Getting credit lines through banks

[GroinkTropin]

Bay-

I am actually a model employee. Good with apartments. My reasoning for not paying the old debts (and this may be flawed) is that they are quite old. Most are 4 years old at this point and from what I know, even if I pay them off right now I still will not see an improvement in my score for 2-3 years so why bother? After 7 years I can request they drop off anyway.  Since my creditors only cared if i was alive because they stood to profit from me, I likewise should not give them the time of day unless I stand to gain as well correct? If you told me that paying these things off today will benefit me greatly in the next 30-90 days I might consider. As for personal debts you will not find one single person I owe money to. A creditor and family member are not the same, neither is being a competant and valuable employee. Your logic is flawed to correlate a low score with being a shady unsavory person whom you would not trust.

[GroinkTropin]

Thanks i will check this out in an hour or so. What is your opinion of what I should do from where I am at?

Dangit I was hoping BofA or Chase would offer the secured cards. Can anyone tell me the most efficient way of developing a relationship with bank/credit union to get a decent car loan? About 14k is all I am looking for. Does having a checking account with the bank help at all?

[GroinkTropin]

One last thing Bay- I have only about 6k in consumer debt. I have paid a few accounts off (kaiser bills, couple checks i got an advance on, old bank account i let go back etc) and I may have some debt but i am not some loser who racks up 60k in debt and then runs to declare banco. You might have a bad impression of me but I am not that bad. Im just not doing great, and trying to do better. Make sense?

And I ask in this forum because if you filter out the trolls there are some rather good and intelligent folks on here.

[HTexan]

One last thing Bay- I have only about 6k in consumer debt. I have paid a few accounts off (kaiser bills, couple checks i got an advance on, old bank account i let go back etc) and I may have some debt but i am not some loser who racks up 60k in debt and then runs to declare banco. You might have a bad impression of me but I am not that bad. Im just not doing great, and trying to do better. Make sense?

And I ask in this forum because if you filter out the trolls there are some rather good and intelligent folks on here.

i only own a little over 6k too. in student loans tho.

[BayGBM]

Bay-

I am actually a model employee. Good with apartments. My reasoning for not paying the old debts (and this may be flawed) is that they are quite old. Most are 4 years old at this point and from what I know, even if I pay them off right now I still will not see an improvement in my score for 2-3 years so why bother? After 7 years I can request they drop off anyway.  Since my creditors only cared if i was alive because they stood to profit from me, I likewise should not give them the time of day unless I stand to gain as well correct? If you told me that paying these things off today will benefit me greatly in the next 30-90 days I might consider. As for personal debts you will not find one single person I owe money to. A creditor and family member are not the same, neither is being a competant and valuable employee. Your logic is flawed to correlate a low score with being a shady unsavory person whom you would not trust.

If such rationalizations allow you to sleep at night then so be it.  I think you ARE that bad.  By your own admission, you have debts that you do not think you need to pay and your reason for not paying is totally self-serving.  That your debt is to a corporation rather than a person makes no difference: you owe the money!  Someone who rationalizes and behaves the way you do is not a model employee, tenant, or other credit risk.

No one here is claiming to be holier than thou, but your rationale is totally polluted.  It is not as if you literally did not know about the debt, or you were the victim of identity theft and someone else accumulated the debt you now do not want to pay.  It is your debt; you made the decision to accumulate it; you enjoyed it; and now you think you can walk away from it without consequence.  That is wrong!

By your own admission, you act and think in the short term and with an eye toward your own benefit even when that means flouting the commitment you have made to others.  Your word of trust, your signature, means nothing.  Maybe your parents or your girlfriend can overlook your “reasoning” because they think they know you and you are not “some loser” but no one operating a business should have confidence in you because your word and actions show you cannot be trusted.  I am certain many people here have a bad impression of you now.  No, your rhetoric does not “make sense.”

Your current approach got you into this mess (a score of 600).  Unless you change your ways, you will never get out of it.

