How can you be an adult and have Insufficient Credit History? - Page 3

[ARCHIVED THREAD] - How can you be an adult and have Insufficient Credit History? (Page 3 of 5)

Posted: 2/13/2019 8:20:58 PM EDT

[#1]

I have never and will never do anything to intentionally 'build credit' or otherwise affect my credit score. I'm not paying interest just for the hell of it. This resulted in me needing a co-signer for my first couple years in my apartment. Whatever, no big deal. Has not affected ability to get a credit card in the slightest. In fact every time I've had to talk to the credit people for either a new card or requesting an increase in line, they positively gushed at my credit. I once attempted to increase the 25k limit on one of my cards so I could put a MG on it, that's the only time I was denied for "insufficient history".

Posted: 2/13/2019 8:21:08 PM EDT

[#2]

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How would you rent a vehicle without a CC? Large cash deposit? It's almost a necessary item these days - like a smart phone. My first CC was Sears and Roebuck - 1967ish with a $200.00 limit - revolving charge card I think it was called. Thought I was hot shit!!!

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It may shock you, but there are a lot of people in this world that have, and never will, rent a vehicle.

Also, my buddy I mentioned above...he still has a flip-phone.

Posted: 2/13/2019 8:21:42 PM EDT

[#3]

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They know that you are likely to pay off early by your history. They want those they know will be milkable for a long ride, even with a better rate.

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I recently found out about not having a decent credit history while looking at cars.
Been about 15 years since I’ve financed anything, but I do have a CC which is payed in full every month, still, they pretty much told me I wasn’t in enough debt to get a good % if that makes since.

They know that you are likely to pay off early by your history. They want those they know will be milkable for a long ride, even with a better rate.

lol, no. 1 card doesn't do shit for your credit.

An "excellent" number of open accounts is 20+.

Posted: 2/13/2019 8:22:15 PM EDT

[#4]

My dad has no credit history. He is 94, his needs are modest, and he writes a check for everything.

Posted: 2/13/2019 8:25:07 PM EDT

[#5]

FUCK the credit industry. I want it to DIE.

A high credit score only means one thing: You borrow too much money but you have a well established habit of paying it off as agreed upon.

A person who buys everything in CASH because he doesn't NEED to borrow money on credit ends up with a low credit score.

It's not a measure of personal wealth, it's a measure of just being a good DEBT SLAVE.

And fuck them all.

Posted: 2/13/2019 8:28:11 PM EDT

[#6]

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Very true.

My best friend is 32. He and his dad built his house together on their land when he was 15/16 years old. Therefore, no mortgage/house loan there. He drives old vehicles...his newest one is a '94 S10 that his grandfather gave him when he got his license. The rest are older ones that he's restored. He got a credit card when he was in his mid-20's, but only uses it once or twice a year. Other than that, he's cash only....doesn't even have an ATM/Debit card. He goes into the bank and writes himself a check made out to cash every week.

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Funny thing is not all of us have family land that has been given to us along with a house dad paid for and a free car from grandpa.

Posted: 2/13/2019 8:32:06 PM EDT

[#7]

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I know there are some perks to credit cards, like those cash back ones, but I don't really understand financial investing stuff, so I'm still one of those mason jars full of cash kinda guys.

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But that's not how or why you should use credit. Just because you use a CC doesn't mean you don't also have the money in hand.

I know there are some perks to credit cards, like those cash back ones, but I don't really understand financial investing stuff, so I'm still one of those mason jars full of cash kinda guys.

That's cool, do whatever works for you. I'm just saying just because you use a CC doesn't mean you don't have the cash. For example I may put $1,000 on my CC but have $4,000 in my checking acct and pay it off immediately. Then I get all the travel perks and points and cash and what not.

Posted: 2/13/2019 8:32:29 PM EDT

[#8]

Meh.

My credit COSTS me nothing, barring mortgage, 4. something %, fixed, and I apply extra to principal, monthly..

I simply buy what I would using cash and pay it off monthly.
I received roughly a grand in cash back last year just for using the cards for things I would have bought regardless.
Not a penny in interest or fees.

Her new vehicle was financed 0% for term of loan.

I fail to see the downside, if you have impulse control and a basic grasp of math.

