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This Really Chaps My Ass

boo7382

By boo7382,
in Huddle Lounge

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thefuzz Mentor

thefuzz

Posted
Posted

Boo, if I were you, I would not worry about it and continue on.

You don't need a credit card, just live within your means.

I have seen so many people with trashed credit because of meals out with the family, and putting vacations on credit.

Don't have one, and you won't be tempted.

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h0llywood Apprentice

h0llywood

Posted
Posted

I am not smart about this stuff because I pay for everything with cash/debit but I heard you can take out an unsecured loan at a bank, not spend the money, and repay it to boost your credit score.

This.

Usually when I go on my yearly vacation, I would allot myself a certain amount of money to spend. Let's say I put aside $1,200 for the entire trip (airfare, car rental, hotel, spending money, etc.) I make sure I already have the cash in hand. I would then get a loan from my credit union for the same amount ($1,200) for 12 months and pay it off in 6-7 months. Also do not pay loans off too early. Banks do not like people who pay a 12 month loan off in 2-3 months as they know they cannot really make interest off of you.

I've done this about 3-4 times and having loans paid off completely, on time (a little early), shows great responsibility to creditors. I would say my credit score jumped favorably in the 40-50 pt range in 1-2 years when I started.

Then again as other people have stated above, it really depends on your income to debt ratio.

.....and then credit ratings are sometimes just extremely stupid and make no sense because my wife just went through bankruptcy and she was given a higher line of credit than me. (Banks like peoploe who go through bankruptcies because it shows that they no longer have any liabilities). That really chaps my ass.

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Jase Apprentice

Jase

Posted
Posted

Retail store credit card. They give these to almost anyone but they have high interest rates. Make small purchases every month and pay off.

Shared secure loan at your local bank. These things are built to bring up a no-credit rating.

I had no credit, too. My first credit card had a limit of $300, lol.

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Mother Grabber Grand Master

Mother Grabber

Posted
Posted

I feel ya boo. When I applied for my first credit card, I was giving $700 limit. It take a little to build up credit but after that you golden.

I only have one card that has a $750 limit, that I won't allow them to increase over that. I only use it for food, gas, and other regular monthly expenses. That way I know it can never get out of control and I don't have to worry about it getting stolen and charged up. Any major purchases are done through cash/debit.

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