How Likely am I to get something like this?

[jcovercash]

So after all the car crap I have went through I am going to try other ways to establish my credit. I know its not good to keep having it checked that Is why I want to ask this before I try.

My beacon score was 650 before all the car inquiries and is probally close to 600 now after all the request from car dealerships, I also had a few credit card companies request my credit report also.......

My high credit is $600. I have has this account since October, and I owe $200 and my monthly payment is $60. I have made extra payments in the time I have had it also.

Is there anything else that you need to help me determine this?


I am looking at The plain BP gas card.
Is this a good choice? Should I try it?

My monthly salary is right at $1600, it says anually minimum salary is $2000. I meet that in almost a month, Then it says our other credit criteria. Anyone have any idea what this is? I don't want a high limit even $50 is good enough for me, I just want to be able to charge it pay it off and charge again. Just to build credit and show activity.

I have only been at my current job a little over a month but I have no probation period and I will be there as long as I want to stay, So is it ok to fudge the lenth of my job, i know I shouldnt but that will be the main thing that holds me back, I was at my last job 4 years and only moved on for $2/hr raise. I know length at my last job doesnt really matter though.

Only thing I am worried about is all the request for my credit report I know it looks bad and I probally will not be accepted for this because of that correct?
Can you recomend a card that I might can get? I am going to go to a different bank monday, if they are open tuesday if they arnt and open up a secured credit account if this doesnt go through, I have read though that if the bank reports it as a secured account that it doesnt look as good on your report.

If you dont suggest this I am willing to wait, as I know I can do the secured visa through a new bank, and I am also joining a local credit union as my uncle is a member of one and said he could get me in.

Can anyone offer me any advice on this? I am just trying to get my credit built up so that maybe this time next year I can purchase that mustang that I want ....

BTW Im sorry if this is kinda hard to read im just very tired right now.

Thanks for all your help,
Josh

 

[KarenMarie]

can't you just get a bank loan and pay it back?

Put the loan money into an interest bearing account and pay it back quickly.

Just an idea.

 

[jcovercash]

Originally posted by: KarenMarie
can't you just get a bank loan and pay it back?

Put the loan money into an interest bearing account and pay it back quickly.

Just an idea.

I have tried EVERYWHERE to get a loan and all I can get is this $600 loan. I have tried everything and can't get nothing.

My friend who has a $7 an hour job has only been there 1 week was able to go and get a 25,000 car in his name only. He just has enough money each money to pay his car payment. His interest isnt that bad either. He had no prior credit either and is 1 year younger than me.

All I am wanting is a chance to build it then work my way up to the car.

 

[Carrot44]

Sounds to me like somebody has your number in hand :Q

 

[jcovercash]

Originally posted by: Carrot39
Sounds to me like somebody has your number in hand :Q

Like someone is against me? If so thats what Im thinking, When I applied at lowes/walmart it took them every bit of 5 seconds from the time they hit enter to reject me :|

 

[Jeff7181]

Credit cards are your friend =) I have two right now... a Mastercard, a Visa, and I'm awaiting the results of my application for a Discover card. The Visa has 0% APR till 2005, so I'm transferring my Mastercard balance to that one. The Mastercard has a $1000 limit, and the Visa has a $3000 limit. I've never checked my credit score, but I assume it's about average.

*EDIT* Go for more gas station cards... almost anyone can get a Shell card (I got one a long time ago even though I put 0 income on the appliation, lol). Try getting an Amaco card, BP, Texaco, whatever. You need to build credit... there's a saying... "bad credit is better than no credit."

 

[jcovercash]

Originally posted by: Jeff7181
Credit cards are your friend =) I have two right now... a Mastercard, a Visa, and I'm awaiting the results of my application for a Discover card. The Visa has 0% APR till 2005, so I'm transferring my Masterbard balance to that one. The Mastercard has a $1000 limit, and the Visa has a $3000 limit. I've never checked my credit score, but I assume it's about average.

Yes I know they are your friend if used wisely, but I have to get one to be friends with it ......

 

[Jeff7181]

Originally posted by: AMDman12GHz

Originally posted by: Jeff7181
Credit cards are your friend =) I have two right now... a Mastercard, a Visa, and I'm awaiting the results of my application for a Discover card. The Visa has 0% APR till 2005, so I'm transferring my Masterbard balance to that one. The Mastercard has a $1000 limit, and the Visa has a $3000 limit. I've never checked my credit score, but I assume it's about average.

Yes I know they are your friend if used wisely, but I have to get one to be friends with it ......

Are you a student? Lots of banks offer special cards for students. I got about 20 applications for cards while I was in college for 18 months.

