a creditor estimate the amount of credit to be offered if provided with a credit score? Most credit limits are based on DTI (debt to income) and score. Without the income and the other debts, limits are a shot in the dark. Keep in mind income is not on your credit report.
Still doesn't make sense. I will get a credit limit anyway. How do they decide? If I apply for a credit card and don't like the conditions and the limits and close it immediately, why is my score still affected... Why can't I shop around like in a real market economy? Shopping is fine for home loans and autos. But credit cards generally have rates displayed ahead of time.
When you apply for too many products in a short period of time (specifically credit cards) you are a higher risk person. Think about it this way: "We have a guy that is applying for everything under the sun. We should be very careful with him" that's how the scores work and the statistics back it up.
A friend of mine has been considering bk, chapter 7. If he goes through with it and is smart afterwards, how long could it be before he establishes reputable credit? Usually take 4-7 years. It depends on the product. Cap One may grant a secure card or small line instantly. But Fannie and Freddie won't back a mortgage for several years.
Thanks so much for this IAMA! I just had a quick question. I'm 21 and have never had a credit card nor a loan. I have a lot of money saved up in my bank account so I know I can pay off pretty much any type of card, I just never have gotten around to getting one. What type of credit card do you think would be best for me, and how do you think I can build up a good credit score in as little time as possible? Get a no annual fee card. Capital One really serves this category so look there. Your bank might have a good product as well especially if you have large deposits.
Sounds great to me! also, lets say I wanted to get into the field. I'm currently studying accounting and economics at university. How much of a demand is there for this field, and is the pay good? Yes and Yes. The US is moving to a service industry and these are prime examples.
I rec'd a settlement offer for a loan I had on a car. I was told to do it by some, not to do it by others. If I pay them the total settlement, what will that look like on my credit? To rebuild credit, get a secure credit card. They will re-establish a history for you. Approval is almost assured since it is secured.
Very interesting information. I never checked my FICO score (& didn't know other scores even existed) yet & I'm curious what it might be. Can you at least say the lowest & highest possible values? Does it run 0--1000 or some other range? Does it have gimmicks like getting 200 points for simply existing/signing your name like on the SATs? It depends on the score as they have different ranges. The most common range is 350-850 which is the FICO range but others exist. As such you need to look at your relative score in the range rather than the absolute value.
I'm about to enter college, so is it a good idea to get a credit card and make all purchases on it to build credit? And if I made my payments on time, will that guarantee a good score? Provided I spend conservatively... I focused mostly on econometric in college. Data modelers have always in demand even through the recession.
Also, tell me more about your statistical background. Is it applied or mathematical statistics? As for credit cards and building credit, I have a post somewhere. Maybe I'll edit the post to include the tip.
How much do federal student loans affect one's credit score? It is just like any other loan. The impact depends on the breadth of your credit history. If it is your only loan then it makes up a a majority of your credit. Conversely, if you have 10 open accounts, the impact is greatly diminished.
I have 2 cards that are closed but am still paying them off. And 3 open cards that gave balances as well. My question is, is it better fir me to pay off the closed accounts first? Or the open accounts? I'm gonna do the snowball effect ($500 to one card, and slightly above min on the others). TIA. From a credit score optimizing perspective, it is probably best pay down the open account first since it create "open to buy" or said another way it lowers your credit card utilization. The closed loans don't have available limit so it doesn't help your score. Obviously the other main consideration is the APR on the respective cards.
So I have a secured credit card now because I kept getting declined when applying for credit cards. Does it hurt your credit score by keeping on trying to get a credit card and getting declined? Yes. Don't apply for cards more than once per 6 months. Ideally once per year. You want to apply for cards in your credit range.
I was wondering, I know any bad mark disappears after 7 years, but if I've made s late payment or two, how long does that negatively affect my score? The entire 7 years? The effects generally diminish over time, it is not binary. I suggest get the account current and making sure you pay on time going forward. The impact to you score should be gone in 1-2 years depending on your score and other accounts statuses.
What software do you build your models with? R? R, SPSS, and SAS are probably the most common stats software. The credit card industry tends to use SAS so if you can build a competence in that you will be like the Java developer in Silicon Valley.
Cancelling a credit card: bad for your credit or not? Not missing payments, good history, just wanna cancel and have one less card in your life type of thing. (Assuming you have others) Usually bad. Credit is all about the predictors. If you have a card and it stays open for a long time, it suggests to other lenders that you are very responsible.
So I suggest, cutting up the card. Keep it open and check that no one uses it online every quarter.
I am a statistics undergrad, particularly interested in econometrics, which is seemingly tangentially related to what do you. What advice could you give to a young statistician on what to focus on, what are the new things that will be more relevant in the years to come? "Big Data" is all the rage in Silicon Valley. That means good data miners are going to be in high demand. Learn SQL, SAS, and a scripting language if you want job security with lots of upside.
I missed your open house today. When will you have another event? It was fun. Probably too much fun. I am sure there will be other launch parties in our future.
Wait, always pay it off in full? I was always told to leave a balance on it so that they know you're able to handle that. Have I been lied to? You have.
Last updated: 2012-07-20 12:09 UTC | Next update: 2012-07-20 13:09 UTC
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