Funny thing about debt...

[4thgenowner]

Ok I just checked my credit and there are NO problems, the last person to look at it was GMAC a year ago when I was going to purchase a Z28 on my own, but I needed a co-signer and no one would help me. Lending Tree NEVER looked at it, I feel ripped. [img]graemlins/rant.gif[/img] :/rant:

[RallyRed 98]

i don't feel like it's that unusual...

as kahlil gibran said: the deeper that sorrow carves into your mountain, the more joy you can contain.

that being said, i don't think i own my car; i think my car owns me.

[WishIHad$$$]

What is worse, bad credit or no credit?

The closest thing I have to a credit card is a Platinum.......check card.

I just turned 19 on the 21st, and I still have absolutely no credit. I couldn't force myself to make a purchase unless I have the cash in my hand, or in my account, even if I had some other way of not putting the money up front.

I need to build up credit and start doing it soon. I wonder if making a decent sized purchase and paying it off as soon as the bill comes will help me avoid ~18.5% interest yet still build credit.

[MustangEater8251]

YOu are gonna want some credit...

I have 2 credit cards, one with a $8k limit, another with a $2k limit in my name...

So far I have been lucky and not had to take out any student loans(REAL lucky on that) My cards were paid off for the most part, I like to charge 80% of my stuff on my credit card and pay it off every month. I try not to spend money I don't have but add the middle man of having to pay my credit card bill off... Its actually easy once you get it setup so you can pay your card off online.

I am hoping to build my credit, got a cell phone for 3 years, beeper before that, all paid off, smae with my water bill, power bill, washer/dryer rental, cable/internet, and I am starting my 5th year of apartment leases coming up.

[Mogobs30th]

I am a prime example not to get yourself in over your head. I have at least 9 retail store cards, and 3 credit cards. Before 2002, I never had a problem paying any of them, and the all had outstanding balances. In that same time, I also had a credit rating of about 780-ish, I could have gotten almost anything I wanted. But then I lost my job at Deluxe. I had to pay several cards late till I got another job a month later at Davis Homes. I started Davis in June of 2002, and had my credit rating looked at by my aunt at the local Dodge dealership. In June of 2002, my score was 680-ish. It had dropped over 100 points in a matter of months, and a few late payments. Well by September of 2002, I was again caught up with my bills, and even made a few more of my own, most specifically a $1500 Movado watch, as a gift to myself. By December, I had then got laid off again from Davis Homes, and lost my Camaro in the same month due to irrsponsible people around me. By that time I got my credit rating back up to the 700 range, but was about $6000 in debt. I couldn't find a job anywhere for about three months, and the bills got out of control from there. By February of 2003, I eventually found a job as a courier with that sh**ty Ford van that I got as a trade for my Camaro, but was about three months behind on all my bills. By May of 2003, I had lost my apartment as well, but was just about caught up with my bills, all 13 of them, when my van took a turn for the worse. I had to spend $1500 just to get the thing to run again, and in the meantime, I was making no money because my van wasn't working. So after doing a little construction here and there, by August of 2003 I had the van at least running, but was back in bills again by three months. By the end of September, the van died, and so did my job. My boss offered me to drive a 24' box truck at $10.00 an hour, so I couldn't turn that down. But what he failed to tell me that I only got paid for the time I was physically driving the truck, not the time I was in the truck. So I was working about 10 hours a day and only getting paid for about 2. And when I think it couldn't get any worse, I get a kidney stone. I have no insurance, I have no money. I was barely struggling to pay the bills I had now, which were still being sent late if being sent at all. When I get the kidney stone in November of 2003, I had to pay for everything out of pocket, X-rays, CT scans, emergency room visits every Friday night. And it gets even worse, I get fired from the courier job. My boss will say it was because of incompetence, but my belief is because of the kidney stone, and I was expendable. So by the beginning of December 2003, I was about $9000 in debt, no job, no insurance, and I had a kidney stone so large that the best pain killer the hospital could offer in pill form was like taking sugar pills. I eventually got a new job at the end of this past January, but I still had another surgury to pay for, and at least three more CT scans to have taken.

