Vicious88
05-24-2010, 05:44 PM
[Originally posted on my blog: http://vicious88.wordpress.com copied here for better commenting]
I’m 4 posts into this blog, and the previous three might set you up to believe that this post would be me describing my new car and how exceedingly happy I am that I can finally get back to work and on with my life.
Well, expectation not reached!
Here’s a few things about credit that most people don’t seem to understand.
Having good credit means NOTHING! Absolutely nothing! What do I mean by this? Well, when I started this whole ordeal I had a credit 700 (notice that I say “had”). But simply having a good credit score isn’t enough. Most lending institutions have some other absurd red tape requirement that you have to meet. One Gulf Winds FCU wanted me to have $1000 of spare, completely disposable income a month before they’d let me take a loan with $160 a month payments. Pen Air FCU, wants me to make twice the money I make, AND have a lengthy credit history. It apparently means nothing that I’m nearly 22 and have done a good enough job keeping my head above water that I’ve only ever formed one line of credit – which I paid off early and earned a late payment or anything of the sort. Sunbelt Credit wants me to already be in debt before they’ll lend me any money.
Being Debt Free will hurt you! I’ve had no debts of any kind since a loan I had back in 2007 (the only line in my credit history, the one which earned me my good credit score because I paid ahead of time and never missed a payment), and because of that, the creditors “have no proof that you can manage debt”. …? Seriously? I’ve kept myself out of it, haven’t I? I’m young! I’m NEARLY 22. How many people my age can say they have as good of credit score and have only been in debt ONCE in their life? Something about this should really be speaking volumes to these lenders that “Hey, this guy’s financially responsible! If we loan him money… He’ll pay it back! Plus whatever interest we charge him!!! Yay, Profit!”
I don’t really see what the issue is here…
I’m nearly 22 years old. I do not drink, I do not smoke, I do not do drugs, I do not gamble, and I have absolutely no vices which consume my money or my mind. I’ve never taken a loan that I’ve not paid promptly. I’ve never fooled around in friendships or relationships. I am quiet possibly the most boring person on earth. If you’re looking for a safe bet on loaning money — I AM IT!
I’ve actually had to resort to posting an ad on craigslist, seeking private financing. I think we all know how well that’s going end. If I don’t get into a car soon, I will loose my job. And with things being as bad as they are, it might take me a year to find another one. I can’t that to happen.
Oh, and here’s the real kicker — a little bit of knowledge I learned today! Remember how I said I had a credit score of 700? Well now it’s at 693, and do you know why?
Every time you inquire about a loan or financing, you are deducted points from your credit score! That’s right, these idiotic assholes who won’t loan you the money any damn way, are actually punishing you for trying to get quotes! You’d don’t have to apply for a loan: All you have to do is ask about one? Anytime a creditor pulls your credit score or credit history, they shave a few points off, because the fact that you’re interested in your own credit somehow makes you more financially irresponsible in their eyes. That, my friend, is bull****.
I’m 4 posts into this blog, and the previous three might set you up to believe that this post would be me describing my new car and how exceedingly happy I am that I can finally get back to work and on with my life.
Well, expectation not reached!
Here’s a few things about credit that most people don’t seem to understand.
Having good credit means NOTHING! Absolutely nothing! What do I mean by this? Well, when I started this whole ordeal I had a credit 700 (notice that I say “had”). But simply having a good credit score isn’t enough. Most lending institutions have some other absurd red tape requirement that you have to meet. One Gulf Winds FCU wanted me to have $1000 of spare, completely disposable income a month before they’d let me take a loan with $160 a month payments. Pen Air FCU, wants me to make twice the money I make, AND have a lengthy credit history. It apparently means nothing that I’m nearly 22 and have done a good enough job keeping my head above water that I’ve only ever formed one line of credit – which I paid off early and earned a late payment or anything of the sort. Sunbelt Credit wants me to already be in debt before they’ll lend me any money.
Being Debt Free will hurt you! I’ve had no debts of any kind since a loan I had back in 2007 (the only line in my credit history, the one which earned me my good credit score because I paid ahead of time and never missed a payment), and because of that, the creditors “have no proof that you can manage debt”. …? Seriously? I’ve kept myself out of it, haven’t I? I’m young! I’m NEARLY 22. How many people my age can say they have as good of credit score and have only been in debt ONCE in their life? Something about this should really be speaking volumes to these lenders that “Hey, this guy’s financially responsible! If we loan him money… He’ll pay it back! Plus whatever interest we charge him!!! Yay, Profit!”
I don’t really see what the issue is here…
I’m nearly 22 years old. I do not drink, I do not smoke, I do not do drugs, I do not gamble, and I have absolutely no vices which consume my money or my mind. I’ve never taken a loan that I’ve not paid promptly. I’ve never fooled around in friendships or relationships. I am quiet possibly the most boring person on earth. If you’re looking for a safe bet on loaning money — I AM IT!
I’ve actually had to resort to posting an ad on craigslist, seeking private financing. I think we all know how well that’s going end. If I don’t get into a car soon, I will loose my job. And with things being as bad as they are, it might take me a year to find another one. I can’t that to happen.
Oh, and here’s the real kicker — a little bit of knowledge I learned today! Remember how I said I had a credit score of 700? Well now it’s at 693, and do you know why?
Every time you inquire about a loan or financing, you are deducted points from your credit score! That’s right, these idiotic assholes who won’t loan you the money any damn way, are actually punishing you for trying to get quotes! You’d don’t have to apply for a loan: All you have to do is ask about one? Anytime a creditor pulls your credit score or credit history, they shave a few points off, because the fact that you’re interested in your own credit somehow makes you more financially irresponsible in their eyes. That, my friend, is bull****.