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I need a credit card (i think)

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pinballwizard79:
I think everyone here forgets a 0 FICO score gets you 0 credit card options other than secured with an annual fee which requires the exact money he needs to borrow (horse, meet cart)..............maybe a $250 1st premier card that gets shipped to you with a $200 balance (hmmm, $50 short of a secured card).

Its doubtful a regular bank (BOA, USB & etc) will give him money regardless of his history.....if he is with a credit union that may be different but what bank really lends their OWN LOCAL money with a Visa logo on it?

I dont know everything though so just give it a try, its easy to apply online but the inquiries will add up fast against your FICO......oh wait there isnt a score so its just future declines based on too many inquiries.

Also there is a HUGE difference in borrowing against your 401k & cashing it out FYI.



pinballwizard79:
I forgot, you can also ask your local bank or CU for a HELOC (closing costs rolled in).

If they use private funds (which it sounds like they will have to) expect prime + a margin of prob 4.25 with a current fully indexed floating rate of around 8% (if you were A paper it would be -0.25 to -1.00 of a margin = 2.5% but dont cry over spilled milk)

Fannie Mae isnt going to buy this so dont default & expect Obama Fiat paper to help you later on :-)

You are going to pay out the ass to borrow money no matter what you do since you dont have credit, but once you get a FICO you can get money so cheap you could almost invest it (hello leverage).....building credit will take time, a lot of time.

RayB:
Since we're on the topic, someone explain to me why a guy like him can't get a credit card, but college applicants with no credit history, no job, and possibly no maturity, no sense of responsibility, no experience with how to use credit, etc, etc, etc get cards handed to them like they were candy?

Vanguard:
I think those days are coming to an end too.  The mortgage market implosion has credit companies tightening the requirements for who can qualify.

daywane:
sounds like more rice and beans and beans and rice.
The bank wants a co signer for just a plain loan. Mom offered to do so.
Nope! I want to do this on my own. I am 44 years old.
I used to get credit cards in the mail all the time. I allways shredded them
wish one would show up now.
Wal mart and K mart asks me to fill out a app every time I shop there.
I guess I will apply. Heck gas is 15 cents cheaper if you use a Wal mart card.
I could try what my mother does. She has 1 card. Everthing is paid with her card.
I mean every thing. gas, groceries, utilities, then she has only 1 check to  right a month.
I have watched her do this for years.
several times, cards have dropped here because she allways pays off in full every month

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