At the current moment, I am about $15,000 in debt, about $8,000 in hospital bills alone. I haven't been able to pay any bills for at least 7 months, only because I have recently gotten a car, and tried to help my mom out on some of her stuff around the house, like new gutters, tree trimming, new shingles on the roof, and a new sidewalk to the front door from the street. Bill collectors call me at least 20 times a day, and send mail to me everyday. And just about everything that I had bought from the credit cards I have had to sell to pay for the same bills.

My whole point is that you never know what is coming around the corner for you next. Stefan is right, you have to have debt before you can build credit, but when you get that debt, stay in control of it. Don't buy stupid things frivilously. I am a prime example of good credit gone terribly bad. I now have to file bankruptcy, I have no other choice. The bills are too overwhelming, and too far behind to try to fix at this point.

BTW, I have yet to pay my taxes yet, which are about $2000.

[Turbo V6 Camaro]

Originally posted by Mogobs30th:
I am a prime example not to get yourself in over your head. I have at least 9 retail store cards, and 3 credit cards. Before 2002, I never had a problem paying any of them, and the all had outstanding balances. In that same time, I also had a credit rating of about 780-ish, I could have gotten almost anything I wanted. But then I lost my job at Deluxe. I had to pay several cards late till I got another job a month later at Davis Homes. I started Davis in June of 2002, and had my credit rating looked at by my aunt at the local Dodge dealership. In June of 2002, my score was 680-ish. It had dropped over 100 points in a matter of months, and a few late payments. Well by September of 2002, I was again caught up with my bills, and even made a few more of my own, most specifically a $1500 Movado watch, as a gift to myself. By December, I had then got laid off again from Davis Homes, and lost my Camaro in the same month due to irrsponsible people around me. By that time I got my credit rating back up to the 700 range, but was about $6000 in debt. I couldn't find a job anywhere for about three months, and the bills got out of control from there. By February of 2003, I eventually found a job as a courier with that sh**ty Ford van that I got as a trade for my Camaro, but was about three months behind on all my bills. By May of 2003, I had lost my apartment as well, but was just about caught up with my bills, all 13 of them, when my van took a turn for the worse. I had to spend $1500 just to get the thing to run again, and in the meantime, I was making no money because my van wasn't working. So after doing a little construction here and there, by August of 2003 I had the van at least running, but was back in bills again by three months. By the end of September, the van died, and so did my job. My boss offered me to drive a 24' box truck at $10.00 an hour, so I couldn't turn that down. But what he failed to tell me that I only got paid for the time I was physically driving the truck, not the time I was in the truck. So I was working about 10 hours a day and only getting paid for about 2. And when I think it couldn't get any worse, I get a kidney stone. I have no insurance, I have no money. I was barely struggling to pay the bills I had now, which were still being sent late if being sent at all. When I get the kidney stone in November of 2003, I had to pay for everything out of pocket, X-rays, CT scans, emergency room visits every Friday night. And it gets even worse, I get fired from the courier job. My boss will say it was because of incompetence, but my belief is because of the kidney stone, and I was expendable. So by the beginning of December 2003, I was about $9000 in debt, no job, no insurance, and I had a kidney stone so large that the best pain killer the hospital could offer in pill form was like taking sugar pills. I eventually got a new job at the end of this past January, but I still had another surgury to pay for, and at least three more CT scans to have taken.

At the current moment, I am about $15,000 in debt, about $8,000 in hospital bills alone. I haven't been able to pay any bills for at least 7 months, only because I have recently gotten a car, and tried to help my mom out on some of her stuff around the house, like new gutters, tree trimming, new shingles on the roof, and a new sidewalk to the front door from the street. Bill collectors call me at least 20 times a day, and send mail to me everyday. And just about everything that I had bought from the credit cards I have had to sell to pay for the same bills.

My whole point is that you never know what is coming around the corner for you next. Stefan is right, you have to have debt before you can build credit, but when you get that debt, stay in control of it. Don't buy stupid things frivilously. I am a prime example of good credit gone terribly bad. I now have to file bankruptcy, I have no other choice. The bills are too overwhelming, and too far behind to try to fix at this point.

BTW, I have yet to pay my taxes yet, which are about $2000.

dang yo thats harsh i hope everyhting works out for you