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How deep in debt are you?

Discussion in 'Members' Lounge' started by swanny, Oct 6, 2004.

  1. swanny

    swanny Senior Member

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    Just curious, I just put $700 on my best buy card when I bought a new computer, but despite that I have no debt. My credit is really limited and I'm trying to establish some credit so I don't have any troubles when I start looking at mortgages. Other than that I've had a cell phone bill for the past 2 months (parents paid it prior to that) And the cable bill was in my name for the past 2 years. The bank shut me down for a $1,500 loan the other day and I was kinda pissed, I can easily make payments and pay it off within the next 6 months, if not less. How long do you need to have a credit card before it improves your credit?
     
  2. MaaseyRacer

    MaaseyRacer Senior Member

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    I pay the power bill, phone/DSL, and cell phone bill. I also have a credit card, that I pay on time everytime (that is key). You should do one of those free credit reports. I did one and it was well worth it, I qualified for a loan just recently when I was debating buying a new car, but then decided against it. It takes over a year to establish a good credit report, so be patient pay your bills in full and on time, and you will have good credit.
     
  3. Sabz5150

    Sabz5150 FALCON PUNCH!!!

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    Don't ask. I had a bad ending to a relationship that left me in shambles.
     
  4. YouKnowWhoIBee

    YouKnowWhoIBee my avatar is better.

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    Try a credit union to get credit. They give people chances. Maye get a credit card from them and try for a loan. Thats what i did.
     
  5. BigJ

    BigJ I'm just about that action Boss. VIP

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    I'm only 17 so I don't have credit :(

    But dad does :)
     
  6. Slammed90Lude

    Slammed90Lude Senior Member

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    my credit is fairly good for only being 19- I've got two credit cards, monthly cell phone payment, car insurance, gas, a checking account and savings account

    i never use the credit card when I know i won't be able to pay it, and it's def. helped to build my credit

    but i still do owe my mom 900 balloons for a certain JDM B18C that i'm going to have to finish paying her back for this weekend :(

    BYE BYE SR20
     
  7. pissedoffsol

    pissedoffsol RETIRED

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    pissrdoffdebt owns j00 :)
     
  8. jamesA

    jamesA Well known pissed off telephone guy VIP

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    :werd: thats how i got my car loan.

    I got rent, car pymt, ins, two credit cards (maxed out), computer (yes I'm stupid), cell phone, cable, and electric.

    i'm one month behind on rent. my landlords apparently understand, cause I haven't been evicted yet... :ph34r:


    oh... and with all this... I pay out probably around 1100 a month... and with my loan and other things I'm about 16000+/- in debt. :(
     
  9. YouKnowWhoIBee

    YouKnowWhoIBee my avatar is better.

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    Geez you guys are lucky. I have a unbeleivably high insurance payement. Something around 3000 a year, a new laptop, 3 credit cards, cell phone, 500 a month for living and rent, and a 3000 dollar loan while going to college full time and have a full time job. My life is so busy. But somehow i have weekends off :D . But yeah my life sucks money wise but it is all good. And insurance doesnt go towards your credit. And after all these bills i stil lhave money to spend... somehow. I wish i had my parents to help with my bills but they say i am old enough to live on my own i can pay my own bills. So i do well on my own. Good luck but like i said try that credit union for help.
     
  10. GSRCRXsi

    GSRCRXsi Super Moderator Moderator VIP

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    on paper i have no debt. and good credit, im in debt to my mom for about 5000 though :lol:
     
  11. hcivic.com

    hcivic.com Senior Member

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    as of today 68000 in debt but i got on hell of a nice piece of land so come spring i can build a house
     
  12. Prowler

    Prowler Super Moderator

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    College debts currently are $2600 which will be doubled next year. Parents pay half of my tuition and I cover the other half with 3% federal loans. They pay living expenses while I'm out of state.
    I ower $1553 on my car still.
    $126 on my Sears card for my TV
    ~$200 on my credit card for eBay stuff and concert tickets
    $50 speeding ticket that needs to be paid
    And insurance which is cheap. Until they find out about the speeding ticket.
     
  13. Iron 1

    Iron 1 Senior Member

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    only about 700 on the credit card, and 500 to the parents. so 1300... but come this spring, I'll be 180,000 in debt. houses suck.
     
