In the hole
- Thread starter HeXp£Øi±
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MrBishop
Well-Known Member
Debt: Hmmm...still owe about $44k on the house...car's paid off, but I have close to $8k on c/cards between me and the missus. Problem was that I got downsized and went back to school for re-education. Havn't got a full-time gig yet, so the c/cards are building up something fierce. 
Still paying into RRSP's and RESP's..plus savings. I'll say that about my missus...she does know how to pinch a penny until it screams
Still paying into RRSP's and RESP's..plus savings. I'll say that about my missus...she does know how to pinch a penny until it screams
75renegade
New Member
greenfreak said:
I think it must be true Greenie.
Got my first C-Card @ age 33, after my divorce, an' after applyin' for loans, it didn't take long to learn the meanin' behind the words, "limited credit history".
With no prior credit hist. I found myself, turned down.
Funny, all the years we paid cash for everything, even let her parents purchase the house, so we could pay them instead of a bank, I had no idea that delayin' the debt process, would later only serve to delay the credibility process as well.
Duh!
75renegade
New Member
fury said:How can you earn credit when most places turn you down for not having any?
Do ya ever git any a those offers fer C-Cards at any percentage rate?
I started w/ Providian.com, which offered low %, but annual fee of $75.00
Used it, paid it off each month, then moved on to better offers, via post, etc.
Best of luck to ya bro!
greenfreak
New Member
You'll probably get a really crappy deal at first. 23.99% with a fee but you have to pay your dues at first, just like with car insurance. When you prove yourself, after a year, you apply to one other card. Don't apply too much or they count that against you also. Just remember the golden rule: DON'T EVER EVER EVER BE LATE ON YOUR PAYMENT. Every late payment is recorded and held against you.
When I went to get a used car loan, my credit report was blank. My Dad co-signed (he's got amazing credit) and I got the car loan. I had it deducted from my savings account which was with the same credit union so I never had a late payment in 3 years. I also had a checking account with them with a decent balance and I never had a bounced check.
Because of my history with them, they approved a Visa with a $1000. limit at 13%. Not bad at all for my first card. I just got better from there.
This is why I say you should get a checking/savings account asap. I know there's age limits but do everything you can now. You'll be glad you did later.
When I went to get a used car loan, my credit report was blank. My Dad co-signed (he's got amazing credit) and I got the car loan. I had it deducted from my savings account which was with the same credit union so I never had a late payment in 3 years. I also had a checking account with them with a decent balance and I never had a bounced check.
Because of my history with them, they approved a Visa with a $1000. limit at 13%. Not bad at all for my first card. I just got better from there.
This is why I say you should get a checking/savings account asap. I know there's age limits but do everything you can now. You'll be glad you did later.
A.B.Normal
New Member
Gonz said:
Now that you have a job ,shouldn't be a prob gettin a CC.
Inkara1
Well-Known Member
I started off with a "student" credit card. The rate was 19.8 percent and it had no annual fee. I started off with a limit of $300. I kept up with my end of the contract, so they raised the limit to $500, then $800, and now $1,200. I also paid off the entire balance in full every month until I got married.
Janimal
New Member
I don't think this was said explicitly anywhere else in the thread so I'll say it now.
Ladies, do not think that you yourself have good credit just because you and your spouse (assuming you have one) have good credit together. Especially if his name comes first on any joint debt and/or property.
Unfortunately, it is typically the male who gets the benefit of a good joint credit history, not the female. Mostly because the entries get made against the first name/SSN on the list.
It is therefore not a bad idea for you to build credit for yourself by either getting a credit card, or other debt, like a car loan, put solely in your name.
Also, good credit doesn't last forever. Older debt is not rated as well as newer debt. So even if you've had car loans, mortgages and whatnot in the past, if it's been very far in the past (probably 7 years, same as bad debt) you won't necessarily get a good rating.
