Credit advice: Am I screwed?

[JESuX]

Okay, so here's the deal...

I happened to be pretty irresponsible with a Visa card a few years back, and now I'm trying for the life of me to do whatever I can to get some sort of credit.

I applied for a line of credit, but I was told I would probably be declined, even if my father (who has impeccable credit history) applied for a joint account with me.

Uhm.... Are there any other options? How long does it take for this shit to "dissappear" or am I just fuc*ed for life?


Hellllllllllp!

(People at the credit place were WAAAAAAY less than helpful)

 

[MalGlo]

it takes a few years of a perfect record to really help your case

although I have a friend who can make your problems go away.

 

[labRat]

maybe try going to a bank and ask them what they can do for you.

can you not get another card to bring back some 'credibility'?

 

[JEMZ]

If you went into R9 status, which means the owing amount was written off, you are looking at 7 years before it is off your equifax score... not so good.

The best way to get credit is to establish small amounts of it wherever you can, the tricky part is that the more you apply for the worse your score gets.

Good luck sweets... try calling a credit counselor, they are often quite helpful.

 

[pr0nstar]

You're most likely screwed IMO.

I had my student loans sent to collections for a stupid paperwork screwup (Fuck You Bank of Nova Scotia) and it screwed my credit for a good 2-3 years.

When I bought my car I had to get my mother to co-sign because of this stupid collections crap... and at the time I was making a lot more than she did, so it didn't make any sense at all to me.

But then I'm not the bank.

pr0nstar Screw Credit!

 

[mingster]

i don't know how helpful this will be to your situation, but do you have a cell phone? is it in your name? you can use that (paying your bills on time, of course) to rebuild your credit. but that's more long-term. and it won't get you a credit card NOW.

 

[JESuX]

Fuuuuuuuuuuuuuuuuuuuuck.


I'm not sure if my owing amount was written off... It was like, $170 or something.


SHit shit shit.

Why do they give credit cards to irresponsible 19 year olds...

*slaps forhead*

 

[finary]

paying your bills ON TIME every month is one of the best things for building good credit.

im pretty surprised that there isnt SOME credit card company out there that wants you because of your high interest paying potential. i'd keep looking.

might be a pretty shady company, but you could get some credit SOMEWHERE

/f

 

[OhNo!]

Originally posted by JESuX
Fuuuuuuuuuuuuuuuuuuuuck.


I'm not sure if my owing amount was written off... It was like, $170 or something.


SHit shit shit.

Why do they give credit cards to irresponsible 19 year olds...

*slaps forhead*

you answered your own question with a question,because they are irresponsible 19 year olds.

 

[pr0nstar]

Originally posted by finary
paying your bills ON TIME every month is one of the best things for building good credit.

im pretty surprised that there isnt SOME credit card company out there that wants you because of your high interest paying potential. i'd keep looking.

might be a pretty shady company, but you could get some credit SOMEWHERE

/f

But like JEMZ said, everytime you apply and get denied it only makes it worse...

 

[labRat]

Originally posted by pr0nstar
When I bought my car I had to get my mother to co-sign because of this stupid collections crap... and at the time I was making a lot more than she did, so it didn't make any sense at all to me.

credit has little to do with the amount of money you make per year. especially when you are just out of college and have little working history.

 

[LivingRoomPornstar]

Originally posted by pr0nstar
You're most likely screwed IMO.

I had my student loans sent to collections for a stupid paperwork screwup (Fuck You Bank of Nova Scotia) and it screwed my credit for a good 2-3 years.

When I bought my car I had to get my mother to co-sign because of this stupid collections crap... and at the time I was making a lot more than she did, so it didn't make any sense at all to me.

But then I'm not the bank.

pr0nstar Screw Credit!

Credit decisioning is based on risk.

I've scene people who make in excess of $150,000 a year and don't make their bills on time.

If you wonder why institutions care whether you pay on time or not...time is money, especially when you look at it on a grander scale(thousands of customers).

Jess, the only way you're going to get credit at a bank is to offer security. This means save some cash, and use it as security to get a credit card. If there are any outstanding amounts, written off or otherwise, pay them.

Dan

 

[pr0nstar]

Originally posted by labRat
credit has little to do with the amount of money you make per year. especially when you are just out of college and have little working history.

I know, but I wasn't just out of College...
My credit only went back to normal recently after paying bill after bill on time or early.

I will never deal with Bank of Nova Scotia after that ordeal
They screwed me over largely ... because I didn't submit a paper for OSAP when I didn't need it since I was working Co-op and still in school. But they assumed I was out of school, because I didn't take out another loan!

Bastards...

