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My Credit is on its way back up!!!

Discussion in 'Members' Lounge' started by ScrapinSi, Dec 15, 2003.

  1. ScrapinSi

    ScrapinSi Senior Member

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    Well, for the past 4 years, my credit has been F**KED. My buddies said "Get a credit card... Its great... you can just keep on paying $50 a month on it..." <_<

    I Believed them, ran up a shitload of debt, and lost my job...

    Then I moved out of my house, some of the bills were in my name. I gave my room mate my share of the bills owed, and told him to go turn them off... He never did...

    My credit card went to collections, along with those bills... I have spent the past 3 years trying to pay everything off, so I can begin to rebuild my credit...

    Also, I travel for work... I have a revolving cash advance that my company gave me... I use that money, then fill out an expense report and get reimbursed... Well, now I need more money than what I have... So I am told to apply for a corporate American Express Card... Now, I tried to get a GAS CARD 3 months ago and was denied.

    My accounting department informed me, that if I get denied for the card on my credit, that they will write a guarantee, saying that if I dont pay, my company will...

    Anyways, back to the point... AMEX approved me! ME! I'll have my American Express Corporate card tomorrow... This is great, because Amex cards are HARD to get, and will help my credit SKYROCKET. Not to mention the fact that i'll be charging a couple thousand a month on average, and it will be getting paid off each month... And not to mention Membership rewards!!!!!!! :)

    Sorry, just had to gloat. :p B)
     
  2. swanny

    swanny Senior Member

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    i have like 0 credit. never taken out a loan, never had a credit crad, but i do pay the cable bill. i think this is going to fuck me later in life.
     
  3. ScrapinSi

    ScrapinSi Senior Member

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    just get a gas card... or a single credit card with a small limit, and pay it off each month... best thing you can do for your credit...

    remember this.. NO credit is better than BAD credit, so dont overdo it.. :)
     
  4. Bob Vila

    Bob Vila ɐןıʌ qoq Admin VIP

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    Credit Cards are the devil.

    Its not fun being in debt, but if you realize that you are and are doing something about it then there is nothing but praise!

    Plus, if you rent an apt. you are helping your credit grow as well. My credit has gone from mediocre to great over the past two - three years. I am now in a top tier and its goign to help out alot when abbie and I go for a mortgage in the next couple of years.

    I actually made abbie go get a credit card so she would have something SOLELY in her name. She has an $800 limit through chase and is being very good about paying it off.

    All the little thigns are goign to help us build credit and eventually have enough to get our mortgage for our dream house :)
     
  5. Fastciv

    Fastciv Member

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    Start with like a gas card, you know about how much gas you will buy every week. Anyway, put that much back and pay it off every month. Carrying a balance from month to month does not do much for your credit, but paying off a credit card every month will. After six months or so, buy things on 12 month same as cash, etc. Same as cash requires that you fill out loan paperwork in case you go over the 12 months, etc. So when you pay it off (even if it is less then 12 months) you are actually paying off a loan and building credit.

    Anyway, my .02
     
  6. Bob Vila

    Bob Vila ɐןıʌ qoq Admin VIP

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    Actually carrying a small rotating balance is said to improve your credit, especially when you have a 0% card or one with a very low APR. Credit Card companies are more inclined to give you a loan or a good rating when you are making money for them.

    So say you have a 1000 limit, but have only 20 bucks on their each month, send in 19.50 for the first two months, and then the third month pay it off. Credit card companies look at your account every three months to see how you are being responsible.

    It is vice versa when you have a 1000 limit and only pay the minimum and carry a 999.00 balance, that is bad, and no one will be able to throw you into the top tier credit rating because of this.
     
  7. GSRCRXsi

    GSRCRXsi Super Moderator Moderator VIP

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    i have a credit card in my name. my mom got it for me. im guessing im getting good credit, ive bought a few things and either paid them off right away or got someone else to pay for it (gifts, etc). but the thing is, my credit card has a $21,000 limit :ph34r: . im actually scared of that, dont wanna get in some bad ass debt, so i rarely use it.
     
  8. Bob Vila

    Bob Vila ɐןıʌ qoq Admin VIP

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    F that. mine is at 4g's and Im mad about that. I had my cc company cap it at taht
     
  9. GSRCRXsi

    GSRCRXsi Super Moderator Moderator VIP

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    lol, yea my mom got it for me, and its a freaking L.L.Bean Visa card, :lol: . when i called the guy to activate it i asked him what my credit limit was, and he said 21,900. i nearly dropped the phone.
     
  10. Bob Vila

    Bob Vila ɐןıʌ qoq Admin VIP

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    haha, w00t. plasma hdtv screen for me!!! lol j/k

    So I take it Beers are on you? :)
     
  11. B16

    B16 Super Moderator VIP

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    i've got 2 cards, one at 4K the other at 6.2K. both are under 50% of their limit, so i'm ok... but, i hate paying for shit that was stolen a year ago :(
     
  12. chingro

    chingro Senior Member

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    my car is on a small loan, aiming to fix credit.....
     
  13. MikeBergy

    MikeBergy Blah blah blah....

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    I'm told that getting a cell phone plan is good for your credit too, but only minutely.
     
  14. JDMilan

    JDMilan Senior Member

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    I hate credit cards now, I just assume that if I don't have the money to buy something then I just can't get it. Fuck borrowing money from those over interest rate companies.


    I am currently 12k in debt and have been for a while, I sold my civic to get out of debt some and to finish up school.


    good luck paying shit off and best of luck building your credit.;
     
  15. chingro

    chingro Senior Member

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    well i owe nothing now....i sold my ls/VTEC 92 civic project to pay off most of my bills,
    so i know what it is like to sell your car to pay bills.
    the only reason i want to build credit, is so i can be able to buy a house.

    nothing else
     
  16. JDMilan

    JDMilan Senior Member

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    I plan purchasing a house for the most part outright, I don't plan on living in florida for much longer and I figure a 250k house in the georgia area would be nice, I am currently saving up for a s200 which I hope to buy before the end of this upcoming year and also saving 40k for graduate school which I coming up in 3 years, just after having the minimum requirements for a top graduate program, upon that I would like to save up 100k for a nice hefty down payment and then take a small mortgage for the place.
     
  17. civicdx92

    civicdx92 Senior Member

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    holy credit bro..... 21g's?!! damn man, i can easily walk into a dealership tomm and buy my dream car if i had that!!!
     
  18. BigJ

    BigJ I'm just about that action Boss. VIP

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    I'm scurrred of credit cards.

    Personally, I like to stick to my debit card.
     
  19. ScrapinSi

    ScrapinSi Senior Member

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    thats why i like Amex... No bills to build up... Amex it HAS to be paid off within 45 days... :) And if you pay it off within 30 days, MEMBERSHIP REWARDS!! My boss gets $100 Home Depot Gift Certificates every other month...
     
  20. GSRCRXsi

    GSRCRXsi Super Moderator Moderator VIP

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    yea but then you have to pay it back, i rarely use the card and only use it if other people are buying me something or i have cash in hand.
     
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