Should I sell my silver to improve my credit

[hollowtipsParticipant 681]

So late last year I started buying silver to save for a rainy day/emergency. I haven’t gotten a lot but it’s a couple hundred dollars worth if I sell it all. I recently checked my credit score to see where I stood and it’s a lot worse than I was hoping for. My bad credit comes from mistakes I made mostly 2-3 years ago and since I’ve pretty much never used my credit card since then so it hasn’t improved much. I have one outstanding payment and am wondering if it’s worth selling my silver to nip it in the butt now and beginning the route of fixing my credit, or should I hold off for a couple more months?

I’m not broke but I just started saving a lot of money monthly and don’t want to break my momentum just to pay off an outstanding payment.

For the record my score is in the 500’s.

[PistolPeteParticipant 27143]

No keep it. In an emergency that credit score won’t mean diddly s~~~, but that silver will.

[Faust For ScienceParticipant 22521]

I agree with Pete. While Gold is more valuable than silver, silver is easier to barter gold because the value per volume/weight of silver is easier to handle than small amounts of volume/weight of gold. It is always good to have some silver on hand, and silver is a good secondary metal to have if you cannot afford gold.

Truthfully, credit scores only matter if you need a loan to cover 80% or more of the value of an item or property. If you can pay over fifty percent up from for a purchase, usually you can get a loan with a bank at a decent interest rate, providing you can also show you have steady income to pay the loan.

Just make sure you make a loan contract where you pay to the principle of the amount with each payment for the loan instead of the interest.

[G.O.A.TParticipant 1459]

What’s up with people and credit? Do you even know what credit means?

Credit=debt.

You only need credit when you’re digging yourself into debt.

As a MGTOW, I don’t need credit. I won’t buy s~~~, that I can’t afford. Life would be much simpler, if people didn’t buy into that credit crap.

A borrower, is a slave to the lender.

Money is God.

[Anonymous 43]

Line forms on the right for free smacks in the back of the head. I seem to be giving these out today

Credit issues time-out after 7 years. Debt itself is not hurting your score, I owe more than $200,000 in credit card debt, a car loan, 2 student loans and have a credit score in the high 700’s. I can still borrow money because I have a 30 year history of paying my bills on time. I will probably continue to pay my bills on time in the future, I am a good credit risk. I can be trusted.

A sporadic history with some missed payments in just a few years of credit history makes you a poor risk for paying back money. The trust just isn’t there.

Do you have any debt? Pay it off asap. use autopay, schedule the payment a week before it is due, get email notification. follow this s~~~ on a calendar. Pay the bills on time. That is what matters. Use the card for small amounts and pay it off on time. Do not make minimum payments. Minimum is 2%. Divide your interest rate by 12. Should be between 1.5 to 1.9%. Every $100 you kick in you pay $75 in interest. So kick in 5% of your debt. Now you are making progress on the principal. Call these creditors and ask if they will remove these issues. Renegotiate a skipped payment to get something else paid off faster. Be creative. The bank wants something every month, something is better than nothing.

Use the card a couple times a month, make consistent payments and your score will improve. If your credit card is terminated for reasons, and you still owe money, pay that down, but open a checking account with a credit card as an overdraft protection. Spend $30 a month, and pay it back on time every month.

You credit score affects loan rates, auto insurance rates, employment, and other things you may never see.

yes, dump the silver. Buy silver and other metals when everything else is paid off.

Your simple plan:
Analyze your spending, save every receipt for a month, enter it into a spreadsheet see where your money goes.

Work your ass off, overtime, extra job, reduce spending 10%. Dump non essential spending.

Pay off debt.

Cash only. Put change in a jar, Also put $1 in the jar every day. Change + $1, you won’t miss it. Put that toward your debt. Two credit card uses per month, less than $30. See why you save $1 a day?

Save money…emergency fund, 1 year worth of expenses

Retirement fund. Employer match? 401K plan at work? Roth IRA, ETF, DRIP. Bond Funds, No Load Funds. Do not buy annuities. Ever. Buy an annuity, and come back for another smack in the back of the head. Do not day trade. Day trade, and I’ll give you a smack card, 10 smacks earns you a free smack. Buy and hold a bunch of mutual funds. Do not open statements, let the DRIP work for you over the long term. If you do not understand any of these terms, use f~~~ing Google.

Got all that done? now precious metals, I recommend stainless steel and lead, maybe some copper. I like revolvers, some like semi auto. Caliber is your choice, but .22 costs about 8 cents a round.

Now you are ready for gold and silver. Do not buy slugs. Buy legit country issued gold coins. I know what an American Eagle is, who knows what XXX-Trader gold slug is.

Scrap silver is really good to have. Could you buy a can of beans with a ounce of gold? yes, how is someone going to make change? Can of beans is worth $12? ok here are 5 silver quarters.