Posted: 2/13/2019 8:32:56 PM EDT

[#9]

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I have never and will never do anything to intentionally 'build credit' or otherwise affect my credit score. I'm not paying interest just for the hell of it. This resulted in me needing a co-signer for my first couple years in my apartment. Whatever, no big deal. Has not affected ability to get a credit card in the slightest. In fact every time I've had to talk to the credit people for either a new card or requesting an increase in line, they positively gushed at my credit. I once attempted to increase the 25k limit on one of my cards so I could put a MG on it, that's the only time I was denied for "insufficient history".

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You don't have to pay interest to build credit.

Posted: 2/13/2019 8:33:48 PM EDT

[#10]

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Some people don’t like being a slaves to big banksters.

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See post above

Posted: 2/13/2019 8:34:16 PM EDT

[#11]

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It's not a measure of personal wealth, it's a measure of just being a good DEBT SLAVE.

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Nobody ever said it was.

And no, just because you have good credit doesn't mean you're in debt.

Posted: 2/13/2019 8:37:55 PM EDT

[#12]

I used to, back when I was on Active duty.

In farming now.
I have credit lines that have been open and paid on time for decades, feed stores don’t report to the credit bureaus though.
Cattle are bought cash or check.

Posted: 2/13/2019 8:39:35 PM EDT

[#13]

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And no, just because you have good credit doesn't mean you're in debt.

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It just means your honor your financial commitments. Why is this so hard for some to understand?

If anyone is a "debt slave" it's because they lack impulse control or 8th grade math skills

Posted: 2/13/2019 8:55:26 PM EDT

[#14]

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If all you need is a credit score, a single trade line will do that for you. Open a credit card or an overdraft line of credit at a credit union with no fees and just let it sit. Your credit file will still look thin if inspected, but the score will just grow and grow. A few years down the line, you will have a high 700 without even doing anything.

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I'm glad my parents made me open a credit card on my 18th birthday and do exactly this. It made getting my first financed car much easier and with a very low interest rate.

Posted: 2/13/2019 9:03:20 PM EDT

[#15]

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Some of us enjoy getting paid by them to use their piece of plastic.

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Some people don’t like being a slaves to big banksters.

Some of us enjoy getting paid by them to use their piece of plastic.

Pay 4% more for a product to get 3% cash back... Brilliant.
I bet you think corporations pay taxes as well.

Posted: 2/13/2019 9:06:47 PM EDT

[#16]

hard work
dedication
thrift
knowing the value of a dollar

Posted: 2/13/2019 9:07:24 PM EDT

[#17]

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Pay 4% more for a product to get 3% cash back... Brilliant.
I bet you think corporations pay taxes as well.

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Some people don’t like being a slaves to big banksters.

Some of us enjoy getting paid by them to use their piece of plastic.

Pay 4% more for a product to get 3% cash back... Brilliant.
I bet you think corporations pay taxes as well.

Everyone pays that 4%. Unless you are in a tiny niche place that offers cash discounts- which are VERY rare you are all paying the same price- cash, credit, debit, or bottle caps.

May as well get something back for it.

Posted: 2/13/2019 9:14:00 PM EDT

[#18]

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Funny thing is not all of us have family land that has been given to us along with a house dad paid for and a free car from grandpa.

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You're right. But there are quite a few of those people out there now that the 'boomers are dying off and leaving their grandchildren their shit.

It's not that hard to start life with no credit. Get a job as a teenager, save cash for a used car. Rent apartment, or inherit grandma' house (or rent it from family). Use debit card or cash.

Done.

Posted: 2/13/2019 9:22:35 PM EDT

[#19]

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My parents did it for a long time. Bought 26 acers in 1983 and built a modest home, paid it off by mid 90s, built a large garage with shop, paid that cash. Purchased all vehicles cash, and they weren't cheap.

All fine and dandy until they needed a rental car because of a flight cancellation lol

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THIS.

You can make credit cards work FOR you. I have a card that gives 10% off of groceries (for a limited time). See Discover It Cash Back—they offer 5% off grocery stores until March, and the first year you have their card, they double all your rewards as a bonus, so that's a total of 10%. Where's the harm in that as long as you pay the card ASAP and never pay interest?

Anyway, I always want to have a credit card because I may want to rent a car, and it's a huge pain in the ass to try to do that without a credit card. The end.

