Credit Woes

[Guest]

If anyone on this forum is credit-savy... help!

I've been in the US since 1997 as a resident, and on 1999 I bought my own car, though I had to take it out in my father's name first with me as co-signer or the interest wouldve been murderous. We told the financing company to have MY social security number to be the one reported to the credit beurau.

Now, 2 years later, I am trying to apply for my 1st credit card, needing a maximum of $2500 credit in it to buy my new pc... and I find out after a gazillion calls as to why my application were being rejected, that some $#@$#@ bastige (who I hopes chokes to death on a bad case of hemmorroids) in the car loan company did not have my social as the one reported to the cred. b. and now my cred file is.. BLANK. Empty.

I have proof that all payments for the past 2 years came from MY checking account paid with for with MY checkbook. Anyone know how I can get this fixed? Car loan company wont even talk to me about it, they said "ewps, there is nothing written stating that you said that to us, but from now on we will report your social" (which is useless to me now).

In short, any ideas on this? anyone know where I can get a $2500 max. visa cred card with this situation? I've been advised to get a secured card, but again, if I have to deposit the money before I can get a similar credit line.. wtf is it good for ?

[aramike]

In short, you're screwed - but not necessarily for very long.

First, if you were merely the co-signer, the payments on your car can't be recorded on your credit unless there is a foreclosure.

Now, if you want to get $2500 in credit, the best way to do it is to get a secured card. They can offer anywhere from $100 to $500 credit to begin with. Whatever the case may be, use it as often as you can for stuff you'd normally buy - don't overspend. Pay your bill on time and after a couple of months you can request a credit review to see if they'd increase your limit. IF you do this, however, you will be charged around $25, however, this only applies if your credit limit is increased as a result of the review.

The better option is to pay your bills for six months on time. You should receive and automatic credit increase at that time. If not, then request a review.

However, all of this is dependant upon whether or not you have a high enough income.

[Guest]

yeah, but a secured credit card is useless for me.

[aramike]

quote:

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Originally posted by Tac:

yeah, but a secured credit card is useless for me.

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Why? You don't have to secure your whole credit line.

[Guest Earendil the Marriner]

I'd say you're going to have some difficulties. If I were in your position, I'm not certain what I would do. You could always attempt to get a department store credit card. They seem to be less picky about who they issue credit to. Stores such as Best Buy and Sears all sell computers. If you've got a system already picked out, I don't know what to say.

[aramike]

Another tip - try MBNA bank. They are pretty loose with their restrictions.