And for those of you who think credit scores are taken too seriously, now you know why.  Sure, some people have poor scores due to legitimate issues such as a catastrophic illness, etc., but many (I suspect most) people with bad scores are just like Methyl Mike; they ran up debt and have talked themselves into thinking they should not be required to pay it back.

[GroinkTropin]

If such rationalizations allow you to sleep at night then so be it.  I think you ARE that bad.  By your own admission, you have debts that you do not think you need to pay and your reason for not paying is totally self-serving.  That your debt is to a corporation rather than a person makes no difference: you owe the money!  Someone who rationalizes and behaves the way you do is not a model employee, tenant, or other credit risk.

No one here is claiming to be holier than thou, but your rationale is totally polluted.  It is not as if you literally did not know about the debt, or you were the victim of identity theft and someone else accumulated the debt you now do not want to pay.  It is your debt; you made the decision to accumulate it; you enjoyed it; and now you think you can walk away from it without consequence.  That is wrong!

By your own admission, you act and think in the short term and with an eye toward your own benefit even when that means flouting the commitment you have made to others.  Your word of trust, your signature, means nothing.  Maybe your parents or your girlfriend can overlook your “reasoning” because they think they know you and you are not “some loser” but no one operating a business should have confidence in you because your word and actions show you cannot be trusted.  I am certain many people here have a bad impression of you now.  No, your rhetoric does not “make sense.”

Your current approach got you into this mess (a score of 600).  Unless you change your ways, you will never get out of it.

And for those of you who think credit scores are taken too seriously, now you now why.  Sure, some people have poor scores due to legitimate issues such as a catastrophic illness, etc., but many (I suspect most) people with bad scores are just like Methyl Mike; they ran up debt and have talked themselves into thinking they should not be required to pay it back.

You are a bit harsh aren't you. Thanks for treating me like garbage while rich americans are running around making it rain and then declaring bankruptcy. Do you see me doing that? NO. I have enough debt that unless I stand to benefit from paying it I have no real incentive to run myself dry. I am in school and do not make that much. What would YOU do in my spot if we traded shoes TODAY? That's should be an interesting question.

[dr.chimps]

Bay-

I am actually a model employee. Good with apartments. My reasoning for not paying the old debts (and this may be flawed) is that they are quite old. Most are 4 years old at this point and from what I know, even if I pay them off right now I still will not see an improvement in my score for 2-3 years so why bother? After 7 years I can request they drop off anyway.  Since my creditors only cared if i was alive because they stood to profit from me, I likewise should not give them the time of day unless I stand to gain as well correct? If you told me that paying these things off today will benefit me greatly in the next 30-90 days I might consider. As for personal debts you will not find one single person I owe money to. A creditor and family member are not the same, neither is being a competant and valuable employee. Your logic is flawed to correlate a low score with being a shady unsavory person whom you would not trust.

Hmm. Did you know that Germany is due to finish paying off their WW1 debts very soon? You pay your debts because they are debts you incurred. What part of that do you not understand!?

[GroinkTropin]

Hmm. Did you know that Germany is due to finish paying off their WW1 debts very soon? You pay your debts because they are debts you incurred. What part of that do you not understand!?

The majority of my 6k is interest. Since my debts are all about 3-4 years old, do I really stand to benefit by paying them now?

[johnnynoname]

Hmm. Did you know that Germany is due to finish paying off their WW1 debts very soon? You pay your debts because they are debts you incurred. What part of that do you not understand!?

DAMN YOU FRANZ FERDINAND !!!!!

[BayGBM]

You are a bit harsh aren't you. Thanks for treating me like garbage while rich americans are running around making it rain and then declaring bankruptcy. Do you see me doing that? NO. I have enough debt that unless I stand to benefit from paying it I have no real incentive to run myself dry. I am in school and do not make that much. What would YOU do in my spot if we traded shoes TODAY? That's should be an interesting question.

