I am going to explode!! NSR

**sandytheskier** · 05-14-2004, 11:57 AM

I hate banks!
I am trying to get a loan to build credit, but alas, I can't get a loan because I don't have enough credit due to lack of age.
Yep, my head is going to burst at any moment.

**AntiSoCalSkier** · 05-14-2004, 12:02 PM

I know how you feel. A couple of years ago, Sprint wouldn't let me sign up for a 2-line cell-phone plan because my credit rating was too low. The thing was, it's wasn't low because I borrowed too much money, or was irreresponsible, but rather because I didn't borrow enough money. Apparently paying all my bills on time and in full means that I won't be able to handle an $80 cell phone bill.

**Foggy_Goggles** · 05-14-2004, 12:04 PM

F-banks, join a credit union.

**CaddyDaddy77** · 05-14-2004, 12:07 PM

What Foggy said, credit unions are typically a lot more flexible in their lending.

To increase your credit, don't have cards maxed out, have threee trade lines open, and do yourself a favor and get your credit report, you might have charge offs or collections that are hurting your rating that you may not know about.

Oh and the paying bills on time bit, is good too.

**teledave** · 05-14-2004, 12:12 PM

Get a credit card AND use it responsibly!
Every 6 months ask for a credit limit increase, whether you need it or not.

I analyze credit apps daily, and the hardest ones are the ones that come back with "SCORE NOT AVAILABLE DUE TO LACK OF CREDIT HISTORY". I usually just deal with those based on my gut feeling about them; but do you really want someone evaluating you based on a gut feeling? I mean, what if they have a virus that day?

[side rant] Also, pay your freakin' doctor bills before they turn them out to collections, or at least maintain contact with the provider so that they don't turn them out. I know it's a huge hassle cause they call twice a week and want to know when you are going to pay but as long as you maintain the line of communication they usually won't send them to collections. [/side rant]

**sandytheskier** · 05-14-2004, 12:12 PM

Yeah, I have awesome credit. My age is just turning all of them away. I have even checked the cu's.
Yep, exploding.
Fck.

**schussfahrt** · 05-14-2004, 12:14 PM

1. Get a credit card without fees. Someone will give you a credit card, guaranteed. Look for ones advertised to students, etc.
2. See if it will allow you to pay bills online.
3. See if you can set up auto withdrawal from a checking account to pay the balance.
4. Set up any monthly bills you have with the card.
5. Tear up the damned card so you don't use it for other shit, like skis.
5. Make sure you keep enough money in your checking account to pay off the card. Try to get overdraft protection if you can. Even people with no credit can often get $500 worth if you shop around.
6. Watch your credit score go up to 750+ in less than a year.
7. Now you can really rack up some debt.
8. Go buy more skis.

**CaddyDaddy77** · 05-14-2004, 12:15 PM

To further Teledave's side rant

KEEP RECORDS! When you pay collections, bills, whatever, keep records, especially MEDICAL BILLS! They are the number one complaint and most common deragtory accounts for people.

**tuffy109** · 05-14-2004, 12:21 PM

Originally posted by sandytheskier

I am trying to get a loan to build credit

i keep looking at this and i just don't get it. what are you going to do with the money? pay back the loan?

**non grata** · 05-14-2004, 12:25 PM

"5. Tear up the damned card so you don't use it for other shit, like skis."

uh oh, should've followed this advice two pairs ago.

**sandytheskier** · 05-14-2004, 12:44 PM

Originally posted by tuffy109
i keep looking at this and i just don't get it. what are you going to do with the money? pay back the loan?

If you must know... a new mtn nike. My excuse is paying off the loan will help built credit. It is hard to shell out big bucks for mtn bikes.

**EPSkis** · 05-14-2004, 12:51 PM

Originally posted by schussfahrt

5. Tear up the damned card so you don't use it for other shit, like skis.

Negative. Activity on the card is a virtual NECESSITY to keep your credit rating going up. If they see an inactive card, it's about 1-3 points a month, VS the 3-5 points for an active card.

**schussfahrt** · 05-14-2004, 12:56 PM

Agreed. My point was to use it to pay regular bills with money you actually have somewhere instead of getting yourself into trouble with toys. Of course if you are disciplined, then no problemo. Maybe keep it in a drawer and not your wallet?

Anyway, I had the same problem as Sandytheskier once. I'm now at about 760.

**sandytheskier** · 05-14-2004, 12:58 PM

Ok. My credit is something like 770+ I just haven't had it long enough to be considered a human being (or something). I am going to give up and take a nap, but thanks everyone for the great advice.

**Obstruction** · 05-14-2004, 01:02 PM

Originally posted by CaddyDaddy77
What Foggy said, credit unions are typically a lot more flexible in their lending.

To increase your credit, don't have cards maxed out, have threee trade lines open, and do yourself a favor and get your credit report, you might have charge offs or collections that are hurting your rating that you may not know about.

Oh and the paying bills on time bit, is good too.

One more vote for CUs. Have you tried sitting down with a Member Service Rep at a credit union and explaining what you are trying to do? If you are over 18 and don't have a neg. credit history and they won't give you a small loan shame on them. Also go where you already have your checking, savings etc. They know you have means when they can review your account history.

Don't give up and good luck.

**acostiga** · 05-14-2004, 01:03 PM

give up? go spend some money. it's your patriotic duty to get out there with your disposeable income and help fuel our economic recovery! nap afterwards.

**snowsprite** · 05-14-2004, 01:04 PM

Sandy you want some of my years? I don't need them all.

Good luck w/ working this out though... sounds frustrating!
Sprite

**tuffy109** · 05-14-2004, 01:11 PM

Originally posted by sandytheskier
If you must know... a new mtn nike. My excuse is paying off the loan will help built credit. It is hard to shell out big bucks for mtn bikes.

you can't get a credit card? how much are you spending on the bike? (if i must know)

**sandytheskier** · 05-14-2004, 01:26 PM

(waking up from nap)
$2700.00 !
Damn me for working in the biking industry for 5 years and being expensively picky.

**Grange** · 05-14-2004, 01:33 PM

Is there an upper limit to a credit score?

**zion zig zag** · 05-14-2004, 01:34 PM

First off, what bike you lookin at?
Second, isn't there a CU for WVC, you should have it easy since you're one of their FF'ers.

**sandytheskier** · 05-14-2004, 01:35 PM

I am looking at the rocky mtn element 70.
I haven't worked at the job long enough for it to count.
No worries though.
I'll just buy many small amounts of climbing stuff this summer instead.

**teledave** · 05-14-2004, 01:46 PM

Originally posted by Grange
Is there an upper limit to a credit score?

According to Experian it's 850 on the Fair-Issacs model.

But now I'm using the New National Risk Score with which a lower number is better. Excellent=20-80, Very Good 80-150, Average 150-300, 300+=crap to even worse crap.

Actually the way these reports work is kind of wacked, I've seen people with 400-500 scores that I would consider better than some I've seen with 150-300 scores.

**phUnk** · 05-14-2004, 02:17 PM

Originally posted by sandytheskier
I am looking at the rocky mtn ETSX-50.

Fixed.

**InspectorGadget** · 05-14-2004, 03:08 PM

Like it or not, you buy your credit rating.

For example:

If you have the cash in hand, but you're borrowing money on the premise of "building-up" your credit rating; take six months to a year to pay the debt in full. A clean track record of on-time payments is an important aspect in building one's credit rating.

Sexy stuff.