You guys have probably heard this all before, but it's always a good idea to periodically check your credit rating. There's more than one company though, and all three need to be checked. There's also a numbering system (can't recall the name of the top of my head) that a lot of places use to rate your credit worthiness. It's not a bad idea to check that too, especially if you are considering asking for a large loan, like a mortgage.
Ladies, do not think that you yourself have good credit just because you and your spouse (assuming you have one) have good credit together. Especially if his name comes first on any joint debt and/or property.
Unfortunately, it is typically the male who gets the benefit of a good joint credit history, not the female. Mostly because the entries get made against the first name/SSN on the list.
It is therefore not a bad idea for you to build credit for yourself by either getting a credit card, or other debt, like a car loan, put solely in your name.
Also, good credit doesn't last forever. Older debt is not rated as well as newer debt. So even if you've had car loans, mortgages and whatnot in the past, if it's been very far in the past (probably 7 years, same as bad debt) you won't necessarily get a good rating.
You guys have probably heard this all before, but it's always a good idea to periodically check your credit rating. There's more than one company though, and all three need to be checked. There's also a numbering system (can't recall the name of the top of my head) that a lot of places use to rate your credit worthiness. It's not a bad idea to check that too, especially if you are considering asking for a large loan, like a mortgage.
greenfreak
New Member
Janimal said:
But bad credit does!
I learned that when I found that a $100. chargeoff was the deciding factor in being rejected for a car loan a couple of years ago. That chargeoff was ancient history, but it will count against me for years to come.
HomeLAN
New Member
Janimal said:
Good points. In my case, my credit beat the crap outta my wife's when we got married, so...
Couldn't agree more on checking your rating. At least once a year. In Georgia, all 3 are REQUIRED to give you two free copies a year.
The three agencies are:
Equifax
Transunion and
Experian
Aunty Em
Well-Known Member
Lemme see... £6000 outstanding on student loans (deferred till next april)... Car loan has £3744 left to pay over 2 years... and about £900 on 2 catalogues (mostly large items f/freezer, etc.) which will be paid off by September and as an agent I get 12.5% commisssion back in goods or 10% in cash(which I normally pay into the account and earn more commission on) - just paid £18.50 for a £60 pair of trainers. My customers owe considerably more but they are all good regular payers - after 12 years as an agent I can smell a bad payer at 50 feet!.
Once my car's paid off I intend to make voluntary contributions to pay off the student loans. Everything else like utility bills, tv licence, insurances, broadband access, etc. I pay by direct debit on a monthly basis. I only use my credit card on the internet and then only if I have the money in my bank account to pay it off at the end of the each month. I got in one hell of a financial mess as a teenager with credit cards and I don't intend to repeat the experience - although £1500 these days wouldn't be considered that big a deal.
I now have a better than average credit rating.
Once my car's paid off I intend to make voluntary contributions to pay off the student loans. Everything else like utility bills, tv licence, insurances, broadband access, etc. I pay by direct debit on a monthly basis. I only use my credit card on the internet and then only if I have the money in my bank account to pay it off at the end of the each month. I got in one hell of a financial mess as a teenager with credit cards and I don't intend to repeat the experience - although £1500 these days wouldn't be considered that big a deal.
I now have a better than average credit rating.
greenfreak
New Member
My credit card balance rose another $3000. since that post, mostly due to car repairs.greenfreak said:
But as of five minutes ago, after a little over a year from that post, my debt is down $9000. to a grand total of $2500. on one 0% interest credit card, that's it! And God Damn do I feel GOOD.
I got my tax return which was about triple what I normally get and started making plans. Paid off my Bank of America card and promptly cancelled it with great relish. Anyone who remembers the debacle I went through with them when I first opened the account and transferred my car loan to it will know why. And when they asked me why, I made sure I told them.
With the help of some funds from my savings account, I paid off my Bank One credit card (keeping that one for the low interest on purchases) and I just paid off my school loan a few minutes ago.
Now the fun really begins. As soon as the payment goes through, I start planning on buying MY NEW CAR. Yea. Life is freakin grand. Love my job. Love my life. And I'll be loving my new car soon enough:
