 How can I get credit history if ive never had credit? |
I keep getting refused credit because i have no credit history but how do you get it in the first place?
Additional Details
Im a full time manager working 45 hours per ... |
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 Does anyone know of a loan shark in liverpool who can lend me money by lunch today? |
| i'm sure there's someone who can help me? I'm still looking to borrow 2500 and my mum's coming over this afternoon. If anyone knows anyone who can help please get in touch. Thanks<... |
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 How do I get out of debt fast? |
I am not sure what options I have. Any suggestions? More then $60,000 in debt, house, car, loans, and several credit cards.
Credit card debit is my main concerne and stress abour $20,000. T... |
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 I've been offered a credit card charging 34.9%. Should I go for it? |
| I know the Bank of England rate is about 4.9% but this sounds such a good deal.... |
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 Any creative ways to keep me from using my credit cards? |
I cut mine up and I still use them to shop online...
I tell myself I'm going to stop using them once I pay them off in full, but I cant seem to stop?
Any ideas on how I can stop using ... |
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 Can I use my debit card to buy something on the internet? |
| I want to buy something on the net but i dont have a credit card. Can I use my debit card to buy it or is it too risky?... |
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 My husband's credit rating is plummeting. Should I get divorced to save mine? |
| First off, I'm sure people will go up in arms over my question. I can hear it now: "How DARE you violate the sanctity of marriage by considering divorce over something so petty?" If ... |
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 Im 18 and a student, getting my first credit card....tips? |
| im about to get my first credit card and would use it in calculated ways, such as buying say a $90 pair of shoes with a credit card while actually having the money on me, so then I will lock that $90 ... |
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 I need a loan and have bad credit? |
| I need to get an engine for my car asap or at least another car. My credit is far from being good. Is there anywhere I can go for a loan? I dont have any money saved but need it asap!! Please help!!... |
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 How many credit cards do you have? |
| i have 4 which are full; do you think i should get more and splash out? X... |
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 I got a check in the mail... is it a scam? |
| i got a check in the mail today for like $2900 and i don't know if its a scam or not??? but my mom called the # on the paper telling about it and the lady said it was NOT a scam. i dont know ... |
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 Who else is sick of your being judged by your credit score? |
| The Housing market is in a mess with all the foreclosures now, and since all of this has happened numerous mortgage companies have had to fill bankruptcy! Now, no one with less than a perfect credit ... |
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 Has anyone heard of this, is it a scam? |
| got letter from spain saying ive won thousands of euros its called euromillones loteria international, apparently a draw from a computer ballot system. makes me wonder though cos they want yopur bank ... |
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 I need a loan to pay of my credit card debt ASAP? |
| I'm not quite sure how to go about it...I'm a student that is working part time and recently turned 19...some of my debt hasn't been paid on time cause i honestly have bad spending ... |
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 I need a 5000.00 loan yesterday my credit is not good and i do not have collateral ...? |
| i was contacted by a agency over seas that stated i needed to send them 380.00 to secure the loan of 10.,000 it seems fishy to me the company i beleive is based in london? is there nat legit people ... |
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 I missed my credit card payment by 1 day..what happens? |
| my credit card payment came in about 1 day after the due date..and it was the whole balance i paid off.will i be reported negatvley?... |
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y_veasy | Do Americans spend way too much on credit? |
Im doin a research on consumer debt and just want to know do we as Americans spend way too much on credit and why? And can there be ways to fix this problem? |
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papayosha
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Yes. The average US family owes over $8000 in credit card debt alone. I think that the overspending has a lot to do with "keeping us with the Joneses." A lot of Americans feel that they need to have the latest flat screen TV, two cars, a large house, etc. A societal attitude change would be necessary to fix the problem. |
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SD
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YES!!!! I personally don't use credit, because I have seen my 'savvy' friends who have everything up to their eyeballs in debt! Sure, I don't have the newest things, just waht I need to get by and live a little, and I am a cash and carry type person. Credit makes everything easier to buy, yet more hard to pay for later, and it's the way the average persson lives... I'm some sort of freak according to one of my friends because I don't buy all this new crap! LOL |
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jameslankford
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yes, Americans do spend too much on credit. The best ways to stop this trend is stricter credit guidelines by the creditors. However, they will never do this because they make so much money off of people who pay late and have bad credit and are forced into higher rates.
