Financial Question/Advice

[NySportsfan]

Whats up everyone, big lurker here on MJ, I dont bother to post picks because I dont see a point in just posting a few teams up, and i dont have the time to type up tons of writeups, but occasionally i put something on the general thread, if anyone recalls I did the one about moving to LV, becoming a professional bettor, etc....
Anyway, I have a question for all of you who are my elders and are more well versed on this stuff....Here is my situation......I am a young guy, and dont have much of a credit history and looking to establish one, but I have 3+ yrs of solid work experience, as well as good references about it.....I was wondering how hard it would be to get a bank loan for $10,000...The other thing I have helping me is, I own a car outright with no $ owed on it, a 98 accord ex v-6, which has book value of about 12,000 right now....I was hoping that I could use the car as collateral, and that I could maybe get a loan, combined with the fact Ive held a stable job.....I might be moving though also, so i doint know what affect that has on it, like I said, people on here know more than me Im sure.....Co-signing with parents Id rather not do, and dont have any friends I feel like asking......I basically need the $ to go into my bankroll, as well as some odds and ends I need to buy when/if I move, some electronics and stuff,m and just dont have the $$ to do that all right now......I have heard they dont like cars as collateral because they depreciate, but I dont know about that, and I am fairly young so that works against me.....I appreciate any comments/thoughts,suggestions any of you have, because this is an important issue to me...g luck to everyone this week in foots

Mike

 

[Stuman]

Mike,
The only thing I would suggest, and this is just my opinion, is do not under any circumstances go into debt (take out a loan) for wagering.

......I basically need the $ to go into my bankroll

Not sure what your situation is, but if you are in debt and taking out a loan to win big with, just be careful. I may be totally off-base here, forgive me if I am. You have your whole life to gamble, and you are obviously a gambler or you wouldn't be reading this right now. If the cash is tight, maybe you should consider another hobby for a while besides cappin' games. The $ I use for gambling on games, I consider it lost before kickoff. Any winnings I make are just bonuses to me. If you just can't get away from it, maybe lay down only $5 or $10 on a couple of games each week and no more, no matter how strongly you feel about a game. Hell, I lost my biggest bet (5*) of this season because I felt so damned strong about the game.

I'm not sure if what I described fits your situation, it's just the feeling I got outta your post. Again, I appologize if I'm totally wrong. Good luck Mike...

Stu

 

[NySportsfan]

Thx for the advice, Maybe I didnt make myself clear. Im not in a hole betting, and need a loan to get myself out of it, nothing like that at all. In fact I have extra $$ to bet with, just want to expand my bankroll, and like I said, I have some electronic stuff Id like to buy.the crux of my post is about the loan, how to get it, what i can do to improve my chances of getting it, etc, just wanted to clear that up.keep the thoughts going like i said Im not totally familiar with how this stuff works

Mike

 

[freelancc]

if you just want to establish good credit (which will make it easier to get a loan) get a credit card with a major bank and PAY IT OFF COMPLETELY EACH MONTH... this will help build a good credit rating. even if it means putting your frappuchino on the credit card and your weekly gasoline for your car... just use the credit card for that.. until you develope good track record paying balance each month.

also very healthy income tax returns showing net income and that you are paying taxes... is also good sign to establish credit.

The rest is up to you to develope good business habits..

AVOID CARRYING A DEBT....

good luck..

 

[dogface]

Alittle trick to help establish credit....

Alittle trick to help establish credit....

Put $1000 in the bank take out a $1000 dollar personal loan with that being collateral. Take that $1000 put it in another bank as collateral, take out another $1000 loan...due this to 3-5 banks. (Wait a couple of weeks)

After a few weeks, pay off each loan at each bank early. Goes on your credit as satisfying your loan with early and full repayment. Besides your credit gaining positive points and being the last few things on your report, the banks you did business with may also be a little more generous.


I do want to go on record as stating that taking any loan out for recreational purposes without having a true steady career or increasing one's bankroll is not considered a good investment. Instead it is poor judgment. (I am not casting blame, just sharing my opinion, my advice would be don't do it.)

If you were in school and and were getting an educational Federal Loan, that would also be adventageous due to incredibly low interest rates an now payment until 6 months after your full time schooling ends.

dogface

 

[SixFive]

imo, too many people are too worried about establishing credit. Make sure that your bills are all paid on time every month; that's the best thing to do to "establish credit". There's no way u should borrow against your car to establish credit or too expand your bankroll. Lending institutions are impressed by fat savings accounts, not by loads of consumer debts that are paid off on time every month.

I have perfect credit but don't really care. The only debt I have is my mortgage, and that's how it's going to stay. GL!

 

[Spock]

Re: Financial Question/Advice

I dont bother to post picks because I dont see a point in just posting a few teams up, and i dont have the time to type up tons of writeups

dont think everyone on the forum has huge write-up's but they certainly post their play even if it is one play. Dont understand your logic at all for not posting any play.

Two ways a person can help by posting his plays :

Track record

1. If good record follow me
2. If horrible record fade me

Would be a good way to start contributing imho.

Regarding the loan : please refer to the thread for funding Olympic. I think Anotonio has put down a line there "No Cash No Play"

The best way to disaster and start a ticking time bomb is by starting to gamble on borrowed money. If the bank is gonna charge you 5% on $10000 per year .. can u guarentee u will make $501 in profit each year to be up by $1 at least.

Mebbe time to sell the car instead and have $12000 to increase bankroll rather than $10000 in loan.

Good luck in whatever ya do
Cheers !!!
Live Long and Prosper
Spock