McD

I have recently been trying to find a bank that will give me a line of credit for $5000 or something in that range. My only problem is that when I was younger, about 2 years ago, I was bad with my money and had loans and credit cards that I didnt pay on time, sometimes I would go for multiple months without paying them at all, well I finally smartened up and payed them all off in full. But now my problem is that on my credit report, it shows under all these loans and stuff, that there were alot of late payments, and I think thats what's turning alot of banks off from approving me. I have no collection agencies after me, nor have I ever, it's just those late payment reports that are screwing me. I talked to someone at the credit agency and they told me that those can stay on there for up to 6 years So now i'm kinda stumped on what to do. Anyone have any ideas? I'm trying to save up for a new car/car parts, but bills and rent are taking a toll on me and i can only save about $100 every pay, it sucks, but this is why im' looking in to a line of credit. Anyone ever experience problems like this before with credit? any help will be appreciated

The Prophet

honestly, i would say dont even bother man... unless its absolutely nessesary... if you can barely keep up with bills now, think of how it will be when you have to pay a line of credit every month too, i think it may just end up that you fall into the same hold with the line of credit as before.... i know it sucks having low cash flow, god knows i have the same problem, but making more debt may be a bad move....

Trueno

yeah man the things you only have to do now which is pay your bill on time cuz it is the only way to prove to the lender that you improve your payment manner
And usually depends on how bad of your credit if for some minor late payment, it should not take 6 years to recover, normally 1-2 years then you back on the track
hope it help!

my 2 cents

civicnation

check your credit rating on those websites

Double_B

If all your cards are payed off, make sure they are cancelled because if they aren't they show up on your report. I know it sucks, but I have said here many times before, take care of your credit because it will bite you in the *** later. Credit can be good if you use it wisely. I would think that buying a car would be the last thing you want to do. I would try to straighten out your credit first. I would get one credit card, very small balance and use it to bring your credit back up. But you have to make sure when you use it you pay it off right away. Keep tabs of your credit score and go from there. I would also suggest getting someone to help you with your finances and how to balance your budget for all your bills groceries etc.


Here is the website if you want to check it

https://www.econsumer.equifax.ca/ca/...=OPIEM&lang=en

marker

It's actually SEVEN years that an item will remain on your credit report.

Consider leasing a small car and going through the manufacturer's leasing arm. They are usually a little more keen to extend credit to less than ideal candidates because they are even more keen to move product and besides, they keep title to the vehicle during the term of the lease. They will also offer zero $ down deals that you may or may not qualify for.

You'll get a new car, you'll get lower monthly car payments than you would if you got a flat-out loan for a new car, and you'll also get a good credit reference if you manage to keep your payments up to date.

Leasing is a very effective way to rebuild your credit while having the goodies now. Typical lease terms range from 24 months to 60 months. Try going mid-range so your lease term expires no later than the vehicle warranty for your first go-around.

imported_damdam

any website to check for free??

Double_B

You can do it for free by calling, but all you will get is what cards/loans/leases you have on your credit, it will not give you your credit score. They will send to you in the mail. I haven't found one that is free.

imported_xray

I wouldn't apply if I were you. You're already in over your head now as it is. Late payments do stay and haunt you for a long time. Have you ever have collections calling you? Debt being turned over to collection agencies? If so, you might as well ride it out because the only way to build good credit is to pay bills on time. Heck, drop more than the minimum payment if you have some to spare to start buliding good credit. Putting yourself in more debt with the line of credit is not the solution.

imported_badkarma

WELLS FARGO!!!!!!

MAN just got 4500 from them so I can get my body+paint job done by Concepts on Wheels and they offer 3,6 or 12 months with no interest!!!!

I went with 12 obviously and im happy.. dont worry guys I now wat im doing I dont get paid 18/hr 4 nothin so im SAFE!

marker

If you don't pay it off in 12 months, you do realize the interest rates that Wells Fargo charges on their loans? It's not cheap!

Double_B

Glad someone else notice that.


you guys got to realize that you can't play around with credit the way you have been.

imported_nsr250

If you're looking for money for a car , instead of line of credit get a car loan and have someone be you're co-signer. Then you'll most liekly be approved. But with that said trying to get a $5000 line of credit now is probably going be a rip in interest , it'll probably put you deeper in the hole just from paying interest alone. Prime is already 6% , I'm guessing depending what bank but on average you'll be paying Prime+5% or so. That's 11% interest rate. Too insane.

styls255

goodluck having the same problem.

marker

That's why if the object is getting a car, and you don't have a lot of money or access to credit, you don't get a car loan for the full purchase price. You lease instead, which means you're paying only for the expected depreciation during the term of the lease, and not the full purchase price of the car. And for someone with poor credit, it's much easier to qualify for a manufacturer lease program than it is to get a conventional car loan or line of credit.

There are some real lease deals to be had out there. The trick is in setting modest expectations over what you can realistically afford to drive while you get your credit situation back into decent shape.

imported_jdm ek4

Did you get a credit report from Equifax? If you have a R9, thats really bad

imported_gatherer

you know ... going into debt is a very very bad thing.. not just for your credit score but because spending all that cash on debt servicing really hampers what you could buy.

I'm a prime example of a individual that has been crushed by debt.

when I got out of school I was 30,000 in the hole.what a way to start off life. but anyways the debt payments were only 250/month

I took the bus to work and eventually saved up enough to buy my first car (which I still drive) I paid outright for it. $2250 in cash.

6 months after having my job at bell I got my first creidt card. 3000 was my limit and I was always good at paying it off.

then I started racing and as I showed VISA that I could pay it off they raised my limit I had a 10,000 limit on my card. Anyways I started accumalating a balance as I'd just buy things without thinking it through if I wanted something I'd get something.

then I wanted to go across Canada I went to see a bank manager and got a line of credit for 10,000 and transfered my VISA balance of 7,800 to the line of credit and took off across the country. 1 month later the VISA was back up at 7800 dollars.

I've now been agressively trying to pay down the VISA card first and just servicing the interest on my line of credit. I'm paying 1000 a month to get that VISA card down to nothing but at the same time I haven't learned to cut it up. so it's taking some time to get down.

All in all I'm paying around 1500 a month just to service these debts and try to start paying them down.

my advice is simple:

if it's an asset you are buying (like your education) going into debt is something you can do.. if it's a liability or something that will depreciate in value over time then don't buy it. you don't need it then.. save up to buy that item.

do I regret the debt I have? yes I do. if I had to do it all over again knowing what I know now I would of been more careful with my money and most likely been able to enjoy it better.

save your 100 a month that you have and eventually buy something it'll make that something feel soo much better knowing you didn't go into debt to get it...

McD

Alright, thanks for all the replies guys. Yeah I think i'm just gonna keep doing what i'm doing saving up. And i'm definatly not going through wells fargo, there intrest rates are pretty bad. I had a $1500 loan through them, it was actually one of the loans that I didnt pay on time. It's payed off now though. I have a loan through CT that i took out, basically to pay off all my other loans, it's low intrest and it's only $100 a month, I'm thinking I'll just keep saving and paying this loan off, and hopefully when it's payed off it will help out my credit a bit, by showing that it was always payed on time. Anyways, thanks for the replies.

The Prophet

good chioce Kyle, good luck man

McD

thanks buddy, just found out i get a raise this week too, so that helps out