 

[jcovercash]

Originally posted by: Jeff7181

Originally posted by: AMDman12GHz

Originally posted by: Jeff7181
Credit cards are your friend =) I have two right now... a Mastercard, a Visa, and I'm awaiting the results of my application for a Discover card. The Visa has 0% APR till 2005, so I'm transferring my Masterbard balance to that one. The Mastercard has a $1000 limit, and the Visa has a $3000 limit. I've never checked my credit score, but I assume it's about average.

Yes I know they are your friend if used wisely, but I have to get one to be friends with it ......

Are you a student? Lots of banks offer special cards for students. I got about 20 applications for cards while I was in college for 18 months.

No I am currently not a student, I was trying to get my job situation straightend out before I went to school because I knew I wanted a 2nd shift full time job. I will be going this next semester (fall) to a local technical college, but I really want to get start before then.

 

[Jeff7181]

Originally posted by: AMDman12GHz

Originally posted by: Jeff7181

Originally posted by: AMDman12GHz

Originally posted by: Jeff7181
Credit cards are your friend =) I have two right now... a Mastercard, a Visa, and I'm awaiting the results of my application for a Discover card. The Visa has 0% APR till 2005, so I'm transferring my Masterbard balance to that one. The Mastercard has a $1000 limit, and the Visa has a $3000 limit. I've never checked my credit score, but I assume it's about average.

Yes I know they are your friend if used wisely, but I have to get one to be friends with it ......

Are you a student? Lots of banks offer special cards for students. I got about 20 applications for cards while I was in college for 18 months.

No I am currently not a student, I was trying to get my job situation straightend out before I went to school because I knew I wanted a 2nd shift full time job. I will be going this next semester (fall) to a local technical college, but I really want to get start before then.

Right... basically, I'd apply for as many gas cards as you can get... then just make sure you fill up with each card every month so you have a bill to pay and establish some credit that way. Then after a few months you should be able to get a Visa or Mastercard... I've noticed Discover is a bit more selective. There's lots of places itching to give young people cards though cause they know they're more likely than any other group of people to go on a spending rampage, then the bank makes a shitload of money on the interest =)

*EDIT* Normally my rule is I don't pay for anything with my credit card unless I currently have money in the bank to pay it off. Although with my Florida vacation n stuff I ended up spending a little more than I currently have, but since I have 0% APR, I'll just pay the minimum payment until I have enough savings to pay the entire thing.

 

[jcovercash]

Originally posted by: Jeff7181

Originally posted by: AMDman12GHz

Originally posted by: Jeff7181

Originally posted by: AMDman12GHz

Originally posted by: Jeff7181
Credit cards are your friend =) I have two right now... a Mastercard, a Visa, and I'm awaiting the results of my application for a Discover card. The Visa has 0% APR till 2005, so I'm transferring my Masterbard balance to that one. The Mastercard has a $1000 limit, and the Visa has a $3000 limit. I've never checked my credit score, but I assume it's about average.

Yes I know they are your friend if used wisely, but I have to get one to be friends with it ......

Are you a student? Lots of banks offer special cards for students. I got about 20 applications for cards while I was in college for 18 months.

No I am currently not a student, I was trying to get my job situation straightend out before I went to school because I knew I wanted a 2nd shift full time job. I will be going this next semester (fall) to a local technical college, but I really want to get start before then.

Right... basically, I'd apply for as many gas cards as you can get... then just make sure you fill up with each card every month so you have a bill to pay and establish some credit that way. Then after a few months you should be able to get a Visa or Mastercard... I've noticed Discover is a bit more selective. There's lots of places itching to give young people cards though cause they know they're more likely than any other group of people to go on a spending rampage, then the bank makes a shitload of money on the interest =)

*EDIT* Normally my rule is I don't pay for anything with my credit card unless I currently have money in the bank to pay it off. Although with my Florida vacation n stuff I ended up spending a little more than I currently have, but since I have 0% APR, I'll just pay the minimum payment until I have enough savings to pay the entire thing.

Right, ok cool. I think I am probally gonna go and try this BP card, because there is a BP right at my house and a lot more locally. I plan on putting the cash away for every gas purchase I make and Also if/when I get a credit card only buying stuff that I can pay for and then paying it when the bill comes. I only want to do this to establish credit not because I can't buy the stuff , Im not like the typical teenager, I am trying to help MYSELF.

Say I get the BP card would that hurt me for a small vehicle loan? I may be getting a loan from my insurance agency for a used vehicle., again just to build credit. They may also issue me a visa credit card too, I am supposed to get in touch with them at the first of the week to find out. I just didnt know if my insurance agency would then deny me because I have too much access to credit.


Thanks,
Josh

 

[Jeff7181]

I have no idea about the insurance thing... I didn't know insurance agency's would loan you money for a car.