Posted: 2/13/2019 9:30:37 PM EDT

[#20]

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Pay 4% more for a product to get 3% cash back... Brilliant.
I bet you think corporations pay taxes as well.

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So, pay 4% more, and get 0% back is somehow the smarter choice?

I buy for the same price the cash only guy does, unless we're talking firearm purchases.

Posted: 2/13/2019 9:36:11 PM EDT

[#21]

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Where the hell can you check your credit for free and NOT have it affect your credit?

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https://www.creditscorecard.com/

It's a free FICO 8 score for Experian, coming from Discover.

Credit Karma and many other sites give you a "Vantage" score, which is helpful just to allow you to see if you're doing better or worse than you were in the past, but most banks and lenders don't use a Vantage score; they mostly use FICO. Don't take your Vantage score seriously, it can be 20, 30, 50 or even a hundred points off from your "real" score, which is FICO. Many banks (like Bank of America & Wells Fargo) offer a free FICO score once a month.

Posted: 2/13/2019 9:40:15 PM EDT

[#22]

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And I’d bet good money you wouldn’t be denied for a loan based on “insufficient credit history”
<- works in banking

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I have a paid off house and car. It greatly reduces my credit history as time goes on. I have 2 credit cards and only use 1 of them.

And I’d bet good money you wouldn’t be denied for a loan based on “insufficient credit history”
<- works in banking

I got a home loan with no prior credit history.

Posted: 2/13/2019 9:43:18 PM EDT

[#23]

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Lots of falseness in this thread.

Insufficient credit history and bad credit history are two separate things.

Needs more Dave Ramsey

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Thank you. I was afraid I was gonna have to say it

Posted: 2/13/2019 9:45:26 PM EDT

[#24]

I'm lazy and care more about retard simple bookkeeping than optimizing financial schemes for extra pennies. It's easier to pay a little more now to avoid a paperwork overhead.

Posted: 2/13/2019 9:47:29 PM EDT

[#25]

I routinely get turned down for credit for this exact reason.

I have one credit card with a small balance, two business lines of credit that are at zero and a car loan that is almost paid off.
That isn't sufficient enough for many lenders to automatically approve me.

Credit score is good too, just lack of open/available accounts and balances keep me from getting approved.

"We won't loan you money because you don't owe a bunch of other people money" - Dumb AF.

Posted: 2/13/2019 9:51:28 PM EDT

[#26]

I pay for everything with straight gold. Cash is too institutional for my taste.

Posted: 2/13/2019 9:53:00 PM EDT

[#27]

I didn't even have a credit card until my mid 20s.

Posted: 2/13/2019 9:54:57 PM EDT

[#28]

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And I’d bet good money you wouldn’t be denied for a loan based on “insufficient credit history”
<- works in banking

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I have a paid off house and car. It greatly reduces my credit history as time goes on. I have 2 credit cards and only use 1 of them.

And I’d bet good money you wouldn’t be denied for a loan based on “insufficient credit history”
<- works in banking

Of course not. Can you say collateral? I have a paid off house and 3 paid off cars. I don't care what the agencies say about me.

Not even a little.

Posted: 2/13/2019 10:00:39 PM EDT

[#29]

I like to travel and they frown on bringing large bags of cash on the plane or through customs and renting a car or nice room somewhere requires a cc.

But, hey what do I know

Posted: 2/13/2019 10:01:53 PM EDT

[#30]

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I know there are some perks to credit cards, like those cash back ones, but I don't really understand financial investing stuff, so I'm still one of those mason jars full of cash kinda guys.

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You can fix a lot of that with some reading. If you don't inflation will work against you your whole life.

Posted: 2/13/2019 10:01:58 PM EDT

[#31]

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No you really dont NEED a credit rating. You'd be surprised how well you can get through life with a "cash only" mindset.

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Maybe in the 1800s

Posted: 2/13/2019 10:03:17 PM EDT

[#32]

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FUCK the credit industry. I want it to DIE.

A high credit score only means one thing: You borrow too much money but you have a well established habit of paying it off as agreed upon.

A person who buys everything in CASH because he doesn't NEED to borrow money on credit ends up with a low credit score.

It's not a measure of personal wealth, it's a measure of just being a good DEBT SLAVE.

And fuck them all.