Therefore, the answer lies in the people themselves to have restraint and atop spending more than they make and be responsible. |
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Bob G
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Yes, they are way too deep in debt as the result of the desire for immediate fulfillment of every fantasy. More and more of the average person's net income goes to service debt rather than to buy real goods and services, the things the economy relies on to function. Its a downhill spiral, by product on credit, pay for it over time plus 20-100% of cost going to debt service. Later we are either unable to buy something else needed unless going into deeper debt and increasing the amount of money going into debt service. Over time our spendable income decreases.
On the other side of it, saving money and buying in cash reduces your net expenditure because you have no debt service. Effectively the product costs you less but you have to wait for the newest and latest toys. The plus side of that is the newest toys cost less a couple years down the road. While saving money for major purchases you also earn additional income from interest while the savings institution has more money available to loan businesses and home buyers. Economy improves as a result.
As a personal note, other than my home, I have not had any debt in more than 20 years. No credit cards and no credit card payments. It costs me 25% less to live than the person next door with all the credit cards in his wallet. |
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Doc
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I am of the opinion that 'Yes,' we Americans spend and rely entirely too much on credit. Need a car? How about a house? Vacation? All, generally gets applied to loans and credit cards.
When Jefferson wrote theDeclaration of Independence, he spoke of "Freedom." What he was referring to was financial. If you think about it, those with more money, have more options and are more free to choose. Those with less money, have less options available and therefore, are less free. Those with greater amounts of money, are less likely to be enslaved to their creditors. And, consider this: During the Clinton Administration, lobbyists for the various financial institutions and lenders lobbied for and got passed into law, a higher interest rate allowed on credit cards. It used to be that 9% was considered "High," currently, you can go as high as 29% interest on your credit cards. This now allows those lending companies the ability to offer 0% on credit card offers. But miss just one payment and instantly, you can go from oweing them a mere $2 or $3,000 to as much as (hypothetically -- I'm pulling this out of my hind end) $30,000 over night! With no recoursive action, because during this Bush's Administration, those same lobbyists pushed for and were granted tougher laws governing the individual's ability to file bankruptcy. It is a form of slavery, reconstituted and reinstituted.. The diabloical plan is that while it takes on average, 20 years to pay off a simple "loan" (credit card debt), with this added bonus of instantly raising interest, it could take a lifetime.
So how might we fix this? Repeal laws governing interest and bankruptcy and do away with lobbyists. Those lobbyists are stealing the ears of our elected representatives, meaning that you and I as individual, private citizens have no representation in Washington.
We should also look at restrictive laws governing who it is those lending institutions can target. As it stands currently, they intentionally look for and entice those they know must maintain a balance. Those who have the ability and track record of paying off monthly, their credit card debt are considered by those institutions to be "dead beats." With that small group, there is no money to be made.
Lastly, high schools and universities are not required to teach classes regarding personal accountability and finance. It is on these campus' that the lending institutions are setting up their tables and making such "great, free offers." These campus' need to be closed to these institutions or at least policies need to be put in place requiring certain restrictions be placed on those companies if they are to set up their tables. And those classes MUST be taught to the young who are most susceptable to these unethical practices. |
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harlowtoo
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Credit spending in this country is out of control, look at the increase in personal bankruptcies. Very sad, too, because once you've gone that route, you credit rating is trashed for life. Used to be a time when people waited to buy something until they had the cash to pay for it; now people are so greedy & have to have things NOW, then they worry how they are going to pay for it later, and often they can't. I doubt there is a solution, the credit card companies are delighted & getting richer by the day. The only solution is for individuals to cut up those credit cards & refuse to rely on them. |
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ricerfuel
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Trust me, us English probably send TWICE as much on credit most likely due to Americanisation. Everyone has to have the latest plasma tv and the newest car, my family has always been brought up with, "if you dont have the money in your pocket you cant afford it". |
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rbarc
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#1 Yes
#2 We want what we want when we want it. Doesn't matter if we can afford it.
#3 We need to stop being so materialistic. |
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Ilooklikemyavatar..exactly
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Yes,, they do. We are in a negative savings rate for the first time in america. It's almost completely to do with culture. In asia, they save up to 90 percent of their earnings or something ridiculous like that. Here, they save negative 1.2 percent. Its not just consumers. Our nation does that too. Without a recession, our economy cannot go on. To fix this, all the super in debt people will go broke and learn their lesson. |
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I got answers!
