Got a question about credit. Need some experienced advice.
 

Ok so today I went with my mom to get a new car. She got a brand new 2008 Fit Sport. Automatic ( :S ) with that sport shift crap. That's not important. She doesn't make hella money, so I cosigned with her, and with our combined tiny incomes, she drove away with just her trade in.

Now, I had a credit card with a low limit about 4 years ago, which I defaulted on because I lost my job right after I got it. The guy ran my credit and I figured that'd hurt my chances at helping when I cosigned, but the guy said my credit was good, but just not enough of it. The only bad I had, according to him, was a late payment sometime last year. My first question is, is there any reason that credit card wouldn't be on my credit report?

And second, since I have almost no credit according to the credit agencines Equifax and Transsomething, is why won't anyone give me a damn credit card now that I have a steady job? Or is there someone I should talk to in particular to get a low-limit credit card to increase my chances? Cuz I really need to do more to better my credit.

Re: Got a question about credit. Need some experienced advice.
 

I know there's lots of credit tricks, but basically what I did is I started with the small limit card, payed everything on time, even if it was minimum payments, and everytime I pay ANYTHING completely to zero I'm on the horn telling them I want a better interest rate and a higher limit.

I'm pretty sure all these credit hawks just look to see how much other's are willing to lend you, so the increased limit helps. I haven't done anything considerable except open every credit card I can think of, even if I don't intend on using it, and I could probably float 100 grand tomarrow if I knew I wasn't going to live much longer.

Re: Got a question about credit. Need some experienced advice.
 

I thought having too many credit inquiries was bad too?

Re: Got a question about credit. Need some experienced advice.
 

only if its for random things. ie if you fill out 20 credit apps for new cars playing the final numbers game, it wont lower the score like it used to. fill out 20 credit apps for random things... and it will hurt your score, but not 3 points per check like it used to. its only 1 or 2 if i've been told right by financers

Re: Got a question about credit. Need some experienced advice.
 

Doesn't matter what it's for. 20 credit card apps, 20 requests by car dealerships, 20 requests by the bank for a home loan, they're all bad.

Re: Got a question about credit. Need some experienced advice.
 

i said nothing about credit card applications. credit apps are credit check applications.

Re: Got a question about credit. Need some experienced advice.
 

I know you didn't. You said it only applies to "random" things. It applies to any check on your credit.

Re: Got a question about credit. Need some experienced advice.
 

getting your credit checked several times a year will not hurt your score. go ask anyone that deal with bank/credit loans as a JOB, not a hobby.

Re: Got a question about credit. Need some experienced advice.
 

And I never said it does. We are referring to ghettoturbo's saying "too many times a year"

A few times doesn't hurt. But 20 like you said is too many. 20 checks for any reason.

Re: Got a question about credit. Need some experienced advice.
 

Ok, well I don't fill out EVERY one. Like all the ones that get mailed to me I don't apply for, but if I'm gonna buy something at Sears (welder) and I have the cash in my pocket, but I get 10% off with a new Sears card, I get it, pay it off right away, and then cut the card up. Sears still has me as a long time credit card holder in good standing even though I only bought one thing.

Cabelas has a "buy $500 worth and get $100 off" credit card one day, so I buy a $500 gun, get $100 off, and pay off the card, and never use it again.

All of these accounts are still open, but I just don't use them. I'm not a credit expert, but I believe when the next "Sears" checks to see if they want to give me a credit card, they'll see that 17 other "Sears" stores have me worth a total of $17,000 altogether/$1,000 each. (for example), and they're quick to tuck their tail. But ---- that you know how we get, "CAN'T GET ENOUGH OF THAT GANGSTA ----"

Re: Got a question about credit. Need some experienced advice.
 

I've worked in the industry a bit... and have a decent amount of knowlege...

1. If you go to 10 car dealerships and ask for a loan at each one, it wont hurt your credit, as long as they are all within 30 days... you are allowed to shop for the best rate.

