rofl trying to get credit

raggie33

*the raggedier*
Joined
Aug 11, 2003
Messages
13,453
i even got denied for a target credit card. which is like kmart. i had a feelling the answer was no. and it was. they say isufcant credit history . kinda ironic ya have to have credit to get credit history but lol never mind . /ubbthreads/images/graemlins/dedhorse.gif
 

NeonLights

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Joined
Jan 18, 2003
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Location
Ohio
I got my first car loan (for $3000) when I was 18 with no co-signer. A few months later I got my first credit card. One of the best things to do to build up your credit is to take a small loan out from your bank (like for an inexpensive car), and pay it off. Having a good relationship with your bank and sticking with them for years will help you get a loan.

-Keith
 

Arizona_Dan

Newly Enlightened
Joined
Jul 28, 2004
Messages
57
Location
Anthem, Arizona
Another relatively painless way to create a credit history is to request a secured Visa or MasterCard from your bank. You put x-dollars into a savings account with the bank, they put a "lock" on the account (it's "collateral" against charges on the credit card), and issue the card with a credit limit equal to the amount you've put into the savings account (typically, as little as $200).

You'll need to establish a prompt payment record for at least six months on this account. It will appear on your credit report like a "regular" credit card would.
 

Draco_Americanus

Enlightened
Joined
Dec 11, 2002
Messages
696
Location
Michigan
credit is My bane! I racked up around 12 grand in credit card debt about 4 years ago adding shinny things to My hoard. Luckly I never defulted and maby only missed 2 or 3 payments due to forgeting the due dates, took Me a while and had to shift the debt to a few cards to avoid insane intrest charges but I did get it all paid off and hopefully got a good credit rateing cuse of that. I can now say I am debt free, totaly. I piad off my jeep 7 or so months ago and my mobile home 2 weeks ago! This is the first time in my adult life that this has happened but sadly it will be short lived as I am getting another car in about 3 weeks so I will need a loan for that.

Anyway a secured card would be a way to start. Having little or bad credit is a huge hinderance and can even get higher car inshurance rates and sadly can even be used agenst you when applying for a job! that's just wrong!
 

kakster

Flashlight Enthusiast
Joined
Feb 6, 2003
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Location
London, UK
Once one company gives you credit, they all trip over themselves to offer you loans and cards. Unless you have a specific need for a card, you're better off without it.
 

geepondy

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Joined
Apr 15, 2001
Messages
4,896
Location
Massachusetts
I too had some fairly hefty credit card debt but always paid at least the minimum. Also played the game of swapping cards for lower interest rates. In my overtime boom of the mid to late 90s, I paid it all off. I checked my credit for the first time ever at Experian and I have a score of 788 out of 830 which they say is in the 97.1 percentile. However I'm about to buy a condo and go heavily into debt so we'll see how long that lasts.
 

coachbigdog

Enlightened
Joined
Feb 3, 2004
Messages
729
Location
s.c. usa
raggie33,DON'T get credit card! I you can't pay for it now don't get it.Save up for it instead.I am still paying off credit card debt from my early 20's!
 

raggie33

*the raggedier*
Joined
Aug 11, 2003
Messages
13,453
i just want ti for so i can have paypal but i guess targe credit card wouldt work anyways lol they got me to sign up cause i walked by lady and she said ill get 10% if i sign up.but then she said they cant ell me if i got it ill have to wait 10 days whcih was today.l;ol i never got my discount either but it was only on a bag a dog food so it aint much lol
 

Saaby

Flashaholic
Joined
Jun 17, 2002
Messages
7,447
Location
Utah
I want a card not so I can go in debt, but so I can get rewards for my purchases. Shop smarter, not harder.

Same problem though, insufficient credit, so I'll just keep using my Visa Cheque card. Better than cash (I hate cash!)
 

Arizona_Dan

Newly Enlightened
Joined
Jul 28, 2004
Messages
57
Location
Anthem, Arizona
Establishing credit doesn't automatically mean you have to incur debt. Get a credit card, but pay it off monthly. Like everything else in life, do it responsibly and in moderation.

Look at the big picture - no credit (or credit card) means you likely can't rent a car if needed, more difficult to reserve a hotel room, can't conveniently purchase airline tickets etc. And when it's time to buy a home (or even a car), you need a decent credit history. And a good one will earn you the best interest rates and save you thousands over life of the home loan.
 

PlayboyJoeShmoe

Flashaholic
Joined
Sep 4, 2002
Messages
11,041
Location
Shepherd, TX (where dat?)
What they said!

Having credit is a good thing overall. It helps with things like travel. It allows automatic billing on stuff like cell phones.

Having a credit card doesn't mean you HAVE to incur crushing debt. I wish I had followed THAT advice!

I have two cards I use very sparingly now...
 

