That's what the 7 years is for, to grow up.
Nothing could be less "grown up", than complaining about not being able to borrow money.
Originally posted by: JeffreyLebowski
Originally posted by: acemcmac
Originally posted by: LikeLinus
Originally posted by: acemcmac
You are so confused. :laugh:
Credit takes work. Mine is absolutley perfect and what do I have to show for it? About 70k in unsecured credit card lines and a mortgage at 20 years old. I EARNED it. You BLEW it.
I LOVE the credit system, and so do the rest of us responsible people...
Why would you apply for / receive 70K in credit at 20?
Did you not go to college? Are you in college?
I already graduated, Bachelor's CompSci (econ minor) while working full time. I have an Amex, the Citi Dividend Platinum, an MBNA/BoFA Platinum, A Chase Platinum tier Wawa card, a Kohls card and a Wachovia Platinum card.
FICO used to calculate my mortgage was ~750. I got ~6.0% after the points (which I financed into the loan since the break even point was ~4 years).
My point is that the OP completley missed the point on how credit works and is going to have to do a lot more to repair it than just make payments for a year. You really have to work at it. I couldn't disagree with the OP more. The credit system is AWESOME. You have to learn to play it.
you obviously have never fallen on bad times, or if you have your parents have helped you. Some of us that are responsible do lhave jobs, but one day you show up and the doors are locked and no one can get in.
Sometimes people get in a pickle and their credit suffers.
I went through it myself.
I had a good job making decent money, then I went to work and the company was closed, no notice or warning. Guess what a lot of people are stuck with. Car notes, mortgages and no income. I had some money in the bank, but it wasn't enough. Then you juggle, what's more important, my house, the car, or some credit card bills???? Guess which you don't pay 1st. Yup, credit cards. You call them and explain it to them and they don't care. Guido wants his money, pay up of Vinnie the Thumbs is gonna do more than break you knee caps, he's gonna report you to the credit agencies, so when you do get a job and start paying off the bills you accumulated you get jack hammered in the corn hole on anything credit related for the next 7-10 years.
I'm sure this Guido fellow has nothing personal against you. Hell, I bet he'd buy you a drink and get to know you, if he met you in a bar.
But he doesn't have that kind of time, what with all the Society of Legitimate Italian Businessmen meetings, so he has to judge you based on activity he has seen in the past from other credit card users. He's run the numbers, and guess what? It turns out that people who've missed payments and had charge-offs in the past are more likely to do the same in the future than those who've never had any credit problems.
Originally posted by: BigJ
Originally posted by: Genx87
Originally posted by: acemcmac
You are so confused. :laugh:
Credit takes work. Mine is absolutley perfect and what do I have to show for it? About 70k in unsecured credit card lines and a mortgage at 20 years old. I EARNED it. You BLEW it.
I LOVE the credit system
I dont know many people who brag about how much high interest debt they can accumulate, but you were just added to my list.
That's funny considering you just made an e-penis++ post.
:laugh: pwned^3
Are you sure they all grow up and mature?
Credit card companies want to give people credit because that's how they make money. If you've got good credit, you know how many pre-approved offers you get in your mailbox every week (10+ here)
So, based on that, credit card companies have seen enough people who made mistakes when they were young grow up to be bad users of credit, so much so that they think the money they can potentially make from interest is not worth the chance of a charge-off.
And how is it punishment? Credit card companies give you unsecured money. Credit is a privilege, not a right.
Vic: The two cards are as follows:
One is a card that has a $200 limit, I had to pay over $100 in fees up front to get the card and I pay $6 a month in a junk membership fee.
The second is a $500 secured credit card. They have my $500 for the priviledge of having a card with a $500 limit. NO ONE HAS DONE ME ANY FAVORS...
Kranky: I see what you are saying, but at the same time I know how the system works. They remove collection accounts as soon as you pay them, but not charge offs. It is just the banks way of screwing you over. I do believe I deserve the best rates as I have paid off ALL of my obligations that I have EVER owed.
