Author Topic: Getting credit lines through banks  (Read 29124 times)

GroinkTropin

  • Getbig IV
  • ****
  • Posts: 3138
Getting credit lines through banks
« on: December 06, 2009, 06:15:42 PM »
I am trying to build my credit and remember hearing that you can go to your bank and apply for a credit line with some kind of deposit. Is this accurate? Like, I go to Chase, open a checking account and deposit 500 for a secured credit line, something of that effect. Am I right?

Coach is Back!

  • Competitors
  • Getbig V
  • *****
  • Posts: 47966
  • https://joelocal.shop/
Re: Getting credit lines through banks
« Reply #1 on: December 06, 2009, 06:18:05 PM »
I am trying to build my credit and remember hearing that you can go to your bank and apply for a credit line with some kind of deposit. Is this accurate? Like, I go to Chase, open a checking account and deposit 500 for a secured credit line, something of that effect. Am I right?

Its a secured credit card.

dustin

  • Guest
Re: Getting credit lines through banks
« Reply #2 on: December 06, 2009, 06:18:29 PM »
I think that's only if you have no equity and don't own shit like a car or house.

I'm not too sure. I ended up getting one for like $20,000. I only wanted a few G but the people at the bank pushed a bigger one on me. I have 10 G taken out right now that I'm going to pay off aggressively. I honestly don't even know if it's a good or bad thing. Interest isn't all too bad either so as long as this shit doesn't bite my ass somewhere down the line lol

Coach is Back!

  • Competitors
  • Getbig V
  • *****
  • Posts: 47966
  • https://joelocal.shop/
Re: Getting credit lines through banks
« Reply #3 on: December 06, 2009, 06:21:05 PM »
We payed ours off, cut them up and tossed them. We only have one for business.

pluck

  • Getbig IV
  • ****
  • Posts: 2001
  • Getbig!
Re: Getting credit lines through banks
« Reply #4 on: December 06, 2009, 06:24:40 PM »
I think that's only if you have no equity and don't own shit like a car or house.

I'm not too sure. I ended up getting one for like $20,000. I only wanted a few G but the people at the bank pushed a bigger one on me. I have 10 G taken out right now that I'm going to pay off aggressively. I honestly don't even know if it's a good or bad thing. Interest isn't all too bad either so as long as this shit doesn't bite my ass somewhere down the line lol

you have $10,000 in credit card debt & gonna pay it over time? Hahaha
you obviously have no concept what interest is going to do to that $10K.


GroinkTropin

  • Getbig IV
  • ****
  • Posts: 3138
Re: Getting credit lines through banks
« Reply #5 on: December 06, 2009, 06:31:50 PM »
Ok so my score is about 600 right now. Have some stuff in collections which I doubt i will pay (its all pretty old). I have 1-2k i can afford to use for these credit cards. Advice? I currently have one cc with (dont laugh) a $300 limit which I have totally paid off. I wanted to buy a new car, but I'm not sure what to do really.

dustin

  • Guest
Re: Getting credit lines through banks
« Reply #6 on: December 06, 2009, 06:35:59 PM »
you have $10,000 in credit card debt & gonna pay it over time? Hahaha
you obviously have no concept what interest is going to do to that $10K.



I'm paying off over a grand a month, bro. I'm not planning on letting it sit there and fester for years.

Wooo damn if that were the case I'd say FUCK NO. I'm Asian. We don't buy shit we can't afford. ;D

BayGBM

  • Getbig V
  • *****
  • Posts: 18779
Re: Getting credit lines through banks
« Reply #7 on: December 06, 2009, 06:37:26 PM »
I am trying to build my credit and remember hearing that you can go to your bank and apply for a credit line with some kind of deposit. Is this accurate? Like, I go to Chase, open a checking account and deposit 500 for a secured credit line, something of that effect. Am I right?

Yes, that is right.

10 questions to ask about secured credit cards:
http://www.bankrate.com/finance/credit-cards/10-questions-before-getting-a-secured-credit-card-1.aspx

BayGBM

  • Getbig V
  • *****
  • Posts: 18779
Re: Getting credit lines through banks
« Reply #8 on: December 06, 2009, 06:38:13 PM »
I think that's only if you have no equity and don't own shit like a car or house.