 

[rudeguy]

how many hits have you had lately??? Must be a ton for your score to drop that much. If you are applying for unsecured credit, they arent going to like seeing a lot fo hits in a short time frame. 650 is a respectable score, I got approved for a care note ($17,500,) 2 credit cards, plus a seperate loan with a score of 620 or so.

Of course that was over time, not in a short amount of time like you are talking.

 

[jcovercash]

Originally posted by: GoodDad
how many hits have you had lately??? Must be a ton for your score to drop that much. If you are applying for unsecured credit, they arent going to like seeing a lot fo hits in a short time frame. 650 is a respectable score, I got approved for a care note ($17,500,) 2 credit cards, plus a seperate loan with a score of 620 or so.

Of course that was over time, not in a short amount of time like you are talking.

Im not sure I applied for a car loan at two places because they said I should be able to get it and they ran it thorough ALOT of banks I think.

And Jeff7181, yes my insurance agency does loans and a very decent interest rate. I figure I can get a 2-3k loan from them, and get something like a used motorcycle, I belive I was pre-approved for 10k and 7% to start but my mom said she wasent sure if they said pre-approved or might be apprived now that it comes down to it lol, so IDK. But I am SUPPOSED to be getting a visa card from them but havent heard anything they where supposed to call me so idk because I havent heard anything, Im going to call them monday.

 

[jcovercash]

 

[jcovercash]

 

[fredtam]

Odds are you will not get a gas card. It is usually reserved for people with proven ability to pay. They are actually one of the harder cards to get. As I told you before call Citibank and get info on a secured card.

 

[bmacd]

and here i thought this was a thread about herpes!

-=bmacd=-

 

[jcovercash]

Originally posted by: fredtam
Odds are you will not get a gas card. It is usually reserved for people with proven ability to pay. They are actually one of the harder cards to get. As I told you before call Citibank and get info on a secured card.

Yea I am going to try to get a secured card monday morning, are the banks open monday? The should be. And I am thinking about extending my line of credit at the place where I got the loan if I can get a little bit better interest rate.

I was just curious because The information I have read about obtaining credit says that gas cards, and retail department stores are the easiest to get to get started.

 

[jcovercash]

Ohh and how long will all these requests from the car places show up on my report, how bad will that hurt me in 3 months or so.

Thanks,
Josh

 

[fredtam]

Also unless you have very established credit noone is going to give you anymore with only a year on the job. As for faking the time on the job with your limited history they will probably ask for additional info ie. your checkstubs. Again get your secured card straight from Citibank and not your local bank.

 

[ndee]

you are one crazy kid.

 

[fredtam]

Originally posted by: AMDman12GHz
Ohh and how long will all these requests from the car places show up on my report, how bad will that hurt me in 3 months or so.

Thanks,
Josh

Inquires stay on for 12 months. The impact of an inquiry is small but still there and they add up. 1. It lowers your beacon. 2. Lenders see increased activity and become concerned that there may be new accounts that have not shown up yet.

As for it hurting you try to keep inquiries to a minumum. Once your beacon score is lowered the only thing that raises it is time and continued good payments. I know there was talk a while back because of things like buying a car that they were going to change it so that inquiries within a short amount of time didn't have as much of an effect but I ddon't know if it ever happened.

Other things and how long they stay:

Accounts paid as agreed- up to 10 years
Accounts not paid as agreed- 7 years
Collection accounts- 7 years
^
These time periods are from the date of last activity.

Public records- 7 years
Bankruptcy 7 & 11 remain for 10 years from the date filed.
Bankruptcy 13 dismissed or no disposition rendered remain for 10 years
Unpaid tax liens - indefinite
Paid tax liens remain for 7 years after they are released.

 

[Jeff7181]

Originally posted by: fredtam
Also unless you have very established credit noone is going to give you anymore with only a year on the job. As for faking the time on the job with your limited history they will probably ask for additional info ie. your checkstubs. Again get your secured card straight from Citibank and not your local bank.

Define "very established credit." I haven't gotten a paycheck in 2 years and I've gotten 3 new credit cards during that time.

 

[fredtam]

Originally posted by: Jeff7181

Originally posted by: fredtam
Also unless you have very established credit noone is going to give you anymore with only a year on the job. As for faking the time on the job with your limited history they will probably ask for additional info ie. your checkstubs. Again get your secured card straight from Citibank and not your local bank.

Define "very established credit." I haven't gotten a paycheck in 2 years and I've gotten 3 new credit cards during that time.

1. Do you have savings?
2. How long has your credit been established?
3. All good accounts I'm assuming?

Did you apply for these cards? Many times the CC companies are affiliated with companies you have an account with or one of the companies themselves. They periodically check your credit (you will find these as PRM, AM, or AR inquirries on your report) and may send you preapproved cards based only on your credit history. No employment or income verification needed.

Why does everyone think they are an exception? Your not. Your circumstances are different. I get cards all the time that need nothing more than activation.