Now, having said all of that, in reality I do the exact opposite of what I suggest for strategic reasons. I incur debt and penalties to avoid a bigger hit from another direction. Do not follow my real life example. Do what I say, not as I do. In a couple years I can turn the Titanic around and get out of the icebergs.

[TheGreatSiameseParticipant 127]

Hang on to your silver, it’s insurance against a currency collapse. In terms of what goods and services it can currently buy, compared to historical averages, today’s silver and gold are both undervalued. Silver is also undervalued compared to gold.

[TheSpiceParticipant 2644]

Debt is slavery.

I’m a precious metals fan, but if selling it means you can be debt free, I’d say do it.

Once you’re debt free, THEN worry about how you arrange your assets. I hold gold, but have no aversion to other precious metals. That said, they are just one kind of asset. You will eventually need to hold several kinds of assets to protect your wealth.

GET OUT OF DEBT!

"I've been thinking about what it would be like if we got back together."
"You know it's too late for that."

[G.O.A.TParticipant 1459]

Anonymous wrote:

Line forms on the right for free smacks in the back of the head. I seem to be giving these out today

Credit issues time-out after 7 years. Debt itself is not hurting your score, I owe more than $200,000 in credit card debt, a car loan, 2 student loans and have a credit score in the high 700’s. I can still borrow money because I have a 30 year history of paying my bills on time. I will probably continue to pay my bills on time in the future, I am a good credit risk. I can be trusted.

A sporadic history with some missed payments in just a few years of credit history makes you a poor risk for paying back money. The trust just isn’t there.

Do you have any debt? Pay it off asap. use autopay, schedule the payment a week before it is due, get email notification. follow this s~~~ on a calendar. Pay the bills on time. That is what matters. Use the card for small amounts and pay it off on time. Do not make minimum payments. Minimum is 2%. Divide your interest rate by 12. Should be between 1.5 to 1.9%. Every $100 you kick in you pay $75 in interest. So kick in 5% of your debt. Now you are making progress on the principal. Call these creditors and ask if they will remove these issues. Renegotiate a skipped payment to get something else paid off faster. Be creative. The bank wants something every month, something is better than nothing.

Use the card a couple times a month, make consistent payments and your score will improve. If your credit card is terminated for reasons, and you still owe money, pay that down, but open a checking account with a credit card as an overdraft protection. Spend $30 a month, and pay it back on time every month.

You credit score affects loan rates, auto insurance rates, employment, and other things you may never see.

yes, dump the silver. Buy silver and other metals when everything else is paid off.

Your simple plan:
Analyze your spending, save every receipt for a month, enter it into a spreadsheet see where your money goes.

Work your ass off, overtime, extra job, reduce spending 10%. Dump non essential spending.

Pay off debt.

Cash only. Put change in a jar, Also put $1 in the jar every day. Change + $1, you won’t miss it. Put that toward your debt. Two credit card uses per month, less than $30. See why you save $1 a day?

Save money…emergency fund, 1 year worth of expenses

Retirement fund. Employer match? 401K plan at work? Roth IRA, ETF, DRIP. Bond Funds, No Load Funds. Do not buy annuities. Ever. Buy an annuity, and come back for another smack in the back of the head. Do not day trade. Day trade, and I’ll give you a smack card, 10 smacks earns you a free smack. Buy and hold a bunch of mutual funds. Do not open statements, let the DRIP work for you over the long term. If you do not understand any of these terms, use f~~~ing Google.

Got all that done? now precious metals, I recommend stainless steel and lead, maybe some copper. I like revolvers, some like semi auto. Caliber is your choice, but .22 costs about 8 cents a round.

Now you are ready for gold and silver. Do not buy slugs. Buy legit country issued gold coins. I know what an American Eagle is, who knows what XXX-Trader gold slug is.

Scrap silver is really good to have. Could you buy a can of beans with a ounce of gold? yes, how is someone going to make change? Can of beans is worth $12? ok here are 5 silver quarters.

Now, having said all of that, in reality I do the exact opposite of what I suggest for strategic reasons. I incur debt and penalties to avoid a bigger hit from another direction. Do not follow my real life example. Do what I say, not as I do. In a couple years I can turn the Titanic around and get out of the icebergs.

$200,000+ in credit card debt? What the hell were you buying?

Money is God.

[Anonymous 43]

lawyer time

divorce cost $300,000, paid down $100,000 over past 9 years

[G.O.A.TParticipant 1459]

Anonymous wrote:

lawyer time

divorce cost $300,000, paid down $100,000 over past 9 years

Damn!

Money is God.

[Manspread MansplainerParticipant 4222]

Hold silver and hope it increases in value.

Credit score is essentially: “How often do you use a credit card and how much debt can you incur.”