One is a card that has a $200 limit, I had to pay over $100 in fees up front to get the card and I pay $6 a month in a junk membership fee.
The second is a $500 secured credit card. They have my $500 for the priviledge of having a card with a $500 limit. NO ONE HAS DONE ME ANY FAVORS...
Kranky: I see what you are saying, but at the same time I know how the system works. They remove collection accounts as soon as you pay them, but not charge offs. It is just the banks way of screwing you over. I do believe I deserve the best rates as I have paid off ALL of my obligations that I have EVER owed.
dabuddha
Lifer
- Apr 10, 2000
- 19,579
- 17
- 81
No but that's why you look at the consumer's current credit and see how he/she is handling his/her credit. If they've paid off all of their bad debts and make their payments in a timely fashion, then they should be given another chance. Sometimes, people lose their jobs because they were downsized and they're unable to make their payments. Sh!t happens in the real world.
Vic
Elite Member
- Jun 12, 2001
- 50,422
- 14,337
- 136
Bolded part: no, they don't. Those stay on your credit report for 7 years past the date of last activity. Your claims of conspiracy are ill-founded.
As to your secured cards, you may have to wait until you have 2 full years of clean payment history before you get anything better. That would be typical.
Also, you are faulting the entire credit history over a single declined application. You realize that, right? Has it ever occurred to you that Buy.com might be a premier provider that only approves "A" rated or better applicants? It's quite possible. Different creditors accept different risk grades. Why don't you try applying for a different card?
Yowch. I don't see any reason for you to keep that first card.
Secured credit is one good way to build credit. Two others are getting department store or gas credit cards, and co-signing on cards.
Oh, and FWIW, I'm neither white, nor have I ever had any sort of silver spoon in me
dabuddha
Lifer
- Apr 10, 2000
- 19,579
- 17
- 81
Again you're not getting it. A person is a lot different from a credit card company. If the consumer falls into his bad habits again, it'll show up on his credit report and the next credit card company will see that he was given another chance and he fubared it up again. THEN he should be denied credit or made to wait a long time before getting credit again. However, for a $200 amount, the "punishment" is uncalled for. It's all about degrees.
First, don't group me in with the rest of ATOT, chances are I am both poorer and more cynical than you.
Second, you should still press charges. Even though the cops won't do jack, at least it will be in the system, and you can point to that as evidence that you weren't to blame for some of that debt.
Third, I don't entirely understand how your $200 mistake turned into $1200 overnight...were you making your payments? Even with the ridiculously high interest that CCs charge you, it would take a while to work up to that level.
I also don't understand exactly how you're getting screwed right now. So you can't get a high-limit CC...who cares? No one needs a credit card anyway, and buy.com certainly isn't stopping you from using your debit card to make purchases. I'd have more sympathy if you were being denied a mortgage, or something else that actually matters, because of your youthful indiscretions. But a "right" to a credit card? For years, the only reason I had a credit card was to build my history. I never really used the bloody thing. Now, I have a dividend card, and I use it all the time, but I certainly never carry a balance. I did once, and it cost me a lot...but I still paid off at least the minimum, every month. It was a wonderful day when I finally worked off the last few $$ on that card, but that was a mistake that made a positive impact on my credit history.
Yes, and those same people are more likely to have "******" happen to them again (in the real world)
They're not bad people, they're just less likely (when lumped in with other people who have similar credit history) to make money for their lender
Jesus Christ dude, quit the whining. If you don't like how Buy.com does business, go somewhere else. Why are you so concerned about how they do business? Truth is, you're not. You just want your coupon. If you don't like how the credit system works, don't use it. It's pretty simple.
Vic
Elite Member
- Jun 12, 2001
- 50,422
- 14,337
- 136
I love the use of the race card BTW. There's more poor whites in the US than the total US population of all the minority races combined.
If the OP thinks his application was declined on the basis of race or ethnicity, then he should file an ECOA complaint with the FTC. That doesn't sounds like the actual case though, so he should STFU.
