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please advise me on a few things (credit score/credit cards)

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rosehips
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please advise me on a few things (credit score/credit cards)  Reply with quote  

Hi all,

I'm in a situation where I am running out of money, but expect a substantial check in the second week of October. So at this point I'm trying to come up with solutions that avoid borrowing from friends and family. I've worked out that I need about $2500 to bridge the time until the check in Oct.

I currently have no credit cards, and thought perhaps the solution would be to apply for one. So I have several questions.

1) What is the best way to check my credit score? I got burned last year when I bought my car by signing up for "freecreditreport.com" which proceeded to deduct $$$ unauthorized from my bank account. I am very leery of falling into a similar trap again.

2) How many cards can I apply for before it hurts my score? 2? 3? 1?

3) Which cards are likely to have a credit limit of at least $2500? To be honest, I don't care about any other considerations at this point, because I will probably cancel the card after I pay it off in October. I don't like credit cards.

4) What credit score would I need to qualify for the above cards?

Thanks in advance to anyone who can help me. I'm a bit lost in the maze of credit card info out there at the moment.
Post Mon Aug 15, 2011 6:25 pm
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kate032
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Re: please advise me on a few things (credit score/credit ca  Reply with quote  

quote:
Originally posted by rosehips
1) What is the best way to check my credit score? I got burned last year when I bought my car by signing up for "freecreditreport.com" which proceeded to deduct $$$ unauthorized from my bank account. I am very leery of falling into a similar trap again.


Generally, you have to pay for your credit score, though sometimes credit card companies offer them for free. You are entitled to 3 free credit reports a year -- they don't give scores but you can check your reports for accuracy. Most likely, the website above did get your permission to charge you money, but it was in the fine print, which few people bother to read.

Here is the authentic website that gives you the free credit reports from the 3 major credit bureaus: https://www.annualcreditreport.com/cra/index.jsp


However, it looks like you're seeking money via credit cards, which is a terrible idea because the cc companies charge you a much higher interest rate than purchases, and that interest rate tab begins the minute you withdraw the money.
Post Tue Aug 16, 2011 3:08 am
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coaster
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... and in addition this website: www.myfico.com .... you might find helpful in finding answers (or finding there is no answer, as the case may be) ....

~Tim~
Post Tue Aug 16, 2011 6:27 am
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keshavmish
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Hi friend this news is good for you
If you are seeking secured credit cards, be well prepared before you apply. Have copies of your credit reports handy as well as other personal details. Charge card companies who promote their cards expect the people who apply to have good credit ratings. Should you have very poor credit, you can spend less time by making an application for secured cards that promise no credit rating checks.

Secured credit cards are marketed by various banks, such as Citibank. Citibank features the platinum select MasterCard offers at present, which involve 0% initial APR charges on card balance transfers for close to 18 months. You can get 0% initial APR on purchases for close to 12 months. APR rates after the trial period comes to an end are 11.99 to 19.99%, which is actually quite high.
Post Tue Aug 16, 2011 6:28 am
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eastmn
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Credit Union might be your best bet. Mine gives me a credit line based on my income and expenses; a steady credit line that I can access at anytime. They also have a 6% Visa Card, but Visa cash advances are higher rate.
Post Tue Aug 16, 2011 6:32 am
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rosehips
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Thanks for the responses.

Kate, you said:
quote:
However, it looks like you're seeking money via credit cards, which is a terrible idea because the cc companies charge you a much higher interest rate than purchases, and that interest rate tab begins the minute you withdraw the money.


What alternatives do you suggest?

Tim: thanks for the link!

keshavmish, I am not interested in a secured card. If I had money to spare to start a secured card, I wouldn't need to figure out where to borrow $2500 from. Thanks, though, I appreciate any effort to advise me.

eastmn: Thanks for the advice. I'll have to see what credit unions are in my area.
Post Tue Aug 16, 2011 4:26 pm
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eastmn
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People typically get in through a family member (company credit union).
You can find a credit union near you at www.asmarterchoice.org
Post Tue Aug 16, 2011 5:10 pm
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littleroc02us
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To answer the question number 1 about Freecreditreport.com, I use them once a year to get my free credit report and score. As long as you cancel it within7 days then they won't charge your cc. 7 days is enough time to look at your score and print out all the info.

As for the other questions I don't think borrowing from a credit card is a good idea, is there another way like selling something or getting more work? Another important question is that after the $2500 comes in are you established enough to not have to borrow ever again?