And no one even called me from the bank, they just sent it to Collections... fucking bastards.

pr0nstar

 

[JESuX]

Originally posted by LivingRoomPornstar
Credit decisioning is based on risk.

I've scene people who make in excess of $150,000 a year and don't make their bills on time.

If you wonder why institutions care whether you pay on time or not...time is money, especially when you look at it on a grander scale(thousands of customers).

Jess, the only way you're going to get credit at a bank is to offer security. This means save some cash, and use it as security to get a credit card. If there are any outstanding amounts, written off or otherwise, pay them.

Dan

Thanks for the advice Dan.

Who do I contact to find out exactly what the situation is? Equifax?

 

[LeoGirl]

JESuX

about 4 or 5 years ago, my credit was shit. VISA cancelled my account and I was pepetually late on all my bills.

About 2 years ago, Cdn Tire had one of those Kiosk's to sign up for a Cdn Tire Card and the lady convinced me they accept everyone. And they did. Two months later I had a Mastercard and a year after that another VISA.

Needless to say, I didn't learn anything from past experiences

........the point is, you can come back from your bad credit. you're credit history is only kept for 7 years I believe. See about one of the "secure" credit cards.

 

[LivingRoomPornstar]

Originally posted by JESuX
Thanks for the advice Dan.

Who do I contact to find out exactly what the situation is? Equifax?

416-227-8800


Yeah, Kenny, I've seen a lot of shite like that happen with student loans. The people this shite has happened to can't all be losers.

Sorry to hear that happened to you though, that's a real kick in the junk.

Dan

 

[pr0nstar]

Sending my loan to collections wasn't the biggest insult, I paid it off when they did.

The biggest insult was charging me about 8 months of interest ... when I was still in school doing my final 2 co-op terms.

About ~$1000 in interest on top of the $3,000 they sent to Collections... that was the biggest insult.

And like you said ... I know a few others that the same sort of shit happened. Especially with Bank of Nova Scotia.

I won't even use their ATMs if I can avoid it. I hate that bank so much

pr0nstar

 

[LeoGirl]

hey that reminds me, my stupid bank just decreased my overdraft with no warning or notification.

I called them before Christmas to inquire and they still haven't got back to me.

but bitching gets you nowhere.... well, I guess I'm off to kiss a fat lady's ass

 

[Skipper]

Originally posted by JESuX
Fuuuuuuuuuuuuuuuuuuuuck.


I'm not sure if my owing amount was written off... It was like, $170 or something.


SHit shit shit.

Why do they give credit cards to irresponsible 19 year olds...

*slaps forhead*

Jess, the exact same thing happened to me. I fucked up less than $500 of credit, and my score suffered pretty huge. I got a cell phone though, and MC upped my limit awhile ago when I asked, so all is not lost....

Just focus on being a perfect credit holder from now on, and wait it out.``

 

[H2Whoa]

What about getting a bonded credit card? Something where you give a security deposit (say $1000) and they give you a card with a similar limit. They are not advertised as such in Canada but if you talk to your bank they may be able to set something up.

 

[SneakyPete]

Yup, you're fucked for 7 years.

You can request a free credit report from the two major credit reporting agencies in Canada, Equifax and TransUnion, to take a look at your credit.

 

[DEEPHOUSEGRL]

Originally posted by H2Whoa
What about getting a bonded credit card? Something where you give a security deposit (say $1000) and they give you a card with a similar limit. They are not advertised as such in Canada but if you talk to your bank they may be able to set something up.

Depends on your bank. My bank (fuken CIBC bastards) won't do this for anyone who asks...you have to 'apply' for a secured Visa just like you would for their regular credit cards. They won't give you one if you ask for it.

 

[kuba]

it takes seven years to clear up.

if you want a credit report, I can get you one for free.

PM me.

 

[Soundstream]

The only minor flaw on my credit record was because of a situation similar to pr0nstars. I got a student line of credit during my second you as I wanted to go to Europe for the holidays, LOL.

Anyways, I set up my BoM account to repay the loan on a regular basis with automatic withdrawals. I never used the account for anything else, so I never checked the statements, etc. So ev eventually I am contacted by them demanding extemely late payments, and it was all because they never set up the automatic withdrawal.

Lesson learned: always check your statements/activity, even if you think everything is OK.

Personally though, I don't trust credit checks. For example, even though I have been lent several vehicle loans, and a mortgage over my lifetime, I was refused by Telus Mobility to setup a cellphone account for $30/month. They wouldn't/couldn't answer why, other than "Our computer just say Yes or No, and it says No for you". So I just went to Fido instead.

Cheers ... Ian