2. If you need more credit history sign up for a credit card, use it sparingly and try to pay it off each month.. also go to your bank and get a small personal loan, pay it back on time. that will diversify and build your history.

3. do as stealthmode said, bump up your limits as much as possible.. roughly 80 points of your credit score come from the percentage of credit you are using, by raising your available credit you will automatically make that ratio better.

4. if you do get a car loan or something, make sure its with a larger institution, most smaller companies dont report to the credit agencies.

5. dont be a O0, instant 520 credit score.

Re: Got a question about credit. Need some experienced advice.
 

Well, I'm not looking for a new car, but something smaller. I've applied for credit at places like Conn's and Best Buy for a credit line on something like a TV, and they won't give it to me. I always thought it was cuz of my default, but since that's not on my credit anymore I don't know. Even the $250 limit credit cards decline me. I got on a cell phone plan, but I still had to pay the highest deposit for them to give me the contract discount on a phone... Should have just bought the phone outright and saved on the hassle of the contract. I can't seem catch a break.

Re: Got a question about credit. Need some experienced advice.
 

yup yup

if you are buying a house or a car, you can run your credit x amount of times in x amount of days and only get one hit on your credit.

i know this cause i sell cars and i just bought a house.
i'm not sure when they changed it to this rule, but the reason is so you can shop around for a better rate and not worry about your credit dings.

i think it's unlimited amount of credit checks in 30 days, but it's only if you are buying a car or a house.
doesn't work that way for credit cards and stuff like that.

Re: Got a question about credit. Need some experienced advice.
 

do you have a checking account with a bank? if so, they should approve you for a credit card... it might be 20+ apr, but that shouldnt matter much.

Re: Got a question about credit. Need some experienced advice.
 

I have a friend who defaulted on a card, and I'm pretty sure that the default clears from your credit history after a certain time period ( for her, it is when she turns 30 lol ) and after that, your score is basically set to 0 again, in that you have never had any record of credit from before whether good or bad. Perhaps thats what happened with you?

Re: Got a question about credit. Need some experienced advice.
 

Yeah I have one, but when I applied for their card, they declined me. ???

Well, this credit card was only from like 3.5 years ago. I was 18, and now I'm 22. I don't think that's enough time, unless they automatically do that at 21 to give you a second chance. Haven't really been trying to get any type of credit in more recent time.

Re: Got a question about credit. Need some experienced advice.
 

I used to work in credit.

- Credit history is only for 7 years. Once that time has passed any thing on your credit file is gone.
- Any time your credit is checked your score takes a minor hit. This includes you checking your own credit. :S
- Your ability to obtain Credit is based on like a hundred + things here are a few: Credit score, Age, length at job, type of job, position at job, marital status, rent or own, open credit available to you.

-Now the last one is kind of counter intuitive, you would think that having a bunch of empty cc's, or lines of credit, or almost paid of loans, would improve your credit score, but in reality, you are a greater risk with a ton of open credit then mostly used up. The best way to build credit is buy using credit, now you don't even have to use it for a long time, I.e you can take out a loan for a car, make 3 payments pay it off, paying nearly 0 interest, and it will still help your credit a lot. Same goes with credit cards, you don't have to have a balance to gain credit. Pay it off at the end of every month, don't be late, don't miss payments, it is better to make the min payment then be late or miss a payment.

That's all I can think of right now, time for some more beer.

Re: Got a question about credit. Need some experienced advice.
 

The old credit card company likely discharged the debt, being below $1000 the creditors won't buy the info to try to collect. Now the $10K I owe Sears, seven different agencies have tried to collect. Since Sears discharged it, they can't do anything like garnishing my lowly wages.

Re: Got a question about credit. Need some experienced advice.
 

what do you mean you defaulted on it? call them up and pay that ---- off, then call equifax and tell them its been paid (dispute the charge) and they will change it from a charge off account to a paid debt, thats a good thing on your report.