I'm not too sure. I ended up getting one for like $20,000. I only wanted a few G but the people at the bank pushed a bigger one on me. I have 10 G taken out right now that I'm going to pay off aggressively. I honestly don't even know if it's a good or bad thing. Interest isn't all too bad either so as long as this shit doesn't bite my ass somewhere down the line lol

It's a bad thing. :'(

dustin

  • Guest
Re: Getting credit lines through banks
« Reply #9 on: December 06, 2009, 06:40:19 PM »

It's a bad thing. :'(


Ah, fuck... well, I had a feeling the people at the bank were so pushy because it was probably landing them a big commission or something. I'll have it paid off soon enough. Doesn't hurt nearly as much as what I dropped on an engagement ring right after I bought my vehicle!

It's a line of credit though, does that make any difference? I use my credit card all the time but as soon as I get home, I pull out the receipt and pay it off. Never have a balance on my credit card for more than week.

Mr Nobody

  • Getbig V
  • *****
  • Posts: 40213
  • Falcon gives us new knowledge every single day.
Re: Getting credit lines through banks
« Reply #10 on: December 06, 2009, 06:40:35 PM »

It's a bad thing. :'(

bay knows his shit about credit and men in thongs

dustin

  • Guest
Re: Getting credit lines through banks
« Reply #11 on: December 06, 2009, 06:47:02 PM »
bay knows his shit about credit and men in thongs

Anyone who is a connoisseur of fine men in thongs is a friend of mine.



GroinkTropin

  • Getbig IV
  • ****
  • Posts: 3138
Re: Getting credit lines through banks
« Reply #12 on: December 06, 2009, 06:55:55 PM »
Yes, that is right.

10 questions to ask about secured credit cards:
http://www.bankrate.com/finance/credit-cards/10-questions-before-getting-a-secured-credit-card-1.aspx

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?

Eyeball Chambers

  • Getbig V
  • *****
  • Posts: 14340
  • Would you hold still? You're making me fuck up...
Re: Getting credit lines through banks
« Reply #13 on: December 06, 2009, 07:00:35 PM »
We payed ours off, cut them up and tossed them. We only have one for business.

You're a brilliant business/money man, and a fucking ignoramus when it comes to politics. 

What the fuck happened to you?  ???
S

johnnynoname

  • Getbig V
  • *****
  • Posts: 18240
  • i have a face like a shovel
Re: Getting credit lines through banks
« Reply #14 on: December 06, 2009, 07:05:14 PM »
not for nothing, but has the threadstarter ever read this forum before

not exactly the best place for financial advice

now, if you find yourself in a hotel room with a hooker, a shitload of coke and the judge from "the people's court" and want to know how long it takes to save up for a pair of "True Religion" jeans, then this is the place

ALLTRIS

  • Getbig II
  • **
  • Posts: 28
  • Venom Vince Versace
Re: Getting credit lines through banks
« Reply #15 on: December 06, 2009, 07:23:55 PM »
use that $300 one a lot and pay it off every month, they will up your limit, your score will go up and other offers will start coming in the mail. save up for a down, at least 2k and you might not get your dream car and your intrest will be high but focus on paying it off in 3 years and your score will be up in the 700s before you know it. oh yeah pay off any old charges offs, old cell phone bills or Dr. bills.

http://clarkhoward.com/

jtsunami

  • Time Out
  • Getbig V
  • *
  • Posts: 7078
  • I support Bigbobs
Re: Getting credit lines through banks
« Reply #16 on: December 06, 2009, 07:29:27 PM »
oh geez wanting to build up your credit, the thing that took this stupid western economy down, living above your means. 
TEAM Nasser

HTexan

  • Getbig V
  • *****
  • Posts: 20039
  • Heath must lose!!
Re: Getting credit lines through banks
« Reply #17 on: December 06, 2009, 09:19:23 PM »
Yup, yup CCs are a good way to bring up your credit score. But, only if you pay on time. :P
https://www.annualcreditreport.com/
A

BayGBM

  • Getbig V
  • *****
  • Posts: 18779
Re: Getting credit lines through banks
« Reply #18 on: December 06, 2009, 09:24:44 PM »
oh geez wanting to build up your credit, the thing that took this stupid western economy down, living above your means. 