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YES!!! If we don't have the money we shouldn't be buying it! There are sooo many people who are out there living way beyond their means!!! |
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single occupant
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USMcsting not withstanding, the answer is obviously yes. As individuals we seem to lack discipline and a sense of personal responsibility. As a society, we borrow from the future to pay for dubious gains and pleasures of the moment.
Some folks really really seem believe that we have an obligation to enrich the private class, perhaps under the mistaken impression that with endless frivolous buying we help the overall economy.
The overall economy would be much better served by people living within their means and not giving merchants and vendors the erronious impression that we will endlessly pay ever more for their goods. It's that impression that has created the continuous inflation of all our basic commodities.
If people just stopped buying all the silly stuff, the economy would cool down to a rational level. No one would lose their jobs, and prices would come down. People could afford houses, education and medicines if they didn't waste their money on plasma tv's and ipods. It's really pretty obvious. |
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mottthedog
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Yes! And it's because we want to live at a level that we really cannot afford.
The fix is easy: buy what you need, not what you want. |
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mattzcoz
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Absolutely. It's way out of control. Put money in the bank and retirement accounts, buy nothing on credit unless REQUIRED, and then pay off as soon as possible. I know too many people who think credit is some free ride - and it usually just turns today's desires into tomorrow's desperation. |
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FörtyTwö
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Yes, and while you are at it do a little research into National Debt. Our goverment has spent all the tax money, after salaries and squanderd it away on wars and spying on Citizens of thier own country, And pork bellies, and unused farmland while americans go hungry and other stoopid stuff.
I am niether Elephant or Donkey, I aint even a Independant. I do not endorse any political/religious party platforms because the ones we have used for the last 100+ years have not only taken us off any real currency and handed us Bills of Note, but they also borrowed or spent $s that my grandfather paid them.
We are on a downhill runaway train and there isnt any conductor or brakeman that could help us out.
So enjoy the ride while it lasts. |
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marilenkaplan
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Advertisers tantalize people with their ads and TV commercials which flaunt every product imaginable and create a demand.
Very few citizens have unlimited finances even for the necessities so when they want the new car, vacation, the latest fad in clothing, they charge it.
The realization that the small payment is costing them up to 21% in interest each month and pushing up the cost of the product is not advertised and most people don't realize the reality until they are in debt over their heads.
The only answers are self-control and education by the government (that would mean they lose their sales tax) so we can forget about that. |
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justwondering
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All of the above and education is the fix. You learn your money habits from your parents. There is a certain amount of credit that is necessary - it is what elevated the working stiff to the level of the estate owning wealthy. At one time only wealthy families could buy land. Then someone got the idea to lend money with interest to the little guy who could then farm his own land and make a living for himself and repay the loan. This is just now being started in the third world countries and the guy that started it just won the Nobel prize. What a concept - loan enough for a poor village to buy a pregnant cow - They sell the calf and repay the loan etc. It is when we get beyond the necessities that we get into trouble. When you pay the minimum and18% on your credit card debt for that "to die for" new outfit you are living beyond your means. |
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pessimoptimist
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Oh, yes, indeedy! I know very few people who wouldn't be devastated if they lost their job and suddenly had to live and pay all those bills out of their non-existent savings.
For many years, I didn't have a credit card, because I didn't make enough money to qualify. Imagine that. Now the hubby and I have ONE card. I haven't used the thing for 3 years and it's not because we're rolling in dough. We just don't believe in buying anything that we don't need on credit. We did use it for his cataract surgery and that was partly because we got a 15% discount from the doctor for paying immediately and in full. We Americans buy so many things that we can easily do without, at least until we get the last purchase paid for. Advertisers and self-worth "pundits" keep telling us that it is our God-given right to live as high on the hog as we can. They don't bother to mention that we also have a right to live without crushing debt and the tension that arises from it. Our government encourages us to spend, spend, spend, because that keeps the fat cats happy and puts mega-bucks in sales and use taxes into the treasury, so our government, with our tacit permission, can continue on the merry road of deficit spending.
What can we do about it? Tighten our belts, realize how much that easy credit is really costing us in terms of interest rates and stress. Try to keep your spending to the things you NEED, not the things you WANT. It's easy to tell the difference...need is when you are in danger of dying when you don't have it. You know, Basic food, basic shelter, and basic clothing. Anything after that is a luxury. |
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cope_acetic
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Yep--most live beyond their means, which credit enables them to do!
It CAN'T be fixed while the credit companies are making such a killing, since they like it this way.
We all have to be smart about our own finances, and not buy things we don't NEED and can't really afford.
