Can you help me understand some credit questions I have?

I need to hear from people who've experienced good or bad credit on their credit cards.
-What is the value of a good credit score when it comes to life? Things such as buying a car.
-Are there certain things you can't qualify for without credit?(If so, examples please)
-Is it too easy for people to get credit?
-Do you know the criteria?
Answers to any or all of these questions would be great. Thanks for lookin.

There are some people that will tell you that you don't need credit. Well, for them their perception may be their reality. But honestly, I think that it's important to establish and maintain good credit.

First off, credit should be used as a tool to help you get things that normally couldn't be done by normal means. For example, do you have the money to buy a $15,000 car? If you do, then stop reading because obivously you have enough disposable income to get whatever you want. But if you're like me and you work hard every day to make a living, you need credit. If you're still reading, I'll continue.

Depending on each person sometimes it's easy and it's not so easy to get credit. Some people are educated extremely young mainly becuase their parents bring them along slowly by adding them to their credit cards to provide them some credit, while others have an idea, but they use it for the wrong reasons, such as getting a department store card and maxing it out on clothes, and there's some that never really ever tried their hand to even get credit probably becuase they paid cash for pretty much everything or never gotten an opportunity.

With the way the future of the economy is and will be, credit will be relied upon even heavier than before. Getting a house, a car, and even some jobs can seem almost impossible without having good credit. I'll give you an example:

Let's say that you apply at a bank and your credit isn't up to par. Well, the bank will evaluate your credit to see whether or not you would be more than likely to try to embezzle or steal from them. I know it's crazy but that's how that's looked upon. Think of it like this. Would you want someone that was convicted of a DUI driving a school bus? Drastic analogy, but that's the mindset.

Another example:

You have a good paying job, yet you need a car to get back and forth from that job. How do you think you'll be able to get it? Although you don't have all the money to buy it upfront, it's pretty certain that you can pay it off if you're able to make payments on it. You know that, but how's the dealership supposed to know that?

With credit.

Another thing that you may want to know is what makes up the score that's looked at to tell whether you're good for it, or you're not. Here's a breakdown:

35% Payment history- how long, and how well you've paid on what you owe
30% Total debt- How much are you borrowing altogether
15% Length of credit history- How long have you been borrowing
10% Types of credit- In what ways are you borrowing (revolving/credit cards, installment/motgages, car loans)
10% New Accounts and Inquiries- When you apply to borrow and once you're approved.

With that said, you have an idea on what makes up the score, here are some tips

1.Pay on time
2. Don't apply for too much credit
3. Don't use all your available credit
4. Check your reports for errors

These are just some of the helpful hints that I have that should help,

Good luck!

Good credit score means lower borrowing costs (interest rates) and easier qualifying for loans, mortgages and credit in general.
I have been at both ends of the credit spectrum, good and "holy crap cut that womans credit cards up!" .
Its not too easy to get credit, it is actually hard,
the criteria depends on the type of loan or credit card.
Hope this helps

well if you have bad credit score. banks do not want to loan u money. and if they do it will be a higher interest rate which makes payments more.and if you haven't established any credit i doubt that you could obtain a loan of any kind.

There is a range of credit scores. It starts at 300 and goes to 900. A beacon over 700 will get you a good rate on a new car. You can still get a car but at a much higher interst rate. Better credit, better rate.

You can go to a buy here, pay here car lot without credit and get a car. Also some rent by the week furniture stores don't require a credit check.

I think it is too easy for people to get credit cards. There should be a limit, but theres not. Thats how these places make their money. Some people just have no self control.

When you apply for a credit card, they look at the amount of time you have been in the credit bureau, the amount of revolving credit you currently have available, the amount of credit you are using, and also your ability to pay it back. If you look at someones credit report you can tell if they are living off their credit cards.

Any other questions just ask...I am a branch manager at a finance company.

A good credit score will affect all your major buying and loan situations (car, home).

You usually can't rent a car, rent a hotel room, have a cell phone or buy something online without a card.

Yes, I think credit card companies give credit to people far too easily.

The criteria for what?

The value of a good credit score will save you thousands and thousands of dollars over your lifetime because you will get preferred interest rates when you purchase a car or a home.

When you have good credit, you can walk into any car dealer in the Country and be in charge. If you have bad credit, you are at the mercy of the Special Finance department. This is what I do, so I know.

Things you can't qualify for without credit would be a vehicle loan, home mortgage, cell phone, credit cards, personal loans from your bank or credit union.

To easy for people to get credit? I don't think so. I think the biggest problem is that people either do not read and understand the terms and conditions or they just lose track of their spending and due dates, which leads to late fees, over the limit fees and missed payments.

Your credit score can affect every aspect of your life. Whether or not you get a job, car, house or a decent rate on your car insurance.

Is too easy to get credit? Yes!! Just look at the recent foreclosure rate on the mortgages. People were approved for mortgages they obviously could not afford and under normal circumstances would not be approved for.

As far as the criteria goes, that depends totally on the lending institution.

For free consumer advice and credit goto a free site at http://www.consumerbadcreditguide.com/

Well, good credit is very important in this country. Sure you can get along without it but it will be very difficult.

If you want to buy a car...some dealers will require an impossible amount down and will charge you an arm and a leg of interest if you dont have good credit.

If you try and buy a house... interest rates will be sky high and it will be almost impossible to pay off.

If you want to rent an appartment...they may decline you or they may request a large deposit.

They shouldnt but some employers who do checks before they hire you...would rather hire someone with better credit because of two reasons...They dont want to have the expense and work of when you get served at work and your wages get garnished and some people feel like it tells a little bit about your morals or lifestyle. (not always true) but thats what some people think.

If you try and get a cell phone...you either cant or you need to get a big deposit.

It just makes life hard.

Is it easy to get credit...sure. Creditors dont really care for many reasons. Number one is they have so much income already that even if you dont pay....they get tax write offs. They have insurance and bill collectors that will make your life suck a$$. Plus giving personal credit is not that much money...its pocket change for them.

It is easy to get credit...you can get it at 18 but it is not easy to maintain credit.

Start small and build your credit. You will need it.

Good credit=Low interest.I've purchased a Harley and a Corvette,transferred balances to credit cards,and paid 0%int by transferring periodically.

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