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I need a credit card (i think)
Fordman:
--- Quote from: daywane on July 16, 2009, 02:07:59 am ---ever listen to Dave Ramsey on the radio?
I do.
I have fallowed his rules as best as I could.
I have not been able to do the baby steps for emergency fund.
well I guess i could / should have.
I put all motivation in paying off all bills.
I have no bill other than utilities.
medical bills are racking up fast.
each hospital visit is $250.00 up front. Co pays at Doctor visits are running $15 to $30.00
Pelvics alone was $50.00
Now there telling me to toss them!!!! Screw That , I gave them to my Step Father... save him a months supply
I went to get a loan... I thought with a $50,000 dollar home as collateral I was golden. :laugh2:
I found out the bank wanted closing cost! $250.00 + intrest on a simple $2,000 dollar loan!
after some reseach I find this a common practice.
$125.00 for lawyer
$100.00 for bank
$25.00 for court house
:banghead:then add intrest for loan!!! screw that
OK now I hit problem.
I have no credit history. 2 bank loans ... Paid off early . 10 years ago
credit card paid of 10 years ago.
bank said I have no credit report!
how is the best way to get a credit card?
Or should I tap into 401K and pay medical bill and just pay back the 401k?
--- End quote ---
My Friend I am an Avid Dave Ramsey Listener and follower also!
First of all, if you have followed the steps in his book, then the hospital bills shouldnt be an issue. Second, why are you wanting to get a loan on hospital bills anyway? The hospital bills dont acrue interest, loans do. Why pay all the up front fees of $250.00 for a $2,000 loan? Seems kinda silly to get a loan to pay off a non-interest acrueing hospital debts. Also, with the hospital bills, you dont have to use your home as collateral. The Hospital cant use that your previous bill hasnt been pid against you if you need to be seen again. If they do, then they have broken HIPPA laws. HIPPA just isnt between you and your Doctor, it also covers your bills.
All hospitals are required by law to at least "band-aid" you unless you are in a "state of emergency" then they have to use life saving measures to keep you alive, insurance or not.
DO NOT tap the 401K. It's not worth it. Chances are, if you miss a 401K payment, the 401K account manager probably has the right to forclose on your 401K account, then you will automatically pay the 10% government penalty and then pay income tax on top of it! 99% of 401K plans have an administarator (bank) that allows for 401K's to be forclosed upon for even the slightest thing. Some 401K borrowers now owe the 401K more than the account is worth because of the 40% loss in the stock market in the last year.
I dont know what kind of insurance plan you have (if any) but if you have met the out of pocket exspense for the year, then turn over all the bills to them. Sounds like you need a tax-deferred Health Savings Account. Pre-tax dollars, out or your paycheck, up to $1,150 single, $2,300 family, can go into an account and used to pay medical co-pays or any other out of pocket exspense.
Credit cards are junk and I havent used one in over three years. I have used the book as a living guideline now and a monthly budget. If all goes well, my home will be paid for within the next 7 years instead of 21 and I am saving about $2,200 a month I was paying on credit cards. My air conditioner broke down in the early summer, it cost $345 to fix it, no sweat! Whipped out the cash! Kinda scared the service man as he said he hasnt had to stop at the bank for a cash deposit in years.
Dont get a credit card, why pay 22% more for your medical bills when you can hardly pay them now?
Need more Dave Ramsey help? PM me and I'll help ya out. Sounds like you need the little kick that some need to be re-motivated!
:cheers:
Fordman
Fordman:
--- Quote from: RayB on July 16, 2009, 10:36:52 pm ---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?
--- End quote ---
Because the money is backed by Sallie Mae (fed govt) and 90% of the loans are used for tuition and books but there are those that use it for pizza and beer!
Seems like exspensive pizza and beer!
Fordman
protokatie:
--- Quote from: Fordman on July 17, 2009, 01:12:38 am ---
--- Quote from: RayB on July 16, 2009, 10:36:52 pm ---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?
--- End quote ---
Because the money is backed by Sallie Mae (fed govt) and 90% of the loans are used for tuition and books but there are those that use it for pizza and beer!
Seems like exspensive pizza and beer!
Fordman
--- End quote ---
Don't forget that it is an easy way for these CC companies to get young'uns hooked on credit cards, esp with the hope that the kids think they are getting ahead on their cc bills by paying the minimum payment. (Someone correct me if I am wrong, but paying the minimum payment amounts to finally paying off a $2000 CC debt takes like 25 years and ends up costing you more than $15000, or something rediculous like that)
Blanka:
--- Quote from: ChadTower on July 16, 2009, 09:33:40 am ---We do have that. Checking account debit cards usually carry either a Mastercard or Visa logo and are accepted through their infrastructure
--- End quote ---
In Europe that option is not available. You must pay with the credit card itself, and give the company a zillion calls to set it to automatic deduction.
danny_galaga:
I've always been perplexed by this 'credit history' stuff. Seems everyone buys something not so expensive on credit, just so they can have some 'history'. Surely the institutions can see that? When i was 20 or so i was approved for a loan to buy a unit. I was an apprentice, so below minimum wage, and never had credit for anything. All the 'experts' told me i should get a loan for a car first before a house. I figure the bank that approved me could see i'd saved money by NOT getting anything on credit and thus i was a sure thing to service my debt :dunno
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