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My wife and I prefer to be able to do both, it just depends on which on is the most beneficial at the time, you have that kick ass post count though.

Posted: 2/13/2019 10:03:30 PM EDT

[#33]

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FUCK the credit industry. I want it to DIE.

A high credit score only means one thing: You borrow too much money but you have a well established habit of paying it off as agreed upon.

A person who buys everything in CASH because he doesn't NEED to borrow money on credit ends up with a low credit score.

It's not a measure of personal wealth, it's a measure of just being a good DEBT SLAVE.

And fuck them all.

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Screw yourself if you like. I prefer to get paid for having good credit.

Posted: 2/13/2019 10:06:54 PM EDT

[#34]

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Pay 4% more for a product to get 3% cash back... Brilliant.
I bet you think corporations pay taxes as well.

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How many gas stations have a cash option 5% cheaper?

Posted: 2/13/2019 10:09:15 PM EDT

[#35]

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I pay for everything with straight gold. Cash is too institutional for my taste.

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Posted: 2/13/2019 10:12:55 PM EDT

[#36]

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How many gas stations have a cash option 5% cheaper?

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Pay 4% more for a product to get 3% cash back... Brilliant.
I bet you think corporations pay taxes as well.

How many gas stations have a cash option 5% cheaper?

Gas is the only product I know of that you can get consistently cheaper for paying cash.

But it's maybe 2%

Posted: 2/13/2019 10:15:50 PM EDT

[#37]

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Gas is the only product I know of that you can get consistently cheaper for paying cash.

But it's maybe 2%

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Pay 4% more for a product to get 3% cash back... Brilliant.
I bet you think corporations pay taxes as well.

How many gas stations have a cash option 5% cheaper?

Gas is the only product I know of that you can get consistently cheaper for paying cash.

But it's maybe 2%

I very rarely see anyone paying cash for fuel anymore. Not when it’s over 100 bucks to fill up.

Posted: 2/13/2019 10:19:21 PM EDT

[#38]

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I very rarely see anyone paying cash for fuel anymore. Not when it’s over 100 bucks to fill up.

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Pay 4% more for a product to get 3% cash back... Brilliant.
I bet you think corporations pay taxes as well.

How many gas stations have a cash option 5% cheaper?

Gas is the only product I know of that you can get consistently cheaper for paying cash.

But it's maybe 2%

I very rarely see anyone paying cash for fuel anymore. Not when it’s over 100 bucks to fill up.

It seems to be usually people that only have $10 to their name and that's all they have to put in.

Posted: 2/13/2019 10:23:22 PM EDT

[#39]

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https://www.creditscorecard.com/

It's a free FICO 8 score for Experian, coming from Discover.

Credit Karma and many other sites give you a "Vantage" score, which is helpful just to allow you to see if you're doing better or worse than you were in the past, but most banks and lenders don't use a Vantage score; they mostly use FICO. Don't take your Vantage score seriously, it can be 20, 30, 50 or even a hundred points off from your "real" score, which is FICO. Many banks (like Bank of America & Wells Fargo) offer a free FICO score once a month.

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There are over 10 different FICO scoring models. Different lenders use different ones depending on what the moneys for.
I have FICO scores ranging from 785-820 depending on the scoring model being used.

ETA: from what I have seen 750 or higher seems to be the magic number for getting the best rates/offers

Posted: 2/13/2019 10:40:17 PM EDT

[#40]

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There are over 10 different FICO scoring models. Different lenders use different ones depending on what the moneys for.
I have FICO scores ranging from 785-820 depending on the scoring model being used.

ETA: from what I have seen 750 or higher seems to be the magic number for getting the best rates/offers

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Quoted:

https://www.creditscorecard.com/

It's a free FICO 8 score for Experian, coming from Discover.

Credit Karma and many other sites give you a "Vantage" score, which is helpful just to allow you to see if you're doing better or worse than you were in the past, but most banks and lenders don't use a Vantage score; they mostly use FICO. Don't take your Vantage score seriously, it can be 20, 30, 50 or even a hundred points off from your "real" score, which is FICO. Many banks (like Bank of America & Wells Fargo) offer a free FICO score once a month.

There are over 10 different FICO scoring models. Different lenders use different ones depending on what the moneys for.
I have FICO scores ranging from 785-820 depending on the scoring model being used.

