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Old 01-09-2011, 05:57 AM
JayBeezy JayBeezy is offline
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Join Date: Jan 2011
Location: Arizona USA
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Default No Credit rating, help appreciated.

I'm a 34 year old man currently in the United States Navy. Having just come back from deployment I had over $70,000. I could not get financed through the auto dealership to get a loan on the car without a cosigner. Being that i'm in the navy and recently transferred to a new command, I had nobody who could cosign a loan for me, other than my parents who live in the states. Again, I'm 34 and I have the money to buy a car outright. Why should I need my parents to cosign a loan? I don't have credit because i've never had the need for a credit card. I'm not a college student, and I have applied for credit cards which have either been rejected or came back with about a 20% interest. Why should I pay my money to some bank, when I have money just so I can get a loan of money I don't need? I need to rent an apartment and my credit report came back with a -75 decline. I have no idea what that means. I checked my credit report and it is the same as it has been for about 3 years. I have a negative on there from SPRINT for about $227 dollars. This came about when I was stationed in Japan and just COULD NOT PAY THEM. I tried calling them by phone, using their internet pay service, I even contacted my mother to go pay it at the store and they wouldn't let her.

Technically, its all my fault my credit rating is in the crapper. I did owe/still owe SPRINT the money. its a small amount. I've done things that I would have thought would have given me SOME credit since then, but apparently its up to the companies wether or not they want to report it, and apparently they didn't. So even if I get a credit card, even with the 20% intererst, they don't have to report my credit to the credit companies if I understand this right, so am I overthinking this, is there a solution? Could use some help here, thanks in advance.
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Old 02-19-2011, 07:16 PM
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mycreditgroup mycreditgroup is offline
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Join Date: Feb 2011
Posts: 7
Default Re: No Credit rating, help appreciated.

If you were deployed you may be covered under the SCRA look into to it. And if I understood you correctly that sprint bill has been there for 3 years? if so, its with a collection agent. There's a good possibility they will do a "pay for delete" which means they will agree to remove it if you pay it off.

In terms of your overall credit report. Right now it sounds like you have 1 item and its negative. While it sounds very easily fixable, the bottom line is that its bad.

Negotiate the sprint bill, and get 2 or 3 secured credit cards. Keep your balances below 9% and give it a few months. The card you were referring to, having credit cards doesn't mean you have to be in debt. Use the stupid card to get gas once a month. Sure, you might pay and extra dollar or two in interest but the benefits to your credit score are going to be worth it (my opinion anyway)
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Old 03-05-2011, 08:31 PM
KatherineLee88 KatherineLee88 is offline
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Join Date: Jan 2011
Location: Iowa, USA
Posts: 25
Default Re: No Credit rating, help appreciated.

Credit cards can be seen as a necessary evil, but they don't have to be. I have had credit cards for three years and I have yet to give the credit card companies a PENNY in interest. If you pay it in full before the bill date, you owe nothing more than you charged.

Unfortunately, it sounds like you do have one "baddie" on your report that is affecting your ability to get a loan or rent a place. As suggested, you may be forced now to get a secured credit card. These work sort of like a debit card in that you load a certain amount of money onto a card (for a small fee, unfortunately) and you then can only use what you pre-paid already. Secured credit cards report to the credit bureaus, which will help rebuild your score. Eventually you can then apply for an unsecured credit card - and if you use it effectively, you won't pay a CENT on it. In fact, I have gained money in Cash Rewards from my card. Over $100 so far in the past three years. I've basically been using US Bank for paying several bills; I've built my credit score; profited a bit from using the card effectively; and never paid a cent in interest or in annual fees.

I am not sure about the SCRA thing that was mentioned, but I have heard references to these before - definitely look into it. At least you should see what collection agency has your Sprint charges now and pay that off and see if you can get it removed from your report. This would REALLY help your score.

Until then, you may just need to save up for a car and not finance it. It sounds like the Sprint issue may have done you in - however not permanently. You can rebuild and maybe the NEXT car you'll have a great FICO score that you get awesome financing on a vehicle with.
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