Bad credit
Road Warrior
Joined: Nov 2013
Posts: 1,814
Likes: 11
From: USA
They are not much different. But right now she has zero payment history. She's in that boat of she can't get credit 'cause she's never had credit. When I say her bf wacked her credit, it was hot checks and collection services for back rent. All the pp credit card is doing for her is establishing a payment history, which right now she has none.
Grand HDF Member
Joined: Oct 2012
Posts: 3,758
Likes: 196
From: Boise, ID
I've always seen plenty of institutions who want to lend high risk people money. Your FICO score is your ability to borrow money and pay it. Check with Barnett HD if your local won't find someone who will do it.
Mind you your interest rate will be terrible and you will pay more money than the next guy with a good score. Of course anytime you finance something you are going to pay more than you would if you had cash.
Mind you your interest rate will be terrible and you will pay more money than the next guy with a good score. Of course anytime you finance something you are going to pay more than you would if you had cash.
Grand HDF Member
Joined: Oct 2012
Posts: 3,758
Likes: 196
From: Boise, ID
They are not much different. But right now she has zero payment history. She's in that boat of she can't get credit 'cause she's never had credit. When I say her bf wacked her credit, it was hot checks and collection services for back rent. All the pp credit card is doing for her is establishing a payment history, which right now she has none.
She does have credit, bad credit. If she is on the account where the bad checks were written she is liable. I'm assuming she was on the lease where the unpaid rent was also.
Road Master
Joined: Oct 2012
Posts: 1,240
Likes: 82
From: Columbus, GA
They are not much different. But right now she has zero payment history. She's in that boat of she can't get credit 'cause she's never had credit. When I say her bf wacked her credit, it was hot checks and collection services for back rent. All the pp credit card is doing for her is establishing a payment history, which right now she has none.
A prepaid is one of those you can buy in most retail stores and just add cash to it. Almost like a gift card but with the credit card logo. A prepaid would do nothing to build credit if it's not tied to a SS#.
Road Master
Joined: Oct 2012
Posts: 1,240
Likes: 82
From: Columbus, GA
Well, you can stereotype me if you want. I paid every bill up to the day my BK lawyer said to stop paying. To have continued onward using cash advances to continue paying bills would have been fraudulent. I sure hope nobody yanks away 25-30% of your income at the drop of the hat with no notice and you have to figure out a way to make due all the while coming off of a divorce and a bilateral pulmonary embolism.
Instead of taking things slow and building up a good credit profile and living within your means, you are looking to get a large loan at a high interest rate that will end up being a higher payment on a luxury item that, when you look at it objectively, isn't really needed. Not to mention the bad credit will impact your insurance rates as well.
There are other ways to rebuild your credit. So what happens when you have another "event" that cuts your source of income?
Grand HDF Member
Joined: Oct 2012
Posts: 3,758
Likes: 196
From: Boise, ID
I think the point he was trying to make is you previously got yourself in a position that losing 25% of your income put you on the road to BK.
Instead of taking things slow and building up a good credit profile and living within your means, you are looking to get a large loan at a high interest rate that will end up being a higher payment on a luxury item that, when you look at it objectively, isn't really needed. Not to mention the bad credit will impact your insurance rates as well.
There are other ways to rebuild your credit. So what happens when you have another "event" that cuts your source of income?
Instead of taking things slow and building up a good credit profile and living within your means, you are looking to get a large loan at a high interest rate that will end up being a higher payment on a luxury item that, when you look at it objectively, isn't really needed. Not to mention the bad credit will impact your insurance rates as well.
There are other ways to rebuild your credit. So what happens when you have another "event" that cuts your source of income?
I think what Rob is trying to say if you don't have a large debt to income ratio, you won't be in a bad spot when things go wrong. Bad credit will make you pay more for several things like insurance as he mentioned.
I can't think of anything that you buy on credit that is NEEDED. All this stuff is wants. Which is fine if you are paying for it.
Thread Starter
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Road Master
Joined: Mar 2008
Posts: 1,130
Likes: 0
From: FLORIDA
I think the point he was trying to make is you previously got yourself in a position that losing 25% of your income put you on the road to BK.
Instead of taking things slow and building up a good credit profile and living within your means, you are looking to get a large loan at a high interest rate that will end up being a higher payment on a luxury item that, when you look at it objectively, isn't really needed. Not to mention the bad credit will impact your insurance rates as well.
There are other ways to rebuild your credit. So what happens when you have another "event" that cuts your source of income?
Instead of taking things slow and building up a good credit profile and living within your means, you are looking to get a large loan at a high interest rate that will end up being a higher payment on a luxury item that, when you look at it objectively, isn't really needed. Not to mention the bad credit will impact your insurance rates as well.
There are other ways to rebuild your credit. So what happens when you have another "event" that cuts your source of income?
Banned
Joined: Apr 2008
Posts: 2,492
Likes: 10
>> hope nobody yanks away 25-30% of your income at the drop of the hat with no notice and you have to figure out a way to make due all the while coming off of a divorce and a bilateral pulmonary embolism.<<
I'll say it again, you have already answered your question, if you look at things you will agree that <right now> is not a good time to buy.
I have lost income unexpectedly and it sucks. But why add to the problem?
Mark
I'll say it again, you have already answered your question, if you look at things you will agree that <right now> is not a good time to buy.
I have lost income unexpectedly and it sucks. But why add to the problem?
Mark
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Stellar HDF Member
Joined: Nov 2010
Posts: 3,120
Likes: 1,148
From: Directly above the center of the Earth
Agreed, in *most* cases. In my case, because of my disability, the bike *is* a necessity and is actually far easier on my back and far less painless than trying to sit in/drive or get in/out of a car or truck. I'm sure that this kind of thing is such a small percentage of bike owners that it's almost zero, but it is there, heh. Just figured I'd screw up the numbers a little, lol.
Extreme HDF Member
Joined: Jan 2012
Posts: 12,986
Likes: 715
From: NE Philly
Agreed, in *most* cases. In my case, because of my disability, the bike *is* a necessity and is actually far easier on my back and far less painless than trying to sit in/drive or get in/out of a car or truck. I'm sure that this kind of thing is such a small percentage of bike owners that it's almost zero, but it is there, heh. Just figured I'd screw up the numbers a little, lol.
