If you're unemployed I doubt anyone is going to extend you credit, particularly in this economy. One of the metrics used for extending credit is someone's ability to pay it back. If you're unemployed, you likely have any income... unless you receive child support or alimony or something.
Got a tip for us?
Let us know
Become a MacRumors Supporter for $50/year with no ads, ability to filter front page stories, and private forums.
Stressed: I need Advise on Credit Issue
- Thread starter macswitcha2
- Start date
- Sort by reaction score
If you're unemployed I doubt anyone is going to extend you credit, particularly in this economy. One of the metrics used for extending credit is someone's ability to pay it back. If you're unemployed, you likely have any income... unless you receive child support or alimony or something.
I was just told this this week. I will try them out tomorrow.
Please message me and let me know about this.
You and I clearly live in different worlds. I don't care what your resume says I'm fairly convinced you're not entirely correct. We'll agree to disagree here.
The OP is not incorrect with his thought process. I think he's just a bit confused on what to do, which is fully understandable.
No I was recently laid off...getting a job is not a problem...I have been denied credit even during employment, one of them being employed for 7 years and my recent ones were two years prior to being laid off.
They won't cost you a dime so long as the card doesn't have an annual fee, you make all your payments on time, you pay the balance in full every payment period, you don't take cash advances from your card, and you don't go over your limit.
Of course, you still have to pay for what you purchase on your credit card.
It's simple. Pay off your entire balance when you get your bill and you won't pay any interest.
I walk into a car dealership with 50 grand cash in hand and they do not take it?? I say BS they take it, don't believe the lie a sale is a sale the cost to run it to the dealerships bank even miles away does not out weigh the direct credit cash itself gives, everyone accepts cash, cash is never taboo or limited it is a universal language.
Some of us may not be fortunate to have $50,000 for a car... let alone $18,000 for an economy car even.
It also applies to housing. Not everyone has $150,000 laying around for a home and so a home loan is necessary.
We aren't talking about going out and buying rolexes on credit or high heels. We are talking about how credit can be beneficial in everyday lives, providing shelter and transportation.
do it right and you don't need credit for those basics and occasionally you can save for those extras without paying interest...its called patience.
The biggest lie is believing you need it right now
I appreciate everyone's input. About cash verses credit? I'm not rich so unless I have loads of cash...I need credit.
Again, thanks for the advise...I will follow them...keep me in your prayers, thoughts, etc, etc. I need credit because I don't see myself renting forever and its just not a good investment.
My desires are to buy a home one day and get a new car, especially in light of getting married soon.
Again, thanks for the advise...I will follow them...keep me in your prayers, thoughts, etc, etc. I need credit because I don't see myself renting forever and its just not a good investment.
My desires are to buy a home one day and get a new car, especially in light of getting married soon.
No one said they wouldn't take cash. Of course they will, they have to. What I did say is that your advice regarding credit and credit cards is essentially nonsense for most people. It is important to develop credit in order to make major purchases far less expensive. The vast majority of Americans cannot afford to purchase a car or house outright; having a good credit history and credit score, something that is easily built via credit cards, is an important step in minimizing the costs associated with making a major purchase like a house or a car. Avoiding credit altogether is NOT the way to have a financially successful life; planning your credit use and major purchases and using credit in moderation is.
A marriage license doesn't cost much (anywhere from the teens to the low hundreds) if you cannot convince your other half that that is the most important investment in your future together rather than a lavish wedding then chances are she's more interested in financial comfort for herself than financial security for the both of you.
I have in-laws who are worth millions that have avoided that advice. How? saving the funds they had rather than spending money they did not--I think I'll follow their leads.
Yet, I know a number of people worth millions who have used mortgages, credit cards, and loans to their advantage (and continue to, even after becoming millionaires); in many cases they became millionaires solely because someone was willing to extend them credit in order to start their businesses (or in some cases, because they were willing to extend credit to someone else in order to help the other person start their business). Credit plays an important function in the economy by enabling people to purchase homes, businesses to get the initial capital they need to become successful, and agency's to fund projects they wouldn't otherwise be able to undertake. You can shun credit all you want, but the fact is, credit is a financial tool that, when used responsibly, helps many people to become financially successful. Is it abused? Sure. But that doesn't mean credit is bad; that means people don't understand risks and ways to best use credit to their advantage.
I think I'll continue to follow the leads of the numerous businessmen and investors I know that have used credit responsibly to help them succeed. We're just going to have to disagree one this one.
good for you and may your gamble pay off, I'll avoid having to gamble by using cash I have.
Using a credit card responsibly is not gambling. It's as simple as that.
Strong credit has gotten me free vacations, free products, and saved me significant amounts of money by strengthening my credit... making me eligible for far better mortgage interest rates.