If you think asking you to take responsibility for own behavior and pay your debts is harsh then, yes, I am harsh.  Is doing the right thing really that complicated?  Your choice to be treated “like garbage” is just that: your choice.  You can easily avoid such judgments by doing the obvious: paying your debts.  Yes, there is wrong-doing elsewhere on a grand scale, but the ability to name a bigger villain than yourself does not justify your own misdeeds.  The fact that you would try to summon such arguments to make yourself look better, by comparison, says something very unflattering about your character.

Your “interesting question” isn’t very interesting.  If I were in your shoes right now (though given my values and the choices I make, I would never be in your shoes) I would pay my debts.  And by the way, I would not pay the debt because I was simply trying to improve my credit score; I would pay the debt because I believe in personal responsibility and my own conscience would demand that I do so.  Not paying a debt that you legitimately incurred is the equivalent of stealing.  Most people judge theft rather harshly!  

By the way, I was not born with a silver spoon in my mouth.  I have been poor; I worked my way through school.  Along the way, I borrowed lots of money via credit cards, car loans, student loans, etc. and I have paid back every cent.

Your post is really troubling because you obviously know better.  You know that not paying your debts is wrong, yet in your own mind, you have bent over backwards to make it seem ok and given yourself permission to be a deadbeat.  You even go so far as to call me "harsh" for not buying into your delusion.  That is pathetic.

The (good?) news is people who operate the way you do always reap what they sow.

[GroinkTropin]

If you think asking you to take responsibility for own behavior and pay your debts is harsh the, yes, I am harsh.  Is doing the right thing really that complicated?  Your choice to be treated “like garbage” is just that: your choice.  You can easily avoid such judgments by doing the obvious: paying your debts.  Yes, there is wrong-doing elsewhere on a grand scale, but the ability to name a bigger villain than yourself does not justify your own misdeeds.  The fact that you would try to summon such arguments to make yourself look better, by comparison, says something very unflattering about your character.

Your “interesting question” isn’t very interesting.  If I were in your shoes right now (though given my values and the choices I make, I would never be in your shoes) I would pay my debts.  And by the way, I would not pay the debt because I was simply trying to improve my credit score; I would pay the debt because I believe in personal responsibility and my own conscious would demand that I do so.  Not paying a debt that you legitimately incurred is the equivalent of stealing.  Most people judge theft rather harshly!  

By the way, I was not born with a silver spoon in my mouth.  I have been poor; I worked my way through school.  Along the way, I borrowed lots of money via credit cards, car loans, student loans, etc. and I have paid back every cent.

Your post is really troubling because you obviously know better.  You know that not paying your debts is wrong, yet in your own mind, you have bent over backwards to make it seem ok and given yourself permission to be a deadbeat.  You even go so far as to call me "harsh" for not buying into your delusion.  That is pathetic.

The (good?) news is people who operate the way you do always reap what they sew.

It's sow not sew. I will consider my options. If paying these old debts does not benefit me I doubt I will pay them. I am not doing well enough to do otherwise. When I graduate that will be another story.

[emn1964]

Isn't the thread starter the same dimwit that came to us looking for advice on how to get rid of a black widow infestation in his parent's barn?

[BayGBM]

It's sow not sew. I will consider my options. If paying these old debts does not benefit me I doubt I will pay them. I am not doing well enough to do otherwise. When I graduate that will be another story.

You are correct: may you reap what you sow.

[dr.chimps]

It's sow not sew. I will consider my options. If paying these old debts does not benefit me I doubt I will pay them. I am not doing well enough to do otherwise. When I graduate that will be another story.

LOL. That's spirit! Nothing like passing along your debt to others.

You should look up how, late in his life, Mark Twain dealt with the debts he incurred. He took the high road.  

[titusisback]

Either MM is a troll or he's a true dumb ass. Go ahead.. default on your debts - your credit score will be amazing in no time! Attaboy!!

[BayGBM]

Isn't the thread starter the same dimwit that came to us looking for advice on how to get rid of a black widow infestation in his parent's barn?

This is the same guy who wrote that he had "morals."

Dang some mixed feelings here. Some reasons I want to move-

Guns. I dislike californias attempt to deprive me of my right to own firearms. I want guns period. You can not tell me what I can or cannot have nor can you convince me that 10 bullets are less lethal than 30.

