Credit cards....

[VR4_Craver]

So I start applying for credit cards trying to build credit. I apply at a number of places. I get nothing but denied. Then one day I get thie letter in the mail. Open it up and start reading and go off the fucking wall. I have one card right now. but can only be used to a jewelry store. The paper says this:

reasons for denial
1. Excessive use of current credit lines.
2.too many inquires into credit in recent history.
3. Not enough credit usage of current revolving credit.

1 and 3 instanly pissed me off. Fucking credit card companys can eat my ass

[ChrisCantSkate]

credit cards are bad. if your doing it to build credit then remeber you cant spend any more money than you already do... if your getting one to buy some shit then make payments, your gonna hate life, cause your not gonna wana have less money than you did before cause your in CC debit

[Racing Rice]

Credit card companies can be such a PITA, but they are a great way to build credit if you can get one.

Capital One is usually the easiest to get. You will have a higher APR, crappy membership fees, and a low credit limit. Thats okay though. You have to start somewhere. Be smart with them. Don't charge any more then you can pay on in a month.

[AzCivic]

what I did to start up credit was I got a $500 personal loan from my bank and made payments on it. I of course just went and blew the money but if you're smart you could just stash it somewhere, like say an emigrantdirect savings account that pays 4% interest a year, and take money out every month and send it in as a payment.

there are 2 advantages to this, one earning such a high % in interest helps slash the amount of interest you're paying your bank on the loan. also very little money comes out of your pocket to build your credit, with a credit card you have to either spend money you don't have or pay it in full everymonth(which some people have a hard time doing once they let loose and go on a spending spree). plus the interest rate for a personal loan will more than likely be lower than a credit card, and you don't have to worry about the credit card company hiding fees for various b.s.

[Robert]

I love my credit card, I put everything on it I possibly can and get the 2% cash back at the end of the year. Now i do pay it off every month so I guess I'm not the norm.

Since I've been doing that for the last 5 years I have a huge card, could put a civic and extras on it.

[nonovurbizniz]

Get a secured credit card through a bank.... it will build your credit.

Also NEVER EVER EVER submit multiple credit inqueries in a short period of time... it makes you look like a credit hungry spend freak...

As mentioned above the SMARTEST thing you can do is get a CC that either requires you to pay it off everymonth... or just do that anyway... try to get one that gives you a return on money spent.

[VR4_Craver]

Originally posted by nonovurbizniz
Get a secured credit card through a bank.... it will build your credit.


Yea i tried that but somehow I got fucking denied for that too. The guy at the bank I have been with for like 5 years and my mother been at for like 18 and he new husband is at and yet I still get fucked by them. And capitol one? Yea dicks denied me there too. what got me was the reason I was denied last time. One that I do have a credit card that was used once. they said I used that one to much then they also denied me because I havent used a card enough to build credit. I was fucked either way with them

[GT40FIED]

Applying for too much credit will totally fuck your credit score, especially if you're denied. Companies look at requests for credit and if they see a bunch of other places have denied you, they'll follow suit. I've never figured out how that works...you have to apply to get credit, but applying hurts your score. Have you checked your credit score lately? I know there's a free way to do it through the government...can't remember how though. I did what Az did when I was younger. Took out a $300 loan at a local credit union, didn't spend the money, and paid it off so that I was done about a month or two early. If you're enrolled in college many colleges have their own credit unions that will help students out and not-so-ridiculous rates.

[Grip72]

is it worth it to pay the $25 and get a credit rating? does it just give you anumber or does it give you an explanation and all that good stuff?

[AzCivic]

yeah its worth it, lots of times things could be wrong. happened to me, some of my dad's stuff was on mine. the credit report I get has your credit score as an additional option and explains whats helping and hurting your score. if you've never got a credit report before you should get one from all three agencies and a credit score from at least one.

I use this:
http://qspace.iplace.com/cobrands/663/product2.asp

[Grip72]

thanks i'll have to look into it

[VR4_Craver]

I got mine from a site that was only 5 bucks to get the score my report was free on here.

[GT40FIED]

www.annualcreditreport.com

It's free to use once a year.

[AzCivic]

sweet i've been looking for that.

[Racing Rice]

Originally posted by GT40FIED
www.annualcreditreport.com

It's free to use once a year.

You still have to pay a little extra to get your actual Credit score, but definately take advantage of it. It is worth it for sure.

One other thing to think about is each credit score company rates a little different. It isn't a bad idea to get your score from all three places.