BTW--SOME of us are financially sound---I've never carried more than a thousand on my card, and that's only at Christmas! |
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Phoenix, Wise Guru
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Really, spending anything on credit is too much unless it is an emergency. Why can't you just wait until you save up the money?
No giving people an easy way out (like bankruptcy) would kick that problem. It's too early to tell if the new bankruptcy laws will change anything. |
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shania3949
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I think the answer is yes. I have to tell u tho. I have no credit cards ( not by choice) i pay cash and at least I am not in debit. |
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Walking on Sunshine
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Yes - the same people who fuss like mad over filing and paying taxes pay 21-32% over their debt in finance charges and another 11% on average in fees. It is a huge problem but it keeps our consumer index high. If we all lived on a cash basis billions of dollars in jobs would be lost. It is a necessary evil. If a person or family wants out of credit debt there are thousands of free credit services as well as books and agency's to help by reducing the debt and setting you on a payment plan that totally eliminates the debt in 24 months on average. Then it is up to the consumer to stay that way.
As to why Americans are in so much debt - ease of availability of credit and a myriad of things to buy with it. It is just super easy to get credit and even more so to use it up on clothes, jewelry, vacations and the ever important electronic gadget of the day. It takes discipline to stay on a budget and credit eliminates that need. |
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festeringhump
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Yes we do,we learned it from watching how our government is run.Spend,spend,spend..... |
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Steve H
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We do spend too much on credit and debt, and I read an interesting theory the other day on why that is. The author, Dave Ramsey, said that when we move out of our parents' houses, we want to live at the same level of luxury that we had there, so we charge to get there. What we fail to see is that it took our parents YEARS to get to where they were when we lived with them.
I read one of the other responses that said that debt is what keeps the economy going. That couldn't be further from the truth. Sure, it helps the banks and credit card issuers, but it takes spendable money out of the hands of the consumer.
My wife and I have paid off everything but our house, and the next car we buy, we will pay cash for. No more loans, no more borrowing. No more debt! |
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Debt Free!
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yop. i stopped using credit cards last year. it probably can't be fixed because we live in a world where everything is NOW and things need to be microwaved. we forgot how to save, we forgot patience. we need stuff now and need to look good to other people.
it can only be fixed when people get tired of living paycheck to paycheck and are willing to do something different.
did you view the dvd maxed out? http://www.maxedoutmovie.com/ |
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Jeff
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Absolutely! A Roper Report's in-person survey fielded last May reveals that more Americans are carrying balances on their credit cards, and the frequency with which they use their cards has risen in just the past year.
And we are paying off less ans less of that debt!
Twenty-nine percent of Americans with at least one credit card report they "always pay the entire balance," down seven percentage points since April 2001. The share that says they usually pay more than the minimum, but not the entire balance, has consequently increased five points. |
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Big B
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Yes. It's the whole instant gratification thing. Our society is catered toward it (drive thru fast food, drive thru pharmacy, pay at the pump, etc.). We want what we want and we want it now. Credit gives us the ability to have something right now instead of saving up for it. I don't know that the problem can ever be corrected because it's not just an education problem. It's a lack of patience thing, and it'll never change. |
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somebody
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YES!!!!!!!!!!!!! we have so much debt that are grandchildren won't even be able to pay it off!!!!!!!!!! |
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emkay4597
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In short, Yes.
Way too much.
An education, good job, etc, are nothing compared to your credit rating.
The solution is self disipline, but it isn't taught. If you save your money for a purchase, you can own something much faster that borrowing for it. |
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BlueFish
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Americans seem addicted to credit and currently aren't saving much money. I would be curious if the problem is just an American problem. |
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Carla S
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simple answer is yes
our society teaches us we need the best of the best and now! between that and the cost of living, we are almost forced into debt.
i think if we lowered interest rates it would help. and teach teens responsibility especially when it comes to finances. no credit cards to teens or students unless they are able to prove they can handle it. |
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Muga Wa Kabbz
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Yes, Americans have too much credit. The USA and Americans would never have achieved higher standards of living if it weren't for credit. I also think that credit is the capitalism way of life and the US is capitalistic.
There are ways of fixing the problem. People can be taught to use credit to their advantage and use it to increase passive income rather than using it to increase "bad expenses" and "bad" debt. Although banks are always happy to bet on the fact that a majority of people would not make the effort to learn how to use credit wisely, which is why banks make billions of dollars profit out of we, regular folks. |
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