Also did you try capital one? they gave me a credit card when my credit score was terrible, not only that but it was a 300 dollar limit and if you make your payments on time for 3 months they bump it to 500 and so on, i think they gave me a 0.9 interest rate at first as well.

also if they turn you down you can look into a secured card, which basically you pay your balance up front, capital one has one called a credit builder or some ---- just for people with no credit, they report to equifax or whatever every 30 days.

Re: Got a question about credit. Need some experienced advice.
 

word...capital one gave me a card way back when, even when my own bank wouldnt. After you have one for a little bit, the offers comes rolling in.

Re: Got a question about credit. Need some experienced advice.
 

Anyone use an online credit checking site? I want to keep track of mine but I'm not sure which one is the best.

Re: Got a question about credit. Need some experienced advice.
 

The only one I would ever use is www.annualcreditreport.com

don't use that freecreditreport.com bullshit.

Re: Got a question about credit. Need some experienced advice.
 

thanks I'll check it out.

Re: Got a question about credit. Need some experienced advice.
 

I'm in the process of buying the house, and not to threadjack... but:

- Can I lie about how long I've been at my job? I just started a new one and am trying to buy a home, so would rather not tell them about the new job if they won't know

They told me credit isn't an issue, but they haven't seen mine. Supposed to meet up with the lady this weekend. They also said if there is problems with my credit they will help to fix it for free.

Bestbuy not giving you a card is kinda weird, they gave me an $800 limit when I was a teenager. Try getting a jewely credit card, they were the first people to get me one, and get a nice watch or something for your girlfriend. I've had a couple loans with my bank which were both paid on time so hopefully that'll help.

Re: Got a question about credit. Need some experienced advice.
 

one important thing that people dont realize when applying for credit. have an open checking and savings account. and keep at least $50 in each. for beginners, macys is your friend! if you have a job and bank accounts there is no way you can get denied for a macys card. secondly once you maintain that macys account start with an easy bank like capitol one or hsbc. ive had both, thery are decent starter cards. make sure you make your payments on time, right now iam like 3 months behind, thank godi start my new job next week. if you ever feel like you can not pay, CALL THEM!!!!! thell them your inbetween jobs and you start your new job in 3 weeks (dosent matter if its a lie) most compinies will put a temp hold for you so you dont have late payments. another good thing is to try to pick a bank trhat can help you with your all around banking. i am switching my accounts to citibank since they do my home depot card. i am opening a business checking, personal checking and personal saving with them. once i get all those set up with my direct deposit i am going to get a $1000 securd credit card. its basically like spending my own money on a debit card. yes i will be paying intrest on it, but having a larger card and showing that ican take care of it will show the banks that i am responsable, and i can handle a card. plus it will help my credit. once that is stable for a got 6-8 months i am going to apply for a citgo gas card which is also handled by citi bank. that way one bank will handle all my banknig needs

Re: Got a question about credit. Need some experienced advice.
 

The best you can do is study in engineering (university)! I got a 10k credit card and a 100k credit in my bank account (dunno how to say in english, when it come below 0$ it goes on this credit). :6

Banks are thieves!

For your problem, I don't know why they don't want to give you a low limit credit card. You have to start somewhere no? Since you have a steady job and some cash in your bank account they don't have any reason to not give one to you.

Your post isnt clear... did you try to have one at your bank? I never heard someone that can not have a low limit credit card where their bank account is...

Re: Got a question about credit. Need some experienced advice.
 

If you are a student, hit up your bank for a student visa. Thats what i did to start off my credit. I keep getting bs to sign up for this and that. I just got something in the mail for a bank of america CC. Credit limit up to 100k :o. I doubt its going to be 100k, but its nice to get something like that :P

Re: Got a question about credit. Need some experienced advice.
 

www.householdbank.com will give you a credit card. You WILL have to pay an annual fee. Your credit sucks and the little history that is there is bad. Chances are the guy who looked at your report just didn't read it right and called it a late payment when it was actually several late payments and then it was charged off as a loss by the issuer. You're lucky it didn't go to collections.

