Bad Credit? No Credit? No Problem!
So you’re living paycheck to paycheck and you really need a credit card to help with all those little emergencies that can arise. But maybe your credit record got into a bit of trouble in the past and now you’re left adrift in a sea of helplessness. There are people out there who want to help you get back on your feet — people other than Joe the Used Car Salesman.
The first thing you need to embrace is a change of thinking. Emergency funds are the absolute best answer for emergencies. Credit cards are only for emergencies when there is no emergency funds and small purchases, like gas, that you pay off in full at the end of each month. While credit cards can get you into trouble if you don’t change your spending habits, it is true that the lack of a credit card to build up your credit rating can make it nearly impossible to buy a car, a house, get a decent rate on car insurance, and even, in some cases, rent an apartment.
So how do you get the almighty credit card if you don’t have any credit? Start with a retail store credit card, which is absolutely ridiculous because this is usually far from “necessary purchases” and it becomes very easy to get carried away. It’s the psychology of shopping — it is easier to buy more with painless spending (meaning you don’t see money leaving your hand, so there’s no emotion involved). Nevertheless, retail stores are, unfortunately, the most lenient with their credit policies. These are usually low-limit, high-interest cards that can serve as the foundation for the future of your credit.
Talk to your bank. Of course, banks are not the most generous of all lenders right now. They made too many stupid loans to too many high-risk borrowers and now they are reaping their rewards, which they are passing on to you, the consumer. You want credit at the bank? The waiting line is growing as fast as the denials.
Get a secured card. This will require you to put money into an account, which you can then access with your credit. It’s kind of like using a gift card that you bought for yourself, except it boosts your credit rating.
So those are some ideas to get you started on the road to a bigger and better credit rating. It can seem like a financial juggling act at times, but building up your credit is a worthwhile task in our credit-centered society.
April 8th, 2008 at 7:26 pm
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April 8th, 2008 at 8:08 pm
[…] Bad Credit? No Credit? No Problem! Bad Credit? No Credit? No Problem! By Hayli Morrison | April 8th, 2008 So you’re living paycheck to paycheck and you really need a credit card to help with all those little emergencies that can arise. But maybe your credit record got into a bit of trouble in the past and now you’re left adrift in a sea of helplessness. There are people out there who want to help you get back on your feet — people other than Joe the Used Car Salesman. The first thing you need to embrace is a change of thinking […]
April 8th, 2008 at 11:02 pm
[…] Bad Credit? No Credit? No Problem! Bad Credit? No Credit? No Problem! By Hayli Morrison | April 8th, 2008 So you’re living paycheck to paycheck and you really need a credit card to help with all those little emergencies that can arise. But maybe your credit record got into a bit of trouble in the past and now you’re left adrift in a sea of helplessness. There are people out there who want to help you get back on your feet — people other than Joe the Used Car Salesman. The first thing you need to embrace is a change of thinking […]
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