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Credit union: Trying to stop my credit from bleeding

Discussion in 'BBS Hangout' started by steddinotayto, Jul 21, 2005.

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  1. steddinotayto

    steddinotayto Contributing Member

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    I have pretty bad credit and I was thinking about how to make it better b/c in about 5-6 years I am pretty sure I would want to buy a house or a car (i'm 22 btw). Has anyone ever went through a credit union or something of the like? I want to repair the most I can after being too stupid with money. Any help is much appreciated.
     
    #1 steddinotayto, Jul 21, 2005
  2. ima_drummer2k

    ima_drummer2k Contributing Member

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    What do you mean by "went throught a credit union"? What are they going to do for you?
     
    #2 ima_drummer2k, Jul 21, 2005
  3. RocketMan Tex

    RocketMan Tex Contributing Member

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    Beat me to it. What are you going to the credit union for? A loan? :confused:
     
    #3 RocketMan Tex, Jul 21, 2005
  4. pirc1

    pirc1 Contributing Member

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    You should get a loan to buy something big like a car(used one counts too) and pay you debt off to show that you can be trusted with a line of credit.
     
    #4 pirc1, Jul 21, 2005
  5. Mulder

    Mulder Contributing Member

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    I agree. Get a simple interest loan that allows you to paid it off in advance. In fact, if you have a few thousand in savings ask them if you can borrow that amount of money while you open a savings account in their branch and set up automatic payments. If it is like a 24 month loan, pay it off in 6 months. Your credit will improve dramatically.
     
    #5 Mulder, Jul 21, 2005
  6. ima_drummer2k

    ima_drummer2k Contributing Member

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    LOL, I have a feeling this thread is going to turn out like the one started by the guy asking for tips on a fight he was about to get into....and then never posting again. :D
     
    #6 ima_drummer2k, Jul 21, 2005
  7. codell

    codell Contributing Member

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    As far as his score, yeah, but when banks actually look it when deciding whether to approve a loan, they like seeing long term payment history also.
     
    #7 codell, Jul 21, 2005
  8. FranchiseBlade

    FranchiseBlade Contributing Member
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    Exactly - Don't pay it off early. Take a long term loan, and pay it off over time. Long term payment helps your credit a lot.
     
    #8 FranchiseBlade, Jul 21, 2005
  9. steddinotayto

    steddinotayto Contributing Member

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    sorry guys. just came back from work.

    yea...basically i'm just trying to work on my credit rating. I don't want to be screwed over years from now when i go into a dealership to buy a car and they tell me that my interest rate is like 20% or something like that.

    i'm a n00b at all this stuff..which is VERY disappointing and embarrassing given my age. I know i should have been more responsible early on but stuff happens i guess..(lame excuse).

    Any tips on improving your credit rating? Maybe THAT is the right question to ask. Thanks guys
     
    #9 steddinotayto, Jul 21, 2005
  10. MartianMan

    MartianMan Contributing Member

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    Just start paying off your debt on time. Keep your debt to a minimum. After 7 years, any delinquencies will be off your record.
     
    #10 MartianMan, Jul 22, 2005
  11. ima_drummer2k

    ima_drummer2k Contributing Member

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    The only (legal) way to improve your credit is to pay off your debts. You don't have to pay them in full but you have to make a payment every month for a long period of time. Improving your credit is a long process. There is no quick fix.

    What kind of debt do you have? Credit card? Loans? School debts? Still need some more information.
     
    #11 ima_drummer2k, Jul 22, 2005
  12. reggietodd

    reggietodd Contributing Member

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    #12 reggietodd, Jul 22, 2005
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