Formo
  • Formo
  • Veteran Member Topic Starter
14 years ago
So, a weird thing happened to me earlier today. Well, weird because I don't know what to make of it.

So, my wife and I went to our bank to apply for a small loan ($1,000). We planned on putting her POS Kia up for collateral. We talked with our banker, filled out the app, and got the information needed on said load if we were approved.

Now, before I go any further, I will say that I know my credit score is bad. I've always joked that I could care less if someone stole my identity because they would be stealing all the piss poor credit I had. I jacked up my credit when I was 18 after getting my credit card. I didn't think I would have been approved for the loan for the reasons I stated above among others.

About 2 hours after getting home from the bank, I get a call from our banker. She tells me that the load has been declined for 2 reasons. One was the amount for the type of loan (with a car as collateral) needs to be no lower than $2,000. Second reason was I don't have enough credit history.

The second part BAFFLED me. Seriously? She said only 2 things popped up on my credit report. One was a credit card inquiry (from a few days ago when I applied for a credit card) and the other was a medical bill for $89 that went to collections and was fully paid off. That's it. I'm thinking there HAS to be more on my record.

Anyway, I don't know if that report was from one particular credit reporting agency or what.. I don't know how that works.. But I'm actually encouraged to find out that my credit isn't COMPLETELY jacked up.

Thanks to TheViking88 for the sig!!
Porforis
14 years ago
I forget if it's after 3 or 5 years that things drop off your credit report... If it's been a while since you were in credit card debt, that's why that's all they saw on your credit report.
zombieslayer
14 years ago
Formo - You have 2 choices in life - pay for everything in cash, or establish a credit history.

If you go the latter route, you're going to have to have credit cards. Get yourself a pair of credit cards. Use them, but every time you do, keep the receipt and as soon as you get home, write in your checking account register the following - DO NOT SPEND <amount>, then deduct that amount from your checking account.

When your bill comes, add up all the DO NOT SPENDs and check them off, then add that total to your checking account total. Pay off your cards every month.

That's the system we're currently doing. We lived beyond our means. We learned our lesson. Now we have a system to live within our means but still use credit cards actively and this is it.

I buy everything with credit cards and both of my credit cards give me points. My wife has one credit card and that gives her points. I use my points for cash back. She uses hers for Starbucks.

This will help build your credit score, as will buying a car as long as you pay on time.

Oh, one more thing - you gotta have a Savings account, preferably one that does automatic transfers from your checking (if you lose your job, simply stop the transfers). I'd suggest American Express online Savings. The interest rate is among the best out there right now.

Porforis is right. Things that are closed will eventually drop off your history completely. Timings may vary.
My man Donald Driver

(thanks to Pack93z for the pic)
2010 will be seen as the beginning of the new Packers dynasty. 🇹🇹 🇲🇲 🇦🇷
Formo
  • Formo
  • Veteran Member Topic Starter
14 years ago

I forget if it's after 3 or 5 years that things drop off your credit report... If it's been a while since you were in credit card debt, that's why that's all they saw on your credit report.

"Porforis" wrote:



I'm 28 now, that credit card was canceled on my when I was 19 or so. Ever since that and jacking up a few other bills that went to collection agencies, I vowed to pay cash for everything due to jacking up my credit and such. It wasn't until many years later (4-5 years ago) that I payed off my credit card that was in collections with one lump sum. I've been paying with cash ever since. I was unaware that stuff falls off your credit report. I thought the only way to get a clean slate with your credit was to file for bankerupcy.

Formo - You have 2 choices in life - pay for everything in cash, or establish a credit history.

If you go the latter route, you're going to have to have credit cards. Get yourself a pair of credit cards. Use them, but every time you do, keep the receipt and as soon as you get home, write in your checking account register the following - DO NOT SPEND <amount>, then deduct that amount from your checking account.

