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Originally Posted by sequoias
A vent about credit history.....I HATTTTTEEEE that stuff. They hurt your life. They make you pay more for interest, more for punishments and so many stuff for missing payments or other reasons. It's a label on a person for what their history is like. Why pay more when you're on bad credit? They have hard time getting a place to live, hard time with transportation, hard time with everything. Many end up living with relatives or a good friend to be assisted under. They're all B.S.! It's all NON-SENSE! I highly disagree with the credit scores and credit history stuff. 7 years is way too long! We have to pay to check what's my credit history is like? I don't buy that shit! We're people, sheesh! Not robots!!!!!!!!
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When I got divcored with my ex in 1997. I was deeply debts over 20K, I decided to get loan from the bank. It called credit consolidation. The bank paid off all of your credit cards and loan. I paid one bill directly to the bank until it is paid off. It will help your credit score increase and also decrease percent on your credit card insterest.
When you miss the payment like two days, the interest percent goes up awful. For example, my son just finished high school and has full time good job. He applied several credit card, limit $500.00 for start. The percent was 32% on that bill. I said, WTF. I beg him to not apply anymore credit cards. He has no choice because he is very young and just has a job few years. he wanted to build up in his good credit to apply car loan, etc... I can see his point.
I have his co-signer on student and car loan, it helps his credit build up the better score. Of course, I was nervous to have my co-signer under his name.
And also, I want to cautioned with you. When you apply a credit card from the store like carpet, title replacement or furturies. It said, not pay the interest until 2010 !! Remember, if the balance that you owe that store by year of 2010. The percent interest goes up double !!!! I was so shocked because I applied BestBuy to buy the laptops last year. 6 months free interest, I tried so hard to pay it off before 6 months but somehow I forgot all about it. They charged me 325 dollars on the interest. Imagine it !!
Be careful what you see the sign or T.V. adveristment said, no interest until 6 months or year of 2010.
It was awful ripping off on people, we do not realize how much expensive on the credit card percent !!
I learn my lesson, I must more careful what I apply the credit card "Free Interest" in 6 months. Make sure that I paid off that amount as zero by 6 months to prevent double interest percent !!!