1. Welcome! Please take a few seconds to create your free account to post threads, make some friends, remove a few ads while surfing and much more. ClutchFans has been bringing fans together to talk Houston Sports since 1996. Join us!

  2. Watching NBA Action
    Come join Clutch as we're watching NBA playoff action live, including KD vs. Ant and the star-studded Clippers-Mavericks matchup

    LIVE: NBA Playoffs!
    Dismiss Notice
Welcome LIVE NBA ACTION

Credit union: Trying to stop my credit from bleeding

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

Tags:
  1. steddinotayto

    steddinotayto Contributing Member

    Joined:
    Aug 10, 2001
    Messages:
    19,116
    Likes Received:
    20,867
    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

    Joined:
    Oct 18, 2002
    Messages:
    35,623
    Likes Received:
    7,581
    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

    Joined:
    Feb 15, 1999
    Messages:
    18,452
    Likes Received:
    116
    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

    Joined:
    Dec 9, 2002
    Messages:
    13,971
    Likes Received:
    1,701
    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

    Joined:
    Nov 20, 1999
    Messages:
    7,118
    Likes Received:
    81
    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

    Joined:
    Oct 18, 2002
    Messages:
    35,623
    Likes Received:
    7,581
    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

    Joined:
    Aug 26, 2002
    Messages:
    19,312
    Likes Received:
    710
    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
    Supporting Member

    Joined:
    Jan 14, 2002
    Messages:
    48,841
    Likes Received:
    17,462
    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

    Joined:
    Aug 10, 2001
    Messages:
    19,116
    Likes Received:
    20,867
    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

    Joined:
    May 2, 2005
    Messages:
    1,745
    Likes Received:
    3
    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

    Joined:
    Oct 18, 2002
    Messages:
    35,623
    Likes Received:
    7,581
    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

    Joined:
    Apr 30, 2005
    Messages:
    2,103
    Likes Received:
    0
    #12 reggietodd, Jul 22, 2005
(You must log in or sign up to post here.)

Share This Page

Toggle Width
Style
ClutchFans Original

  • About ClutchFans

    Since 1996, ClutchFans has been loud and proud covering the Houston Rockets, helping set an industry standard for team fan sites. The forums have been a home for Houston sports fans as well as basketball fanatics around the globe.

  • Rockets Content

  • Support ClutchFans!

    If you find that ClutchFans is a valuable resource for you, please consider becoming a Supporting Member. Supporting Members can upload photos and attachments directly to their posts, customize their user title and more. Gold Supporters see zero ads!


    Upgrade Now