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Established Contributor
Shnapple
Posts: 837
Registered: ‎02-27-2008
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Re: Fear & Control


Pappy214 wrote:

That same thing is going to happen to my nephew. He just turned 19 in college part time job but he will quit that soon, and he already has 16 credit cards (not an exxageration).

 

I am 40 something and I have 2 cards (one a secured Orchard), I honestly think I am being discrimminated against because of my age.   


Don't worry - your nephew will probably be where you are soon enough, just a different route. He'll get into all kinds of debt he can't crawl out of and end up with one secured card a few years down the line.

 

At least you never had the stress he's going to go through...

FEB '08 FAKOs: TU 628 | EX 650 | EQ 584
JAN'09 FAKOs TU 686 | EX 705 | EQ 664
EQ FICO: FEB '08 646 | APR '08 678 | SEP '08 679
Valued Contributor
mjbfan79
Posts: 1,998
Registered: ‎03-31-2008
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Re: Fear & Control


Pappy214 wrote:

No, I have never had a BK. I paid for everything in cash up until now, and used my VISA check card. I went to buy a BMW in June, and that is when I learned all about credit and how it works. BMW was not going to give me the car at first, even with my income and having no debts. But they found a bank willing to finance me at 25% interest.

 

That is why I suddenly care about credit. I want my next car to be a Porsche. I want to buy this car within the next few years, and I want a great score when I walk into the dealer so I am not treated like garbage and given a high interest rate.

 


 

I would take no credit then bad credit anyday cause you start out clean make sure you pay your bills on time an let your accounts age you will get there with time be patient.

Starting Score 3-31-08: EQ 582 TU 577 EX 625
Current Score 3-19-10: EQ 703 TU 712 EX No Clue
Goal Score: 800 By January Of 2012


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Valued Contributor
mjbfan79
Posts: 1,998
Registered: ‎03-31-2008
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Re: Fear & Control


Shnapple wrote:

Don't worry - your nephew will probably be where you are soon enough, just a different route. He'll get into all kinds of debt he can't crawl out of and end up with one secured card a few years down the line.

 

At least you never had the stress he's going to go through...


Yeah young Nephew is out of control he needs to slow it down.


Starting Score 3-31-08: EQ 582 TU 577 EX 625
Current Score 3-19-10: EQ 703 TU 712 EX No Clue
Goal Score: 800 By January Of 2012


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cw81
Posts: 273
Registered: ‎06-30-2008
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Re: Fear & Control

Been there done that  still have the musty old tshirt and battle scars to go along with it.  I had almost every card you could think of in college ,  Discover , Sears,  Spiegel, Cap 1   etc the only one I didn't  have was Amex.  I was responsible  so I paid  regularly and I kept getting CLIs and new preapproved  offers  an I would app and get them. 

 

 Well  I run into some trouble  when  I didn't get the job offers I was looking for and the economy wasn't  conducive to my finding a job. Soon I was delinquent on everything and they all had to go.  I probably will never get  a Discover card again. Citi probably wont touch me either.  Cap 1 welcomed me back 2x  even though the last time  they hit the rocks when my income was  reduced drastically  but they have given me  another chance.

 

Well after living a cash based lifestyle for a while  it came to my attention that I will need some sort of positive credit to  get a home etc so here I am  rebuilding. 

 

Pappy  25%  on a Bimmer  ouch   I suggest you look at Re fi with  CU  when you have some  history  like 6 months or so.

Valued Contributor
mjbfan79
Posts: 1,998
Registered: ‎03-31-2008
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Re: Fear & Control


Pappy214 wrote:
I guess maybe they think I am too smart (and old) to fall into their trap... and that is why I don't get approved?

There might be some truth to that an they might be thinking why is a man of this age with no credit at all. But i feel like hey it's a good thing to pay for everything with cash cause you have no bills BUT there may come a time where you might just have to depend on credit when you don't have cash.


Starting Score 3-31-08: EQ 582 TU 577 EX 625
Current Score 3-19-10: EQ 703 TU 712 EX No Clue
Goal Score: 800 By January Of 2012


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Established Contributor
Pappy214
Posts: 794
Registered: ‎08-05-2008
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Re: Fear & Control

Tell me about it. It hurts paying that much in interest.
____________________________________________________

"Evacuate, in our moment of triumph? I think you overestimate their chances."
Established Contributor
Pappy214
Posts: 794
Registered: ‎08-05-2008
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Re: Fear & Control


mjbfan79 wrote:

 

There might be some truth to that an they might be thinking why is a man of this age with no credit at all. But i feel like hey it's a good thing to pay for everything with cash cause you have no bills BUT there may come a time where you might just have to depend on credit when you don't have cash.


I feel I get that response when I call in for a recon. I always get asked, why haven't you applied for credit until this year? I am honest and say, up until my recent purchase of a car, I never felt I needed credit. 

 

By the way, I do not follow that Dave Ramsey guy, but I lived like he wants people to live, and although I have had a real good (and lucky) life, I feel at my age I want a few nicer toys, and I now see that great credit is the way to achieve this. It just sucks always being told no, when I see others who are far worse off than I am getting approved.

____________________________________________________

"Evacuate, in our moment of triumph? I think you overestimate their chances."
Established Contributor
Pappy214
Posts: 794
Registered: ‎08-05-2008
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Re: Fear & Control


Miner wrote:

 

If the only thing on your credit is that 25% interest rate car, wait until 6 months after you got the loan and then try applying for a credit card from your bank again.  The longer you've had that loan, the more favorable banks will treat you.

Message Edited by Miner on 10-03-2008 11:40 AM

I also have my two secured cards, one from my bank and one from Orchard (I got all three TL's in June). By the way, does anyone know what type of score someone like me would have just starting out when one does finally report?

____________________________________________________

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Epic Contributor
haulingthescoreup
Posts: 28,098
Registered: ‎04-01-2007
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Re: Fear & Control

Work those two secured cards, and after 6 months, with limited history but no baddies, 660 - 680 is reasonable. At that point, you can get a real card. Let all three report, and after 12 months from starting (6 months after the real card), 700 - 720 is typical.

You are in the same credit demographic as 18-year-olds and new immigrants to the US, so everything that I've seen happening with them should happen to you as well.

Ah, to be (credit) young and (credit) pure!
* Credit is a wonderful servant, but a terrible master. * Who's the boss --you or your credit?
FICO's: EQ 781 - TU 793 - EX 779 (from PSECU) - Done credit hunting; having fun with credit gardening. - EQ 590 on 5/14/2007
Valued Contributor
jmbfl
Posts: 1,185
Registered: ‎03-04-2008
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Re: Fear & Control


haulingthescoreup wrote:
Ah, to be (credit) young and (credit) pure!

Never again in our lives I'm afraid!

 

:smileysad:


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