1st Gen Lunchtable Thread - General Discussion

Don't take a loan out on that.

It'll cost you more than it's worth.

I already told you how to start your credit.

 

Yep, gave him solid advice a year ago

 

I did go to a credit union and they wanted to do a secured credit card and/or credit building loan where I pay them every month and they give it back to me at the end. I need to call them back to follow up on that actually.

 

@Wulf

The Colorado thread

 

No shit, is that not exactly how I described it?

The trick is, use it for something you need like gas. A small charge.

Then pay it off before it accrues interest unless you're ok with spending a 50 cents on top of 50 bucks.

Do this for a minimum of 6 months to a year and you'll have a good payment history.

 

Yea either that or I could try for the Discover It card again.

 

If you were near me I'd smack the shit out of you right now for saying such a thing

You will get another inquiry, with a turn down, and can actually begin to generate a score (a low one) from the many turn downs and inquiries

They remain on your bureau for 2 years

You have no reason to be approved vs last year's rejection

 

Thats the best 1st card, I've never heard of anyone getting rejected for it

'Again' do you mean you already were rejected??

 

Last year

And if you look at my quote up above, it's from last year

His rejection will stay on his bureau for another year and 2-3 months

No reason to apply again as nothing in his bureau has changed (at least nothing good)

 

Is it a no credit issue or a bad credit issue?

I didn't think Discover cared about no credit, they didn't for me

 

Building credit isn't like throwing a chance at fixing his shitbox

He needs to do it right to secure his future

Keep giving him the right info, but he skips it

 

I believe he has none at all, but the rejection could've stemmed from other factors he input like credit limit requested (if applicable), monthly income, length at job, and expenses IE rent

So he could've shot himself in the foot and Discover will obviously see that rejection when he applies again

But for some reason, he seems to believe trying again is a good option

 

If you can't get approved on a discover card, then you probably aren't going to get a personal loan either. If you do its going to be predatory as hell and absolutely screw you over

 

Any non-auto loan on a sub 5k principal is gonna be predatory AF. It was not hard to build good credit at all, you just cut your teeth on a shit card with high rates and pay it off on time. Unless he's defaulted on student loans really I can't see why a high risk card would decline him.

 

And that high interest card really wouldn't cost him much if he uses it for purchases like gas fill-ups only.

Use it, pay it. Use it, pay it.

That's payment history.

 

Yeah interest rate 'should' be the least important factor when deciding on a card imo
Never carry a balance and it'll never matter

 

Ok so I just set it up with the CU. I’m gonna bring them 500 cash tomorrow for a secured card and start a 9 month credit building loan.

 

Exactly!

 

Good man

You really do need to establish your credit, it'll do you good in the long run

But also, please refrain from the offers you get via mail from here on out

Once you get your secured card, you will show up on other lenders radar and you'll get all these "pre-approvals" which is how people rack up serious credit card debt