Building up good credit, having an available line of credit, and/or maintaining a high credit score are not the same as living above your means.  The former are all good, the latter is bad.

mass 04

  • Getbig V
  • *****
  • Posts: 11048
Re: Getting credit lines through banks
« Reply #19 on: December 06, 2009, 09:26:15 PM »
I was recently approved for a GNC gold card.

calfzilla

  • Getbig V
  • *****
  • Posts: 20816
  • YUMAN FILTH!
Re: Getting credit lines through banks
« Reply #20 on: December 06, 2009, 09:27:53 PM »
I am trying to build my credit and remember hearing that you can go to your bank and apply for a credit line with some kind of deposit. Is this accurate? Like, I go to Chase, open a checking account and deposit 500 for a secured credit line, something of that effect. Am I right?
Ha ha only broke people need credit!  Debt is dumb.  Don't you people follow Dave Ramsey? 

Savier

  • Time Out
  • Getbig II
  • *
  • Posts: 16
Re: Getting credit lines through banks
« Reply #21 on: December 06, 2009, 09:29:26 PM »
I was recently approved for a GNC gold card.

Congrats! you will now only be paying 35% more then other retailers

BayGBM

  • Getbig V
  • *****
  • Posts: 18779
Re: Getting credit lines through banks
« Reply #22 on: December 06, 2009, 09:44:54 PM »
Ok so my score is about 600 right now. Have some stuff in collections which I doubt i will pay (its all pretty old). I have 1-2k i can afford to use for these credit cards. Advice? I currently have one cc with (dont laugh) a $300 limit which I have totally paid off. I wanted to buy a new car, but I'm not sure what to do really.

I find this curious.  Why do you think it is appropriate to owe money and not pay it—simply because the debt is old?  Is that how you were raised?  Would you feel this way if someone owed you the same money?  What if they owed the money to one of your parents, your sibling, or your child?  At one point, you obviously benefited from the credit/debt, yet now you see nothing wrong with allowing it to go unpaid?  It is one thing if the creditor decides to write off the debt as uncollectible from a deadbeat (you), but who are you to decide that the debt no longer needs to be paid?  That kind of attitude will keep your credit score depressed well into the future. :(

It may not be fair, but it is people like you who prompt employers to look at the credit scores of potential hires.  I hope you manage to clean up your act, but based on what you’ve disclosed here, I would not extend you credit, rent you an apartment, or hire you.

http://www.getbig.com/boards/index.php?topic=193870.0

Princess L

  • Moderator
  • Getbig V
  • *****
  • Posts: 12789
  • I stop for turtles
Re: Getting credit lines through banks
« Reply #23 on: December 06, 2009, 09:48:06 PM »
Ok so my score is about 600 right now. Have some stuff in collections which I doubt i will pay (its all pretty old). I have 1-2k i can afford to use for these credit cards. Advice? I currently have one cc with (dont laugh) a $300 limit which I have totally paid off. I wanted to buy a new car, but I'm not sure what to do really.

Not paying old debts will negatively impact your credit score.  Having a high line of credit will negatively impact your credit score (because you COULD max it out).  The more available credit you have, the lower your score, so get rid of dept. store cards and any other cards you don't use.   Every time you "apply" for a card, that lowers your score too.  So when you're shopping this season and the clerks says "you can save 10% today by applying for a card" SAY NO.


http://clarkhoward.com/

Good advice
:

calfzilla

  • Getbig V
  • *****
  • Posts: 20816
  • YUMAN FILTH!
Re: Getting credit lines through banks
« Reply #24 on: December 06, 2009, 09:58:51 PM »
Oh brother.  This thread scares me.  Dude you just need to call your old debts and settle with them for less.  Offer them 40% and see what they say.  I mean you do owe the money right?