  14. 92civicb18b1

    92civicb18b1 The Trisexual

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    I'm still about 8 grand in debt, bank loan and they were stupid enough to give a 17 yr old a credit card but I only owe like 550 on that. I owe my grandmother like 15k but she's never gonna get it all back. I got a decent job so it can all be paid back before next year but I'm going to keep the payments on the loan since I actually gain credit from that.
     
  15. Airjockie

    Airjockie Watanabe Whore!!!

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    I'm still in more debt than all of you...


    Student loans are a bitch.....

    $30K's +

    and they are dwindleing down....but not fast enough....

    Plus pretty soon I'll be getting a house...and if the mortage is right...then more money goes for the student loans....when I get about half way to paying off...then I'll break down and buy a new car....and by that time...cars will be flying like in Back to the Future..... :ph34r:


    But I did have a $1500 bill with the USAF....
    A $12,000 DUI bill...
    A blown up Credit card...$1500...
    and all kinds of other shit that was floating around for years when I was out of the country.....

    But for right now...it's only the Student loans that are left...everything has been cleared up, and takeing care of...now I just got to wait for my credit rateing to go up a little....... B)
     
  16. mattcalica

    mattcalica Senior Member

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    i have like a 3300 dollar balance on my credit card...but thats it...I actually have a very very good credit rating...i did a credit report check and i think i had like a 749 out of 819 or something like that...and i'm only 21...
     
  17. CRX-YEM

    CRX-YEM Super Moderator Moderator VIP

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    Utilities do nothing for your credit, they can only hurt it.

    As far as establishing credit, the key is (in order)
    1. Length of credit history (the longer the better)
    2. pay on time every month.
    3. show you can carry a small balance and make payments on time( no
      card company wants to see you pay off your debt every month, other
      than showing your you can pay it doesn't prove your finacially
      responsible)
    4. more than one credit account in good standing, a few but not to many
    5. if you have a card with a zero balance for more than 6moths close the
      account it ain't doing shit for you. It could lead to a creditor claiming your credit is
      over extended, yes you could have to much credit
    6. check your credit report every year for inconsistencies and/or mistakes
    So the best thing to do it is start kinda like you have, just work on paying off that best buys card now, don't , I'll repeat don't charge any moe on that card untill you have paid it off to the point were you wouldn't have a problem making payments if you lost your job.

    Department stores and gas cards are the best place to start, they have the highest interest rates but you've got to start somewhere.

    Also don't go nuts appling for every credit card offer you get, the more you try the more inquires you get from creditors on your credit report and that's bad as well it lowers your credit score. If you apply for something and get denied like you did for the $1,500 loan wait at least 3 months before pply for another loan or credit card.

    The range of credit scores is from 350-850

    That's about all I can remember from my experiences, as I have gone from a credit score of about 700, down to 540, back up to a 690 (took almost 5 years to recover my credit score) so don't fuck it up.

    As far as a mortgage anything below a credit score or 680 is going to kill you.
    a rating of 700 and up is considered perfect credit. If you're higher than that great but I'd say it'll top out at about 750ish, nobody has an 850 nobody. it's kinda like school no one ever gets an A+ in every subject.

    Good luck.
     
  18. asmallsol

    asmallsol Super Moderator

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    I have 1200 in student loans this semester, then 1200 more the next, then the loan size increase. I will easily be 10-15k in debt when I get out of college, but it will be worth it.
     
  19. reckedracing

    reckedracing TTIWWOP VIP

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    no debt here
    only use the credit card when i can pay it in full...

    when you get a credit report it counts as someone checking your credit as if you've applied for a loan and subsequentally lowers your credit score...

    the same goes for when you apply for a loan at numerous places, the more time they check your credit the lower your score gets cause they don't know whether you've recieved a loan or not...


    the worst is the one stop loan websites...
    submit your info and have banks compete for you... yea my ASS...
    all those banks run credit reports... interest rate gets sky high
     
  20. Slammed90Lude

    Slammed90Lude Senior Member

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    oh crap- I forget about college loans........ so i'm in debt more than most of you

    35,000x4= $140,000 :(
     
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