When your bill comes, add up all the DO NOT SPENDs and check them off, then add that total to your checking account total. Pay off your cards every month.

"zombieslayer" wrote:



Very nice system. If we end up getting a credit card (well, if I get one.. The wife will NOT get one), I'll most definitely implement that system.

That's the system we're currently doing. We lived beyond our means. We learned our lesson. Now we have a system to live within our means but still use credit cards actively and this is it.

I buy everything with credit cards and both of my credit cards give me points. My wife has one credit card and that gives her points. I use my points for cash back. She uses hers for Starbucks.

This will help build your credit score, as will buying a car as long as you pay on time.

Oh, one more thing - you gotta have a Savings account, preferably one that does automatic transfers from your checking (if you lose your job, simply stop the transfers). I'd suggest American Express online Savings. The interest rate is among the best out there right now.

Porforis is right. Things that are closed will eventually drop off your history completely. Timings may vary.

"zombieslayer" wrote:



The only way right now we'll be building up my credit will be to take out a loan at our bank and put it directly into a CD. I will not have access to that money until I paid the loan off in full. It'll help build up some credit for me, and then when the loan's paid off.. we'll have money in the bank as a savings of sorts. We'll just transfer that CD money into a savings account. Or keep it there, depending on how good the rate is.

Thanks to TheViking88 for the sig!!
zombieslayer
14 years ago
American Express online savings is 1.30% and has no fees. The problem with CDs is that they tie up your money. Unless you get significantly better than 1.30%, you might want to consider an online savings.

Today's interest rates suck for CDs, and the last thing you want is to be locked in a CD when interest rates go up.
My man Donald Driver

(thanks to Pack93z for the pic)
2010 will be seen as the beginning of the new Packers dynasty. 🇹🇹 🇲🇲 🇦🇷
Formo
  • Formo
  • Veteran Member Topic Starter
14 years ago

American Express online savings is 1.30% and has no fees. The problem with CDs is that they tie up your money. Unless you get significantly better than 1.30%, you might want to consider an online savings.

Today's interest rates suck for CDs, and the last thing you want is to be locked in a CD when interest rates go up.

"zombieslayer" wrote:



Right, but in order for me to get that loan with the credit report that I have, that money needs to be locked into a CD until I'm paid off.

Thanks to TheViking88 for the sig!!
zombieslayer
14 years ago

American Express online savings is 1.30% and has no fees. The problem with CDs is that they tie up your money. Unless you get significantly better than 1.30%, you might want to consider an online savings.

Today's interest rates suck for CDs, and the last thing you want is to be locked in a CD when interest rates go up.

"Formo" wrote:



Right, but in order for me to get that loan with the credit report that I have, that money needs to be locked into a CD until I'm paid off.

"zombieslayer" wrote:



Ah, I see. Then there's no way around that. 😞
My man Donald Driver

(thanks to Pack93z for the pic)
2010 will be seen as the beginning of the new Packers dynasty. 🇹🇹 🇲🇲 🇦🇷
Nonstopdrivel
14 years ago
Black marks fall off your credit report after 7 years. Bankruptcies after 10 years.
Dulak
14 years ago
2 stories -
me have/had a bunch of debt and for the past 15 years have been trying to pay it off. Had/have difficulty at times etc and in which now my credit score is crap because of it ... but I am still trying hard to pay on my debt

my friends wife - 10-15 years ago had not great debt but before my friend got married they basically went out and spent 23k and planned not to pay it back. filed bankruptsey and now have a Great credit score etc compared to me.

ya Im jealous because I have more debt then I did 10 years ago (ie the ineterest) and my credit score is now crapola'

funny system - and we wonder why the banks crashed ...
TheEngineer
14 years ago
Personally I don't use credit cards. Never had one.

I don't see how the interest and fees are worth the reward points you earn. I might look into getting a credit card, making purchases on it and repaying the balance before I am charged interest, for any card that offers monthly interest charges rather than daily.
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