And oh yeah, I'm white, but I grew up low-income. The 5th of 6 kids to a schoolteacher.
If the OP thinks his application was declined on the basis of race or ethnicity, then he should file an ECOA complaint with the FTC. That doesn't sounds like the actual case though, so he should STFU.
And oh yeah, I'm white, but I grew up low-income. The 5th of 6 kids to a schoolteacher.
You are correct. All else equal, someone who has messed up twice will have a worse credit score than someone who has only messed up once.
If the OP thinks it's bad now, tell him to ask someone who's had two charge-offs how much credit she is extended.
There is a wide range of degrees--from 300 to 850, in fact
I also love the assertion that everyone who hasn't fvcked up was born with the silver spoon or has never come onto "hard times-" That somehow it is a necessary thing and that there are a myraid of acceptable excuses for one to torch their own credit, but not have to live with the consequences.
It reminds me of all of my coworkers at my first job who told me that "the man was trying to keep them down."
It takes dicipline to
...pay your bills on time
...not charge money on CC's that you might not have when the bill is due
...keep a cash cushion in case of an emergency
...cut ALL non-essential services and expenses in a financial emergency
...get your side jobs going and apply/interview like crazy until you get your next job
Perhaps the OP should consider working on checking off the rest of that list before you start going nuts with new credit cards?
Vic
Elite Member
- Jun 12, 2001
- 50,422
- 14,337
- 136
Seriously.Originally posted by: b0mbrman
You are correct. All else equal, someone who has messed up twice will have a worse credit score than someone who has only messed up once.
If the OP thinks it's bad now, tell him to ask someone who's had two charge-offs how much credit she is extended.
There is a wide range of degrees--from 300 to 850, in fact
640 is not a terrible credit score. It's just not excellent. So he's not going to get the best. OTOH, he doesn't have to settle for the worst either.
Credit Education
FYI: I've worked in lending for 11 years (a lot of people here already know this
). The best credit score I've ever seen was an 840 middle. The worst was a ~410 middle (you don't even want to know what that report looked like, they never paid back a debt in their life apparently). Most people fall in the 680-720 range.Not to be rude, but I can always tell the "once a slow pay, always a slow pay" people by their attitude. They fail to realize that most people go their entire lives without ever missing a payment. It's a total myth that good credit is only for the rich. For example, less than half of all consumers have ever missed a single payment in their lifetimes. And what the OP did right out of the gate with his credit? Less than 20% of all consumers have ever default on an account in their lifetimes. So yeah, it's going to take creditors a little while to recognize that he just made a mistake and is going to become like the overwhelming majority of us who pay all our bills on time.
jadinolf
Lifer
- Oct 12, 1999
- 20,952
- 3
- 81
Originally posted by: Turin39789
Originally posted by: acemcmac
Originally posted by: LikeLinus
Originally posted by: acemcmac
You are so confused. :laugh:
Credit takes work. Mine is absolutley perfect and what do I have to show for it? About 70k in unsecured credit card lines and a mortgage at 20 years old. I EARNED it. You BLEW it.
I LOVE the credit system
Why would you apply for / receive 70K in credit at 20?
Did you not go to college? Are you in college?
I already graduated, Bachelor's CompSci (econ minor) while working full time. I have an Amex, the Citi Dividend Platinum, an MBNA/BoFA Platinum, A Chase Platinum tier Wawa card, a Kohls card and a Wachovia Platinum card.
FICO used to calculate my mortgage was ~750. I got ~6.0% after the points (which I financed into the loan since the break even point was ~4 years).
My point is that the OP completley missed the point on how credit works and is going to have to do a lot more to repair it than just make payments for a year. You really have to work at it. I couldn't disagree with the OP more. The credit system is AWESOME. You have to learn to play it.
OMG I luv u! Will u marry me?
No. Me?
its a lot like commiting a crime and going to jail and trying to get a job....sure you paid your debt to society and everything is peachy keen until they find out that your an ex con..then the attitude changes
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