Bad credit CAN stay on your report for up to 7 years.
Good credit CAN stay on your report for up to 10 years.

If I were you I would dispute ownership of the account and ask for it to be removed. Chances are with it being such a small amount and being so old and since they didn't even send it to collections, they will just not reply to the dispute and in 30 days it gets removed. I've done this MANY times. It works.

I use www.myfico.com to check my reports. If you're interested I can give you a code for 20% off.
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Re: Got a question about credit. Need some experienced advice.
 

I'm not sure if that 7 year rule is entirely true, I think its up to the company you owe money to weather to remove it or not, the reason I say that it because i disputed something a few months ago that went to collections in 2000 and those fuckers sent me a bill for the 500 dollars i owe them, lol.

anyway i spoke to a lady with whatever collection agency it was from and she said basically after i pay the debt they send me a statement and then i can report it to experian, she said they report to the credit burough like every quarter or something.

Re: Got a question about credit. Need some experienced advice.
 

lol, don't let the collection agency ---- you over. Send a letter to the reporting agency asking for it to be removed because it's older than 7 years. It's a LAW. They have to remove it. Collection agencies are crooked as ----. Don't ever even talk to them.
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Re: Got a question about credit. Need some experienced advice.
 

really? thats pretty cool i didn't think you could even do that, I thought that all you could do was dispute the charges (which I did) and then they send you a response stating weather or not it is a valid debt (which they did), so i can just call them and request it be removed because a certain time period has elapsed? I have ---- on there from 1997, lol.

Re: Got a question about credit. Need some experienced advice.
 

Lol, yes anything over 7 years and you can ask for it to be removed. Most of the time it will automatically be removed, but sometimes you have to ask. You *might* have to prove how old it is somehow, but that's only if they're being real cock suckers about it. :l
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Re: Got a question about credit. Need some experienced advice.
 

According to my buddy who work as a sales man in a car dealer, the quickest way to build your credit is to :

1) allow a small amount of late payment on your credit card , then paid it off an repeat every once a while
2) ask for a raise on the credit limit every two month.
3) make payment on the smallest ---- you can buy at Bestbuy and such. e.g. making a 2 year payment on a $200 dollars TV.

According the him the purpose is to create more "activity" within your report yet yield a minimal amount of negative reports. And if you paid off your ---- every month on time, your credit score will go up but very slowly.

Re: Got a question about credit. Need some experienced advice.
 

Wow, that couldn't be more wrong. :-\

Making a late payment is NEVER a good thing.
Asking for a credit limit increase usually means they run your credit report, which actually hurts you.

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Re: Got a question about credit. Need some experienced advice.
 

I think by late payment he meant let some of the balance carry over so you pay interest. I think.

Re: Got a question about credit. Need some experienced advice.
 

yea thats what i meant lol

Re: Got a question about credit. Need some experienced advice.
 

well i got an offer from Capital one out of the blue.
i can't even tell you when was the last time i got a cc offer so i took it and now i will have another way of building my credit .

on a second note this thread gave me a bunch of pointers to build my credit faster thanks to everyone that has posted

Re: Got a question about credit. Need some experienced advice.
 

i never pay any debt with collection agencys. always go back to the source and just pay them. no matter what the collection agency says

Re: Got a question about credit. Need some experienced advice.
 

The only problem with that is, from all my experiences both from owing collection agency's myself and working at company that sends people to collections, I'm pretty sure you CAN'T pay the company after it's been written off to a collection agency. If you talk to them they'll tell you that you have to contact the collection agency.

Re: Got a question about credit. Need some experienced advice.
 

Word, because the original company SOLD your debt to the collection agency, so if they received payment they could be in some ----. :l
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