From: hgoodale_msp@msn.com (SpongeHead)
Newsgroups: misc.invest.financial-plan
Subject: Credit issues, what can be done?
Date: 26 Sep 2003 21:40:01 GMT
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I was not a fortunate one when it comes to credit.  As soon as I
turned 18, I wanted a new car.  To get a new car, I needed credit.  I
didnt have any so I figure Id apply for some of the local retailers
credit cards.  Denied, denied, denied all because I had no credit. 
Than a few tries later I found out that applying too many times is not
a good thing.  I even went to the bank with $1400.00 cash in my hand
and asked for a $1000.00 loan and I would pay the interest right off
the bat.  Denied because of no credit.  Why would a bank not accept
$400 for not doing a dam thing?

12 Years later with still no credit, I had to get a credit card that I
had to pay for up front and than a fee every month just to establish
something.  Unfortunately that wasnt enough.  I also missed a payment
here and there which for some reason sticks on your credit history for
years.  Getting a loan now is harder than it was even when it was
impossible.

I have been renting a home for 8 years for $600 a month and have the
opportunity to move to family land and all I need is a mobile home.  I
have priced some out at $26,000 and that would make my total monthly
payment no more than $300.00 a month.  I have no debts.  That stupid
credit card was paid off and cancelled, I have an old car I paid cash
for, Im not a deadbeat dad, I owe nobody nothing.  The mobile home lot
goes through 2 local banks to apply for credit.  They were surprised
that at my age I had no debt, so I figured the loan would be a piece
of cake considering my 3 years at my employer and the amount I earn is
more than enough to handle the loan.  Denied.  That late payment and
no previous credit history did me in.

I could go with one of the many high interest "youre loan is approved
no matter what the issue is" loan sharks and pay up the arss in
interest.  Speaking of interest, why is it that a person with perfect
credit and plenty of money get a low interst rate, and a person with
no money get a high interest rate?  I understand the risk factor but
someone with no money is going to have a harder time paying off the
extra percentage.  The 5 - 10 years of that shit on your record is a
bit out of control in my opinion.  What rights do we have as
consumers?  Can we not change the way the credit bureau or banks
handle our money?  Who de we contact do get anyhting done about it? 
(I ramble for hours).  Anyone have the same problem or know how to get
something like this changed?

Maybe this isnt the right place to post, and if so Im sorry.  I will
repost to the correct place.