ETA: from what I have seen 750 or higher seems to be the magic number for getting the best rates/offers

Correct. Most lenders/banks use some flavor of FICO. Bankcard FICO, Mortgage FICO, and so forth. Not all of them, I've been told, but many of them. Not that many lenders use the Vantage 3.0 score (which you'll see on Credit Karma, etc). Vantage seems to be more just for "education." It can be quite a bit different from FICO.

And yeah, 750 is very good, no matter what type of FICO!

Posted: 2/13/2019 10:46:13 PM EDT

[#41]

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I routinely get turned down for credit for this exact reason.

I have one credit card with a small balance, two business lines of credit that are at zero and a car loan that is almost paid off.
That isn't sufficient enough for many lenders to automatically approve me.

Credit score is good too, just lack of open/available accounts and balances keep me from getting approved.

"We won't loan you money because you don't owe a bunch of other people money" - Dumb AF.

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Same here. Owed lots,got whatever i wanted

Paid some off......they don’t like me haha

Posted: 2/13/2019 10:47:28 PM EDT

[#42]

When Aim Surplus had their data breach and gave out free credit checks, I called in for giggles and was told "you have no credit sir".

Posted: 2/13/2019 10:50:27 PM EDT

[#43]

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I had no credit history up to my late 20's. Why? I made good money and had little to spend it on. I paid cash for everything. At one point the company I worked for got pissed at me for not cashing my paychecks fast enough to suit them and opened up a direct deposit account in my name so they could auto deposit them.

And then I got married.

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Sounds familiar! I had to call a previous employer once to reissue paychecks that had stale dated. Now my credit is pushing close to 800.

Posted: 2/13/2019 10:57:07 PM EDT

[#44]

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https://www.creditscorecard.com/

It's a free FICO 8 score for Experian, coming from Discover.

Credit Karma and many other sites give you a "Vantage" score, which is helpful just to allow you to see if you're doing better or worse than you were in the past, but most banks and lenders don't use a Vantage score; they mostly use FICO. Don't take your Vantage score seriously, it can be 20, 30, 50 or even a hundred points off from your "real" score, which is FICO. Many banks (like Bank of America & Wells Fargo) offer a free FICO score once a month.

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Where the hell can you check your credit for free and NOT have it affect your credit?

https://www.creditscorecard.com/

It's a free FICO 8 score for Experian, coming from Discover.

Credit Karma and many other sites give you a "Vantage" score, which is helpful just to allow you to see if you're doing better or worse than you were in the past, but most banks and lenders don't use a Vantage score; they mostly use FICO. Don't take your Vantage score seriously, it can be 20, 30, 50 or even a hundred points off from your "real" score, which is FICO. Many banks (like Bank of America & Wells Fargo) offer a free FICO score once a month.

Don't care to get a Discover card so is there another way to check this out without signing up for another credit card?

Posted: 2/13/2019 10:57:38 PM EDT

[#45]

I used to sell cars. I've had a few with great credit scores +700 but couldn't buy a car because they didn't have enough credit, the most they ever borrowed was $500 or less.

Posted: 2/13/2019 11:01:45 PM EDT

[#46]

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FUCK the credit industry. I want it to DIE.

A high credit score only means one thing: You borrow too much money but you have a well established habit of paying it off as agreed upon.

A person who buys everything in CASH because he doesn't NEED to borrow money on credit ends up with a low credit score.

It's not a measure of personal wealth, it's a measure of just being a good DEBT SLAVE.

And fuck them all.

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Lol. No. Math is hard for you isn't it?

Posted: 2/13/2019 11:01:55 PM EDT

[#47]

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Gas is the only product I know of that you can get consistently cheaper for paying cash.

But it's maybe 2%

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Local place with a cash price isn't even that much off.

Swipe my USAA Amex and it's 5% back. Close to .10/gal most the time.

Posted: 2/13/2019 11:03:21 PM EDT

[#48]

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Don't care to get a Discover card so is there another way to check this out without signing up for another credit card?

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Capital one credit wise works with a bank account at capital one.

Posted: 2/13/2019 11:05:37 PM EDT

[#49]

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They know that you are likely to pay off early by your history. They want those they know will be milkable for a long ride, even with a better rate.

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That's not how it works.