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08-28-2009, 04:43 AM
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#1 | | I contribute to threads in the offtopic forum
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| How to rebuild credit when you have no/bad credit
So, recently I had a credit card loan went to the collection as some of you may have known. Now, how do I rebuild my credit right now since I have bad credit? I really want to rebuild it and I know I can make the obligations to.
I tried applying for a credit card at MBNA but was rejected. Any other way to rebuild besides getting a credit card?
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08-28-2009, 08:59 AM
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#2 | | Unauthourized Spammer
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I don't know the whole story but the questions I would ask are:
A) Did you declare bankruptcy (I'm guessing not)?
B) Did you pay off whatever amount was sent to collections?
If you have not, you may want to pay up and settle the score with the collections company and have them change your credit report to 'paid and resolved'.
Once you've done that you should be able to get a credit card of some nature although I don't expect it to be an easy road.
You alternative is a loan. Bills don't count I'm afraid. You may find you need to take a break from cards for a while. 6 months to a 1 year without a credit card won't kill you and you might find things work better without it.
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08-28-2009, 09:14 AM
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#3 | | I contribute to threads in the offtopic forum
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I am currently paying off my debt and was hoping I can build my credit on the way, or does it not work like that?
I need credit because I want to be able to finance a car and eventually get a house.
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08-28-2009, 02:02 PM
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#4 | | I answer every Emotion with an emoticon
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yea, like chuck norris said, first thing is the pay off ur debt, everything else comes after. WHen u've finally managed to be debt free, then apply for a CC
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08-28-2009, 04:40 PM
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#5 | | Ready to be Man handled by RS!
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If you have the money, apply for a secured credit card. Pretty much guaranteed approval if your at least 19 years old. Usually they get you to put $500 down (depending on your approval limit) which they put into a GIC. After paying off your debts and some months on your new credit card you should be able to get a sub prime car loan. I'm not sure how old you are but if you're under 24 it may take a while before a loan company will offer you a decent rate.
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08-28-2009, 04:53 PM
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#6 | | SFICC-03*
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i had shit credit until i was 23 and got a proper job. first thing i did was pay my debt (only around $1000), then consistently paid of my CC in full every month. after about a year of that, i applied for CCs taht i previously was rejected for, and have never been turned down for anything since then.
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08-29-2009, 04:09 AM
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#7 | | I contribute to threads in the offtopic forum
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| Quote:
Originally Posted by 95Z28  If you have the money, apply for a secured credit card. Pretty much guaranteed approval if your at least 19 years old. Usually they get you to put $500 down (depending on your approval limit) which they put into a GIC. After paying off your debts and some months on your new credit card you should be able to get a sub prime car loan. I'm not sure how old you are but if you're under 24 it may take a while before a loan company will offer you a decent rate. | i am 24, and my debt will be done by next year's summer. is it possible to build credit with this secured credit card while paying off my debt? would that put a good score on my credit report?
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08-30-2009, 08:15 AM
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#8 | | I Will not Admit my Addiction to RS
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so i used my dad's credit line to buy my car/bike when i was 17 which adds up to 20 grand, i've been paying it since day one and was wondering if i still get credit for it since i've been depositing money into the credit line with my own paychecks.
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08-30-2009, 09:28 AM
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#9 | | ninja edits your posts without your knowledge
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| Quote:
Originally Posted by r6_4life so i used my dad's credit line to buy my car/bike when i was 17 which adds up to 20 grand, i've been paying it since day one and was wondering if i still get credit for it since i've been depositing money into the credit line with my own paychecks. | Don't think so.
If it isn't your own credit, you don't risk anything and so therefore, you should not receive any credit for it.
Like if you didn't make payments, your dad would get bad credit. Not you. So the reverse should apply as well.
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08-31-2009, 04:29 AM
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#10 | | I Will not Admit my Addiction to RS
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aw man 20 grand is a lot of money....
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08-31-2009, 08:43 AM
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#11 | | I bringith the lowerballerith
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or wait 7 years for your infractions to drop
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09-02-2009, 10:47 AM
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#12 | | Tech Team Mod
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| Quote:
Originally Posted by r6_4life aw man 20 grand is a lot of money.... | Try to get your own line of credit and transfer the debt over. You could also get your Dad to co-sign for you if you can't qualify on your own. Another option is If your vehicles are newer (less than 5 years old) most banks would also be willing to use them as colateral for a secured loan.
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09-09-2009, 01:11 PM
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#13 | | Everyone wants a piece of R S...
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try to see if you can get a consolidation loan... that normally helps. for 20k a consolidation loan would force to close all your credit cards. unsecured line of credits and over draft protection are the two products that are the hardest to apply for. as for using a vehicle as collateral they wont use it for a line of credit, but only for a car loan.
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09-09-2009, 02:33 PM
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#14 | | RS.net, where our google ads make absolutely no sense!
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I had the same problem. Cibc declined my application for a cibc visa. I waited 1 year and was still denied. I went in person and talked to the manager, explained my situation. Told him I was young and dumb when I made the mistake of not paying back $500. Showed proof of how much I made and proof of paying off collections. I asked to give me a chance to show I have matured. Threw in a few tears. Now I got a $20,000 visa select with a 800 credit score. good luck, It was a hard few years trying to get my credit back and you might not be as lucky.
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09-09-2009, 03:23 PM
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#15 | | OMGWTFBBQ is a common word I say everyday
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Fuck I just paid off my credit card after reading this thread.
buying baby stuff is fucking expensive lol
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Originally Posted by Fei-Ji haha i can taste the cum in my mouth | There is a time when you have to sig a post.
It just happened.
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09-12-2009, 01:26 PM
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#16 | | I answer every Emotion with an emoticon
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I know TD Bank has/had a promotional going where you are pre approved for a credit card recently regardless. I remember the promo was ending in September but forgot the exact date.
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09-13-2009, 11:28 PM
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#17 | | Captain Happy Bubble is my Homeboy
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Originally Posted by winson604 I know TD Bank has/had a promotional going where you are pre approved for a credit card recently regardless. I remember the promo was ending in September but forgot the exact date. | False. You have poor credit = gtfo. Come back when you prove you can save and after you paid back all you owe. Or wait 7 yrs AND can prove you can save.
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09-18-2009, 06:16 PM
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#18 | | I contribute to threads in the offtopic forum
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Originally Posted by winson604 I know TD Bank has/had a promotional going where you are pre approved for a credit card recently regardless. I remember the promo was ending in September but forgot the exact date. | I think it was only for students. Just applied for my first credit card(I'm 19) but didn't get approved since I was not a student anymore, and still young with no credit.
The person helping me out said if i were still in school, I would have been approved for the student promotion.
I ended up getting a secured credit card and am on the road to building up my credit with this.
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