Conservative lifestyle- I am not uppity nor a Bible thumper but I refuse to accept certain lifestyles because they are "popular" in todays culture. I am sorry but I have MORALS. Also I dislike Obama and going to college here MY GOD even my fucking professors have told us they voted for him and hope we did! I am sorry but he is SHIT as president and if you can't see that then fuck you. Quit blindly following a liberal politician like a fucking lemming.

Apparently his morals do not require him to pay his debts.  

[mass 04]

I love these "broke" college students. If you can't afford, then don't buy it. No debt and no problem. You learn this stuff in 1st grade, if you borrow something give it back.

[dr.chimps]

This is the same guy who wrote that he had "morals."

Apparently his morals do not require him to pay his debts.  

Ouch. What a tool. He won't return to this thread.

[BayGBM]

Ouch. What a tool. He won't return to this thread.

I hate to burst bubbles (sort of) but this is what happens when you make me go there!  

Note to "conservative" Mike: Thou shalt not steal.  

[GroinkTropin]

I hate to burst bubbles (sort of) but this is what happens when you make me go there!  

Note to "conservative" Mike: Thou shalt not steal.  

You're seriously crazy if you think anything said to or about me in this forum truly gets to me. You made your position fairly clear as have I. Thanks for the long speech atop the podium sir.

[2Thick]

Ha ha only broke people need credit!  Debt is dumb.  Don't you people follow Dave Ramsey?  

You are joking, right? Some of the richest people and corporations on earth borrow money. I'm not talking about irresponsible borrowing, but sensible borrowing - like a 12 figure company borrowing at low rate to make a sound acquisition of an undervalued 10 or 11 figure company without having to pull capital out of other investments. Or a consumer buying a nice house with a fixed low rate, writing the interest off on income tax, and wisely investing whatever cash was not put down on the home purchase. Or buying a decent car with 0% financing (no way I'm gonna pull tens of thousands in cash out of a sound investment to buy a car that will eventually be worth a fraction of its purchase price). Or taking out a loan to start or maintain your own private business. Try doing any of these things after a period of time of not having any active credit - difficult, if not impossible.  

[calfzilla]

You are joking, right? Some of the richest people and corporations on earth borrow money. I'm not talking about irresponsible borrowing, but sensible borrowing - like a 12 figure company borrowing at low rate to make a sound acquisition of an undervalued 10 or 11 figure company without having to pull capital out of other investments. Or a consumer buying a nice house with a fixed low rate, writing the interest off on income tax, and wisely investing whatever cash was not put down on the home purchase. Or buying a decent car with 0% financing (no way I'm gonna pull tens of thousands in cash out of a sound investment to buy a car that will eventually be worth a fraction of its purchase price). Or taking out a loan to start or maintain your own private business. Try doing any of these things after a period of time of not having any active credit - difficult, if not impossible.  

Clearly you have never heard of Dave Ramsey. 

Also the bible states the "borrower is slave to the lender."  Anyone would be wise to stay away from any and all debt. 

[wavelength]

avoid debt at all cost, there are very few occasions where it really makes sense

[calfzilla]

avoid debt at all cost, there are very few occasions where it really makes sense

Not really it just takes hard work and discipline.  Basically being able to put off gratification. 

[wavelength]

You are joking, right? Some of the richest people and corporations on earth borrow money. I'm not talking about irresponsible borrowing, but sensible borrowing - like a 12 figure company borrowing at low rate to make a sound acquisition of an undervalued 10 or 11 figure company without having to pull capital out of other investments. Or a consumer buying a nice house with a fixed low rate, writing the interest off on income tax, and wisely investing whatever cash was not put down on the home purchase. Or buying a decent car with 0% financing (no way I'm gonna pull tens of thousands in cash out of a sound investment to buy a car that will eventually be worth a fraction of its purchase price). Or taking out a loan to start or maintain your own private business. Try doing any of these things after a period of time of not having any active credit - difficult, if not impossible.

It is very well possible to start a business without ever being in debt.