All for free. Not a penny given to the credit card company.
On top of that I get additional warranty protection on items I purchase, I get free travel insurance via my credit card, I get discounts at car rental companies, and I get the convenience of shopping from home whenever I want to.
No down side for me at all.
To the OP:
Don't do anything else until you have all of your credit reports. Figure out where you are, get them cleaned up if need be, then build a relationship with a credit union. Work with them to obtain a secured card, build you credit with it, and move to an unsecured card. This process may take a year or more, but the time will fly by.
No the guy is right. No job right now really hurts if you want new credit extended to you. They like to know how much you have bring in it gives them a rough idea if you can afford it.
My first credit card was co-signed by my parents and it may still be that way. It is my back-up credit card right now. My primary card I got 2 years ago is an American Express. Now I had no problem getting it since I had an established credit history between my first credit card, rent and internet in my name.
You might have to get someone with an esiblished credit history to co sign the loan. That way you can ride on their good credit history and start building yours.
Yes that is the best way to go but many of us do not have that kind of money and yes i try to live that way.
My primary credit card is American Express. I believe the interested rate on the card is crap. I could care less because I do not pay a penny in interested because I pay the balance off in full every month. Instead I take advantage of the cash back on the card that gets applied once a year. I tend to route everything threw the credit card because of that.
The trick is knowing how to use a credit card correctly and that is just as a tool to pay for things you have the money for. I use mine to make it easier to track everything I buy and were my money goes. It makes my bank statements a hell of a lot easier to read because it reduces everything to deposits and just a handful of bills. Credit card was everything I bought in a month. I used that to track how much I was spending and spending it on what. Mix that with the cash back for things I had to buy it made it even easier.
Now one other nice thing about Credit cards is they give you liquidity in an emergency if something comes up. Now normally you have a safety net to cover things like that but still it a nice just in case plus it gives you access to money with out being tied directly to your account.
Another reason why I liked credit cards over debt cards is it puts another barrier between my bank account and people taking money from it. The credit card is a much stronger shield in protecting my money than in bank check cards.
Now when I got my american express I got eh rates on it and I have upped my limit once. I could care less about the rates because I pay my balance off in full every month so no interested. Instead I take the benefits of the card and get a few hunderd in cash back apply once a year. I treat my credit card as nothing more than a money transfer tool. I ch
Thought I'd add this link for anyone who is of interest.
New Credit Card Regulation Tips before Feb 22, 2010.
New Credit Card Regulation Tips before Feb 22, 2010.
As others have said, get a copy of your credit report from the three agencies. You are entitled to one free copy of your report per year from each agency.
The official site is www.annualcreditreport.com.
Ignore all the sites advertised on TV.
The official site is www.annualcreditreport.com.
Ignore all the sites advertised on TV.
There's been a lot of threads lately about credit and credit cards. OP, it's your life and you are in control of it. Do what you think is best.
That being said for me personally it's no credit cards and no consumer debt. I think home loans and automobile loans are unavoidable for most. Credit is not evil, just dangerous if not used wisely. For those saying you must have it to get by in life, well, I don't entirely agree. Financial institutions still use underwriting and it is possible to navigate large purchases without a consumer credit driven FICA score. That being said, our world is moving in a direction where this ridiculous system may take over and everything in life will then be based on your creditworthiness as opposed to your work ethic and past financial responsibility. I truly hope that never happens, but I'm afraid it could come to pass.
Last, to those of you who are "beating the system" and proudly proclaiming that you never pay the credit card company a dime, know this, you are in the minority. The credit card comapnies outrageous financial success is evidence that not everyone is as fiscally responsible. You are not the standard, but the exception. Credit companies are not in business to help people achieve their financial goals, they are in business to make their own profit. If you do some simple research and read up on history then you will see that life existed before credit.
That being said for me personally it's no credit cards and no consumer debt. I think home loans and automobile loans are unavoidable for most. Credit is not evil, just dangerous if not used wisely. For those saying you must have it to get by in life, well, I don't entirely agree. Financial institutions still use underwriting and it is possible to navigate large purchases without a consumer credit driven FICA score. That being said, our world is moving in a direction where this ridiculous system may take over and everything in life will then be based on your creditworthiness as opposed to your work ethic and past financial responsibility. I truly hope that never happens, but I'm afraid it could come to pass.
Last, to those of you who are "beating the system" and proudly proclaiming that you never pay the credit card company a dime, know this, you are in the minority. The credit card comapnies outrageous financial success is evidence that not everyone is as fiscally responsible. You are not the standard, but the exception. Credit companies are not in business to help people achieve their financial goals, they are in business to make their own profit. If you do some simple research and read up on history then you will see that life existed before credit.
Credit is definitely needed in life. More and more things are being based off of it, including your car insurance, medical insurance and some jobs.
