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Anybody here work in banking?
Anybody on the site that works in banking or in financial industry. Recently sold the house and looking at possible getting an personal loan against the equity in my car that has is paid off to help rebuild my credit that took a nasty hit after my wife and i divorced need some advice and direction.
But a Constitution of Government once changed from Freedom, can never be restored. Liberty, once lost, is lost forever.
-John Adams, 1775
Cstone 01/01/2015
"I believe that we are all one mistake away from tragedy...and the mistake made may not be ours."
I wouldn't go to a Banker. Id look for a financial planner. They would know the best ways to rebuild it. Credit cards worked for me. Pay some bills and pay in full every month.
Just my two cents worth. Names that I know you can learn from and would follow. Suze Orman, CLark Howard, Dave Ramsey. I feel like the more you read and do yourself the more you will retain for yourself. These are three of the best and Suze and Clark maybe more on point and Dave Ramsey on Financial Peace. Just trying to help.
http://www.clark.com/ and dive into the improve your number below
https://deals.clark.com/credit-score...429.1479930775
http://www.suzeorman.com/resource-center/managing-debt/
http://www.daveramsey.com/home/
+1 for credit card. Even if you have to get one with a high interest rate, you can pay it off each month and never pay a dime in interest (this is what I do). As your credit improves you can ask them to increase your limit (just don't do that more than once a year or so).Originally Posted by Madeinhb
Citibank offers free credit score reporting with some of their cards. They report in each month and they pretty accurate +/- 20 pts.
I'll throw out the MyFICO forum. http://ficoforums.myfico.com They have all kinds of advice about boosting/repairing scores. Everybody's credit situation is different but from what I remember, credit cards used responsibly offer the greatest opportunity to build or repair your score (generally speaking).
I'd recommend going with a credit card that has that free monthly credit score feature so you don't have to pay to monitor your progress. In addition to Citibank, Discover also offers it on (AFAIK) all their cards.
I hired one once. Waste of $400. By the end of the second meeting the guy with the bachelor's in finance was taking notes and the guy with the masters degree was asking my advice.
There's better advice here from people you know.
Skywalker. Those are for managing debt. Not really good for building credit.
Ducky. I did what you're planning on when I had NO credit. Just get a credit card as above. Preferably two
Last edited by Wulf202; 11-23-2016 at 15:02.
I agree. Good financial planners are hard to find. You had a bad one. But my point was if the OP were to go somewhere - go there. Bankers, etc are out for their best interest, not the persons.
heres the kicker, I found out about a credit card she opened with my name and then didnt pay on it, I just recently found out about it (save the comments lesson learned) and between that and another issue with the IRS (being handled) my shitty credit union said no to a personal loan against the equity on my paid off vehicle. I am a little stressed about this one I have until Jan and then have to move the hell out of my house. no credit or bad credit means no house or apartment. thought a win/win with taking the pereonal loan, paying down the credit card while paying on the car loan to help rebuild credit.
But a Constitution of Government once changed from Freedom, can never be restored. Liberty, once lost, is lost forever.
-John Adams, 1775
Cstone 01/01/2015
"I believe that we are all one mistake away from tragedy...and the mistake made may not be ours."
If that is the situation, then an option you'll seriously want to consider is selling your paid off vehicle, and buying a much, much, less expensive vehicle so you can have liquid funds to work with. I don't know anything about your vehicle, but assuming is newer, that's what I'd do. The longer you wait to sell it, the less you'll get for it.
Using credit cards to build credit is a great idea, but it won't work fast enough to help you by January. Getting a loan against a vehicle wasn't going to happen even with great credit, but it was worth a shot.
Without knowing the full story (understandably) of your current situation, my advice is as follows:
-If you have debt, sell everything you don't need to eliminate your debt. Debt is your worst nightmare and will ruin you faster and more completely than anything else. This includes the vehicle.
-Cancel any services that you can realistically live without. I'm talking about cable, expensive cell phone, gym memberships, etc.
-Once you make headway on your debt, if you have an established credit card, keep it open and follow the advice about putting small charges on it (gas, groceries) and paying it off. *I've found it easiest to form good financial habits by paying every bill you can, every time you get paid, FIRST, before you use that money for anything else. Not just once a month, every single time you get a pay check.
-Once you round the corner and can start seeing the light, start asking your credit card company/ies for a credit limit increase. I requested to double my limit every six months on each card until they started denying me increases by citing how much credit I had available on my other cards.
-Be extremely careful with playing with credit cards. They can be extremely effective, but if you slip up, you'll dig a hole you can't believe.
I realize that not all of this advice may be relevant, or wanted, right now, but it's a good start. There are more steps beyond this, but for right now focus on eliminating debt and building credit.
Agreed on all points.
What irving said.
Get the credit ball rolling. But it won't be done by jan. Start talking to friends and family and find someone to cosign if needed. Then start beating craigslist and look for small time landlords to rent from
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