Risk comes from not knowing what you're doing. (Warren Buffet)
Post Tue Aug 16, 2011 6:17 pm
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eastmn
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Credit Card cash advance fee and interest rate is harsh, but a trick is to use the card to pay paypal and then transfer that to checking or to paypal debit card; to pay bills. What they don't know wont hurt you. Cool

Last edited by eastmn on Mon Aug 22, 2011 11:59 am; edited 2 times in total
Post Tue Aug 16, 2011 7:01 pm
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kate032
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quote:
Originally posted by rosehips


What alternatives do you suggest?


It really depends upon a lot of factors. Why do you need the money? Do you have a job?

When people cannot obtain loans via conventional means, it usually (though not always) means that there is a reason lenders don't have confidence that you'll pay it back.

The best alternative, of course, is simply to save the money that you need, but I have a strong feeling that isn't practical in your situation.
Post Tue Aug 16, 2011 7:54 pm
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rosehips
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eastmn, thanks again.

littleroc, that was not my experience. I signed up, canceled after 7 days, and found charges to my account for $80 twice after that, as well as a monthly charge of $20 that continued to deduct from my account every month despite my reporting them for fraud twice. I had to change my account. And I did not agree to any contract allowing them to take my money. Google them. I'm not the only one this has happened to.

kate, when the school year starts, I will be substitute teaching, but I can't count on that to bring in any definite sum, as it all depends on how much I get called in. The beginning of the school year is often pretty bad for sub work. I need the money because a series of unexpected expenses wiped out what I had saved to take me through October. I am going to get a student loan, but not until mid October because of my university's rather cock-eyed financial aid disbursement policy. My credit isn't bad, but I think it's probably only "fair." I've made my car payment on time every month, so that's something. I can't be sure until I've checked the score, and I don't want to just start applying willy nilly for loans and cards because I've heard it hurts your score.

What I'm taking away from this is that folks on this forum can't answer my questions 2, 3, and 4. It's a pity because I don't know where else to ask. I suppose I'll see if there are some other, active financial forums.
Post Tue Aug 16, 2011 11:36 pm
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kate032
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quote:
Originally posted by rosehips


What I'm taking away from this is that folks on this forum can't answer my questions 2, 3, and 4. It's a pity because I don't know where else to ask.


You're asking for specific financial advice without our knowing specific financial details, which you shouldn't give on the internet, anyway.

It appears as though you're looking for easy credit because you didn't have enough saved in an emergency fund. You can learn from this and save as much as you can in the future so that when unexpected expenses arise, you won't have to worry about loans.
Post Tue Aug 16, 2011 11:49 pm
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coaster
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quote:
Originally posted by rosehips
What I'm taking away from this is that folks on this forum can't answer my questions 2, 3, and 4.

#2 - there is no answer to this question. It's not the number of accounts, it's the total amount of credit available, total amount of credit used, and responsible use of that credit.

#3 - any card. The amount of credit granted is not dependent on the "brand" of card. It's solely dependent on you.

#4 - this question disappears as a result.

The problem was not that nobody knew the answers to your questions, the problem was that they were the wrong questions. I alluded to as much in my post above. The link provided, if you had investigated it, would have brought you to the same conclusions.

Finally, since you've put me in a mood, I think you misunderstand the purpose of a forum. A forum is not an information resource. A forum is a venue for discussion. If people are helped, that's an extra.

You did get some worthwhile advice in the posts here. They weren't the answers you were looking for. But when you come to a discussion forum, be rewarded by what you do get; don't be disappointed by not finding what you expect.

~Tim~
Post Wed Aug 17, 2011 6:05 am
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eastmn
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Rose,

I went to the USGov's official free credit report website and was able to see my report immediately, and saved it to my computer. The Feds are presently working on possibly mandating release of actual score.
https://www.annualcreditreport.com
Post Wed Aug 17, 2011 6:31 am
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littleroc02us
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quote:
Originally posted by rosehips
eastmn, thanks again.

littleroc, that was not my experience. I signed up, canceled after 7 days, and found charges to my account for $80 twice after that, as well as a monthly charge of $20 that continued to deduct from my account every month despite my reporting them for fraud twice.


I'm sorry your having problems with their site, but I have yet to. It says right in their disclosure that you must call within 7 days to cancel or they will charge your card. I have a file on my desk for the past 5 years of credit scores without a problem.

It says it right at the top of their website:

http://www.freecreditreport.com/

IMPORTANT INFORMATION
When you order your $1 Credit Report and Score here, you will begin your 7-day trial membership in freecreditreport.com. If you don't cancel your membership within the 7-day trial period*, you will be billed $14.95 for each month that you continue your membership. You may cancel your trial membership anytime within the trial period without charge.

What is the $80.00 for, it says right there that they will charge you $14.95. I would call and complain because they could be sued for false charges.

Risk comes from not knowing what you're doing. (Warren Buffet)
Post Wed Aug 17, 2011 2:36 pm
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