Credit is what you make out of it. If you don't ever need it, then good for you. I want and am envious of your life. But for the other 99.5 percent of people who need it for a car loan, home loan or for credit cards to have just in case or for ease of use, it is a welcome thing to have.
I routinely get checks from my credit card companies for using my card without keeping a balance. Usually about 300 per year, plus the convenience of purchase protection and insurance that comes with using it.
Credit is what you make out of it. If you don't ever need it, then good for you. I want and am envious of your life. But for the other 99.5 percent of people who need it for a car loan, home loan or for credit cards to have just in case or for ease of use, it is a welcome thing to have.
I routinely get checks from my credit card companies for using my card without keeping a balance. Usually about 300 per year, plus the convenience of purchase protection and insurance that comes with using it.
UPDATE!
I went ahead with checking my credit using www.annualcreditreport.com and found that I have 11 accounts in good standing ( Student Loans) and two negative things which were both questionable. I have disputed these items. Overall, there was nothing that to me warranted me being denied credit countless times.
I then tried www.creditcards.com and looked into student cards. Applied for a Discover Student Card and was rejected, applied for Citi Student Card and it said that they will mail me their decision within a week. However, on the site I searched by Credit Quality under little to no Credit History and applied for the Capital One Classic Platinum Credit Card and was approved.
Not so fast, the downer is that on the Capital One Classic Platinum Credit Card (CCPCC) , there is a $40 annual fee. I searched the Capital One site and found a Credit Card advertised for people with no to little credit history called the Capital One Standard Platinum Credit Card ( CSPCC) which as no annual fees.
QUESTION, what does me being approved for the CCPCC mean, that I already have an account opened with this card? Or, do I have time to decide whether I want an account open? The reason I'm asking is because I rather have the CSPCC with no annual fees. Should I apply for this one too? Or, should I call capital One and ask about having that card instead of the one I was approved for?
I went ahead with checking my credit using www.annualcreditreport.com and found that I have 11 accounts in good standing ( Student Loans) and two negative things which were both questionable. I have disputed these items. Overall, there was nothing that to me warranted me being denied credit countless times.
I then tried www.creditcards.com and looked into student cards. Applied for a Discover Student Card and was rejected, applied for Citi Student Card and it said that they will mail me their decision within a week. However, on the site I searched by Credit Quality under little to no Credit History and applied for the Capital One Classic Platinum Credit Card and was approved.
Not so fast, the downer is that on the Capital One Classic Platinum Credit Card (CCPCC) , there is a $40 annual fee. I searched the Capital One site and found a Credit Card advertised for people with no to little credit history called the Capital One Standard Platinum Credit Card ( CSPCC) which as no annual fees.
QUESTION, what does me being approved for the CCPCC mean, that I already have an account opened with this card? Or, do I have time to decide whether I want an account open? The reason I'm asking is because I rather have the CSPCC with no annual fees. Should I apply for this one too? Or, should I call capital One and ask about having that card instead of the one I was approved for?
There's been a lot of threads lately about credit and credit cards. OP, it's your life and you are in control of it. Do what you think is best.
That being said for me personally it's no credit cards and no consumer debt. I think home loans and automobile loans are unavoidable for most. Credit is not evil, just dangerous if not used wisely. For those saying you must have it to get by in life, well, I don't entirely agree. Financial institutions still use underwriting and it is possible to navigate large purchases without a consumer credit driven FICA score. That being said, our world is moving in a direction where this ridiculous system may take over and everything in life will then be based on your creditworthiness as opposed to your work ethic and past financial responsibility. I truly hope that never happens, but I'm afraid it could come to pass.
Last, to those of you who are "beating the system" and proudly proclaiming that you never pay the credit card company a dime, know this, you are in the minority. The credit card comapnies outrageous financial success is evidence that not everyone is as fiscally responsible. You are not the standard, but the exception. Credit companies are not in business to help people achieve their financial goals, they are in business to make their own profit. If you do some simple research and read up on history then you will see that life existed before credit.
And, like any other tool in life, credit can be used to one's advantage on a frequent basis. I could care less how responsible other people are with their use of credit... that is a choice they make.
There is much to be said for the saying "guns don't kill people, people kill people".
Credit is NOT HARMFUL. The choices some people make while using credit are.
Other people, including myself, use credit to their advantage... something anybody can do.
And you once again....miss the point
The majority of people do not have 50k to buy a car
Hence they MUST rely on credit. If you have a bad credit, expect to get denied a loan or be paying high rates
I really can't believe I have to spell this out to an adult with real world experience tbh
You know that even renting an apartment requires a credit check right? ......
CC is not gambleing at all
How can you not see this? You are an adult right? If you are responsible, it's no where NEAR a problem