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  1. #1
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    Starting over with $0 debit & an 800 FICO. What would/did you do next?

    Excuse the typo in the title. I can't edit it. It should be debt, not debit.

    If you (personally) could start over right now (today is 03/29/2021, or what ever day it is when you come across this thread) with no debt, and an 800+ FICO Score 8, What would you do?

    When I say start over, I mean no personal debt, but you get to keep your business(s), family, and all the worldly possessions & investments that you have amassed. For example... You have several reliable cars in great condition, but no car notes. You have a house in good shape, but no mortgage. No personal Credit Card debt or Loans at all.

    I am sure there are members here that has been in this exact position, which I would think is some sort of milestone in ones life . I would love to hear what was next for you personally... Did you start a new business? Did you take out a loan for another home? Or, were you content with what you had, and did not focus on re-leveraging your personal credit score and assets?
    Last edited by Winning; 03-30-2021 at 11:34 AM.

  2. #2
    Just gonna tag in here, cause I'm curious what some people might say. I'm sort of in this position as I've just completed payments of my student loans and am hovering above 800 FICO, but no car or house or other assets on deck. Would love to hear some ideas of what I should focus on next.

  3. #3
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    Quote Originally Posted by Funding Desk View Post
    Just gonna tag in here, cause I'm curious what some people might say. I'm sort of in this position as I've just completed payments of my student loans and am hovering above 800 FICO, but no car or house or other assets on deck. Would love to hear some ideas of what I should focus on next.
    Thanks for joining the conversation! I am intrigued... So no debt, no car, no house... What about a wife and kids? Sounds like you are at a pivotal moment in your life that with the right next move, you could easily find your self setup for the rest of your life.

    May your next move be your best move!
    Last edited by Winning; 04-13-2021 at 12:50 PM.

  4. #4
    Quote Originally Posted by Winning View Post
    Thanks for joining the conversation! I am intrigued... So no car or house... What about a wife and kids? Sounds like you are at that critical moment in your life that with the right next move, you could easily find your self setup for the rest of your life.
    No wife and no kids (that I know of). Age 27, trying to find my purpose in life and keep happiness as the most important aspect. Obviously I'd love to make money and that's why I'm in the MCA field, but unsure if it's a long term option for me.

    Anyone who has suggestions, I'm all ears

  5. #5
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    First of all, definitely get even a small term loan on your record that you are paying back to keep your FICO clean. If you own a home, that would be even better, a put a very small mortgage on it. At the same time, with a FICO like that and a payment history as it is, you can actually manufacture 0 APR business credit cards where you're essentially going to be borrowing at 2-4% and lending hard money at 10-12% with 2 points. Get an outsourced per-file underwriter, and a real estate lawyer, and if someone defaults, you have real estate to sell or rent out yourself. I can give you a referral to help you out to get started, do send me an email.
    Micah Markowitz | mmarkowitz@abfunders.com | 314-396-2828

  6. #6
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    OMG! You truly can do what ever you want! Plus you dont have the burden of various expenses and commitment that can be like a ball and chain not allowing you to break free...

    The fact that your monthly expenses are pretty much non existing is a huge win!

    1st off, what is it that you naturally like to do? Even if you are not getting paid for it? What do you like to read? If you were going down the magazine aisle in the grocery store what types of magazines do you find that catch your attention and you might pickup and flip through?

    Also, evaluate the people that you have a relationship with now, or maybe have 1 degree of seperation with personally. People that you can actually pickup the phone and call or go visit. Not internet people... Make a list, and put them in order from who you perceive has the greatest wealth to the least. Then reach out to the top people on the list and tell them you are in a really great place in your life and looking to interview people that you feel are successful in life and listen to their story..

    Most people like to talk about themselves so you will a learn a lot about what they did and how they did it. You will also form a stronger relationship with those successful people on your list.. Which would be a win win.

    Another thing when making you list, dont only consider successful being measured by $$$.. You may have access to people with a wealth of information or is highly respected among others... Like a Pastor of a Church or people with executive postions in the city you live in... You definitely want to interview them and have relationships with them. All types of opportunities could flow through those 2 channels alone.
    Last edited by Winning; 04-01-2021 at 02:01 PM.

  7. #7
    Quote Originally Posted by Winning View Post
    OMG! You truly can do what ever you want! Plus you dont have the burden of various expenses and commitment that can be like a ball and chain not allowing you to break free...

    The fact that your monthly expenses are pretty much non existing is a huge win!

    1st off, what is it that you naturally like to do? Even if you are not getting paid for it? What do you like to read? If you were going down the magazine aisle in the grocery store what types of magazines do you find that catch your attention and you might pickup and flip through?

    Also, evaluate the people that you have a relationship with now, or maybe have 1 degree of seperation with personally. People that you can actually pickup the phone and call or go visit. Not internet people... Make a list, and put them in order from who you perceive has the greatest wealth to the least. Then reach out to the top people on the list and tell them you are in a really great place in your life and looking to interview people that you feel are successful in life and listen to their story..

    Most people like to talk about themselves so you will a learn a lot about what they did and how they did it. You will also form a stronger relationship with those successful people on your list.. Which would be a win win.

    Another thing when making you list, dont only consider successful being measured by $$$.. You may have access to people with a wealth of information or is highly respected among others... Like a Pastor of a Church or people with executive postions in the city you live in... You definitely want to interview them and have relationships with them. All types of opportunities could flow through those 2 channels alone.
    I love helping people, volunteered over 1,000 hours during college. I also love sports, whether it be playing, watching, or talking about. If I'm gonna read something, it's probably a sports magazine or book (cause I'm a huge analytics nerd), but I also like things that make me think and see things from a new perspective.

    That is great advice, I love to call people and pick their brain, even if its someone new I just met. There is so much to learn from people who have already lived a full life and seen success, so they are definitely my best resources.

    I still think I need to find something I'm passionate about, and guide most of my decisions towards that. A life in sports from what I've heard is underwhelming and too cutthroat. Owning and operating a small business is not easy, and I'm hesitant to jump to something thats not going to make me happy.

    We shall see where my future endeavors take me.

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