The Credit Thread

[Gohron]

We already filed, a little while back. It did really help us out, we just can't get a credit card or anything until I'm twenty-something.

My dad has a credit card and he filed for bankruptcy about four years ago. You just have to know how to manage your stuff, of course his credit record is extremely poor because of bankruptcy but he manages to do alright.

[Dolemite]

If you can't get a regular credit card, just get a secured one. That's when you put up the money up front for the card's spending limit. Give the bank, say, $200, and they give you a card with a $200 credit limit. Works just like a normal card, and it's a good way to start building your credit if yours is shit (or if you just don't have any).

[Rhydant]

I gots me a student credit card. Maxed it out ($800) on car-related issues. The interest is something like 8.5-9% annually, so its not bad at all. $25 minimum monthly payment, and im hoping to have that paid off by January.

After that I'm gonna sign up for a platinim card (oooo, shiney). they offered it to me before, but since i already had a Student card, they couldnt give me another one. Ill get a better interest rate and higher limit. woot.

If you can't get a regular credit card, just get a secured one. That's when you put up the money up front for the card's spending limit. Give the bank, say, $200, and they give you a card with a $200 credit limit. Works just like a normal card, and it's a good way to start building your credit if yours is shit (or if you just don't have any).

Thats whatd you call a Check Card, dude. Any bank will give that to you (Wells Fargo, WaMu, Bank of America, ect) Not sure if all of those are nation-wide.

But thats the basic principal. You have money in your checking account, and you can use your check card just like a credit card, and itll deduct funds out of your account.

[Fe 26]

I had a question about credit. Can book clubs effect your credit rating? I have a bad habit of not telling them to not send me shit, and just refusing the books when they come. I don't owe them any money, but can this effect my credit rating, or does the rest of the world realize that bookclubs are bullshit?

[Bacon McShig]

If you really want to know where you stand, you should order a FICO report... what this is is an average credit rating taken from the three top credit-tracking companies in the nation. The most reputable source for getting these is through myfico.com, they'll give you not only your score, but suggestions for improving it and stuff like that. Sucks that it costs to see, but them's the breaks, I guess.

There have been instances of credit companies making mistakes that affect your score, such as not updating a person's address, not registering a certain account as closed, etc. Sad to say that oversights are made, but obviously tracking the credit of everyone in the country is gonna be a tough job. It's worth checking up on every few years if you've made changes like that.

[007bond]

I gots me a student credit card. Maxed it out ($800) on car-related issues. The interest is something like 8.5-9% annually, so its not bad at all. $25 minimum monthly payment, and im hoping to have that paid off by January.

After that I'm gonna sign up for a platinim card (oooo, shiney). they offered it to me before, but since i already had a Student card, they couldnt give me another one. Ill get a better interest rate and higher limit. woot.


Thats whatd you call a Check Card, dude. Any bank will give that to you (Wells Fargo, WaMu, Bank of America, ect) Not sure if all of those are nation-wide.

But thats the basic principal. You have money in your checking account, and you can use your check card just like a credit card, and itll deduct funds out of your account.

No that's not a check card. Dolemite was talking about something different.

[Fe 26]

If you really want to know where you stand, you should order a FICO report... what this is is an average credit rating taken from the three top credit-tracking companies in the nation. The most reputable source for getting these is through myfico.com, they'll give you not only your score, but suggestions for improving it and stuff like that. Sucks that it costs to see, but them's the breaks, I guess.

There have been instances of credit companies making mistakes that affect your score, such as not updating a person's address, not registering a certain account as closed, etc. Sad to say that oversights are made, but obviously tracking the credit of everyone in the country is gonna be a tough job. It's worth checking up on every few years if you've made changes like that.

Exactly how much does something like that cost?

How much does credit effeect your ability to get a loan? I was wanting to save up enough to buy a car, like about 6000, and then get a loan to buy the car. I know that would increase what I spend in the end, but I'm really not hot on the idea of just dropping about 6000 cash at one time. If I need to get something fixed (very likely becuase for 6000, ill probably be going used) or want to install a better radio or something I'd like to have the money on hand.

[Rumpy]

How much does credit effeect your ability to get a loan?

They are directly related. If you have shitty credit, the chances of getting a loan are much slimmer. Think of it like this: if you have good credit, it pretty much means that while you have debt, you are coming up with the money to cover it everytime a bill comes. When you go for a loan you are asking to borrow money. If they see that you are paying back your current loans/debts with little problem you are more likely to get approved for that loan. Going by your (good) credit, the loaners have a pretty good idea that you are less of a risk of not being able to come up with the money. Plus, chances are you can get a lower interest rate.

[gameoverDude]

Lately, I've been avoiding the use of credit cards like the plague. I'm trying to get some of my smaller ones paid off in hopes of applying their money to larger balances. If I cannot pay for something with my debit card, I skip it until the money comes along.

A few banks have sent out notices of "Important Changes To Your Account" which have shown some less than favorable changes pending, so I fired off a salvo of terms amendment rejection notices to them to avoid that. Rejections consitute account closure, but I won't deal with a bank that suddenly decides to dick me over.

[Dolemite]

Thats whatd you call a Check Card, dude. Any bank will give that to you (Wells Fargo, WaMu, Bank of America, ect) Not sure if all of those are nation-wide.

But thats the basic principal. You have money in your checking account, and you can use your check card just like a credit card, and itll deduct funds out of your account.

You obviously don't understand the difference between a Check Card and a Secured Credit Card. Here, let me try and explain it to you.

A Secured Credit Card is for people who don't qualify for a regular line of credit. You basically give the bank the dollar value of the credit card up front as collateral. Then they give you a credit card for that amount. It has nothing whatsoever to do with your checking account.

Anyway, the card works just like a regular credit card, including getting a monthly bill when you charge something. People can use this to build their credit rating if theirs is in the toilet or if they're just starting out. You pay your bill, your credit improves. You don't pay, the bank just takes the money you put down, and your credit heads further south.