Paying a measly bill won’t help that much tbh. If it hit collections your score is already damaged.

If women ran the world = It would become the shithole you are seeing.

[743 roadmasterParticipant]

Credit correction is a slow, just give it time.

As far as silver goes it is buyers market. Unless you bought a hell of a long time ago. I have been burned on silver before so always wary of that market.

The only way to buy metals silver/gold/plat is if it is money you have no need to get to almost forever. Literally you can hold it until the apocalypse. A few years ago silver was close to 50 people were thinking finally the market for silver is here and started to buy. As always the market crashes.
I would not buy in again until the market gets below 10, even then only if I have money I do not need because the market could just as easy drop to 5 and sit there for years.

mgtow is its own worst enemy- https://www.campusreform.org/

[Chris1234Participant 353]

Keep it! Doubt silver will skyrocket but you will regret it if it ever does go up substantially in value. Silver and Gold are something you buy hold and forget about, but if there is a rainy day you know it’s there.

[Anonymous 42]

Anonymous wrote:

lawyer time

divorce cost $300,000, paid down $100,000 over past 9 years

It’s only lawyer time because you signed the legal document of marriage that isn’t worth more than the honor, promise, and word of a women!

It’s not a blessing as some would have you believe, now that things have “legally changed” it’s the worst of the worst form of curse you can have on your life!

The law serves women to destroy men and it does nothing else.

Changes beget change.

I and multitudes just like me have changed to zero personal intertwining with today’s modern empowered and liberated women.

I offer nothing on all levels, I expect the same in return and haven’t been disappointed for a moment.

P.S.

Hey Hollowtips, I got sidetracked, keep making payments and hold your silver.

Funny thing, I’m looking at a 100 troy Canadian Mint I polished to put on eBay to get the necessary cash I need to expand my business, but people paid up on their balance with me and the silver goes back in the safe!

I paid off my dept last month with one large payment from money I made on eBay. If the silver means investing in something else that will generate more money then by all means, but for anything else its meant for a rainy day hedge and a form of stable savings being tangible.

My credit is in the 800’s because I never got married and prioritized my debts over wants and desires.

Get out of debt as steady as possible without sinking your boat!

When you get on top of your credit cards they cost nothing to use making them more valuable than the silver! You’re using someone else’s money to buy things that make you money that much sooner!

Master your debt, or it will master you!

Prior to 2009 I had about 15 or 20 different credit cards, inactivity rules set by the banks slowly canceled allot of them out. I have three accounts now with enough available credit to buy a new car or something that expensive, but I won’t, I want to use them to my ends instead of them using me to their ends…

[JVBParticipant]

F~~~ your credit score. Mine is 790 and so what. Keep your money liquid. Positive cash flow is all that matters.

Peace is > piece.

[hollowtipsParticipant 681]

I’ll take your guy’s advice, see if I can pick up a few extra shifts from a part time job and try to nip the outstanding payment in the butt early next month.

[BernieParticipant 254]

I agree with peat, silver about to enter elliot wave 3 breakout.

https://www.tradingview.com/x/IISSiclC/

[JustAnotherGuyParticipant]

If your silver is in big-ass bricks, maybe. But I’m willing to bet it’s coin or jewelry-sized, which means it’ll be a good reserve of value that you can still exchange in a SHTF moment. Your credit rating really doesn’t matter–that only affects your interest rate and how much cash you have to bring as a down payment for any loans. If it’s absolute garbage and you’re applying for a job in the financial sector, it might hurt you. Otherwise you’re going to be fine.

If you’re living mostly by savings and cash (like I do), your credit rating doesn’t mean s~~~ (even if it’s in the 500s like yours or 800s like mine).

Cupcakes are Cold. MGTOW is Absolute Zero.
“Let us wait a little; when your enemy is executing a false movement, never interrupt him” –Napoleon Bonaparte, 1805

[Y_Participant 4591]

Do you sell at this point in time?
Short answer – no
Long answer – no

If this was 2008 at the end of the silver bull market I would say yes.
Currently silver is in the start of the next bull market and silver mines are closing down. The price of silver will either rise gradually as inflation picks up or spike if there is a market crash. Either way yo do not lose.

Another stock that is spiking and and a sure thing is lithium. You may want to consider this for the short term.

[MutineerParticipant 1467]

Anonymous wrote:

Credit issues time-out after 7 years. Debt itself is not hurting your score, I owe more than $200,000 in credit card debt, a car loan, 2 student loans and have a credit score in the high 700’s. I can still borrow money because I have a 30 year history of paying my bills on time. I will probably continue to pay my bills on time in the future, I am a good credit risk. I can be trusted.

This i don’t get. $200, 000 seems to be a hell of a lot to repay. Are you likely to be debt free within your lifetime?

"The secret to happiness is freedom... And the secret to freedom is courage." - Thucydides

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