3rd_shift

Flashlight Enthusiast
Joined
Mar 9, 2004
Messages
3,337
Location
DFW. TX. U.S.A. Earth
I had a sleezy car dealership tell me my credit was bad when I went shopping for a new diesel pickup truck a couple years ago. /ubbthreads/images/graemlins/icon15.gif
I stormed out of the dealership going what the ****?
I then went here and sure enough, they were lying just to stick me with a higher interest rate and all the add ons that usually go with it. /ubbthreads/images/graemlins/thumbsdown.gif
It was the best 50 bucks I have ever spent.
Another and cheaper way to find out how good your credit is would be to have a heart to heart pow-wow with a loan officer at your bank or credit union. /ubbthreads/images/graemlins/huh.gif
Good luck. /ubbthreads/images/graemlins/wink2.gif
 

Arizona_Dan

Newly Enlightened
Joined
Jul 28, 2004
Messages
57
Location
Anthem, Arizona
Be aware too: the law provides that if you're declined for reasons related to your credit history, you're entitled to a free copy of your credit report from the credit reporting agency. Always good to review your credit report periodically - inaccurate info is all too frequent.
 

BC0311

Flashlight Enthusiast
Joined
May 31, 2003
Messages
2,488
Raggie, you have impressed me as one who manages what he has well. I think, as previously suggested, one of the "Deposit Secured Credit Cards" would be a good idea for you.

There are numerous banks that offer these and you don't need to have any credit history to get one, ASFAIR. I rebuilt my credit with one of these cards from Capital One.

You can get in trouble with one of these, too. For instance, if you fall behind on payments the interest will make you cry. You can't just say "close my account and pay off what I owe you with the deposit".

You have to pay off your balance and then close the account and they will get around to sending your deposit back to you.

But, you can also deposit more money after a few months and it will increase your "credit" on the account by the same amount. Sometimes they "reward" you with 1.5 dollars of credit for each dollar of an additional deposit you make.

Within a year you will be receiving all kinds of offers from other banks and credit card outfits. Best to turn them all down, tear 'em up and throw 'em away till you've managed your secure card for a year or two.

I keep one secure card with $1000.00 credit on it inviolate. It is strictly for emergencies. It took me about 30 years to get to the point where I could do it.

I no longer link my credit cards to Paypal. It was just too hard not to buy all kinds of nice crap. My PP is now linked to a special checking account at my bank. No way PP can really screw me anymore. If the seller doesn't take a PP Echeck and ship to my no longer "confirmed" address, I don't buy from him.
 

Lurker

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Joined
Nov 6, 2002
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The South
I also agree that it is really easy to get into trouble with credit, but also that you have to have a credit card to have access to a whole lot of things in our economy. Managing and protecting your credit history is something that everyone should be aware of. I highly recommend taking steps to build a credit history and get a credit card. Just be very careful and make sure you don't get yourself into deep water.

I got started with my first credit card by taking advantage of a special offer for students (about 15 years ago). I got overextended a bit at first like almost everyone does, but I have been very diligent to make all payments on time and I have also paid in full almost every month. When I bought my first home 3 years ago, my mortgage banker told me that I had the highest credit score he had seen.

I think the key to managing credit card debt is to never charge anything that you are not able pay off at the time you charge it, and paying your bill off in full every month.

Some tips to keep your score high:
- Obviously never make a payment late.
- Never bounce a check.
- Don't carry a high balance on your credit card.
- Don't use consumer credit (such as buying furniture or electronics that are financed by the store).
- Don't make applications for credit that you know you can't get, this just results in excessive hits to your credit report.

Take advantage of automated ways to prevent some of these credit pitfalls, such as having overdraft protection on your checking account and setting up your utility bills and other recurring payments on automatic debit from your checking account. In some cases you can even have your minimum credit card payment automatically drafted, making it almost impossible to miss a payment date by mistake.

And remember that it's never too late to start improving your credit.
 

turbodog

Flashaholic
Joined
Jun 23, 2003
Messages
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Location
central time
No one has said this one thing. If you are gonna be late or short on your payment(s), call the lender and tell them.

They are FAR more willing to work with you if you call before you get into trouble.
 

Sub_Umbra

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Joined
Mar 6, 2004
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la bonne vie en Amérique
We finally broke down and got a secured card for online purchases. With both of us in our 50's I guess that puts us pretty far out towards the edge of the bell shaped curve.

We've never paid any interest. I not only pay the card off each month, but I add the new purchases I've made since I've been invoiced to what I send them. We're pretty careful.

It works well online but I do check each 'secure server' with Netcraft before I order. I can almost always find the same product without putting my data on a Microsoft server.

It is also handy since in the 21st century it seems that there are some things that may no longer be purchased with cash, like hotel rooms, for example. A credit card can be a real life saver for hurricane evacs and the like.

I would advise anyone thinking of getting a card to really think about it and decide ahead of time how they're going to use it. Go into it with your eyes wide open. Make rules for yourself and stick to them.
 
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