Friday, October 17, 2008


How am I supposed to establish my credit if I cant get any credit?

For over 3 years I had a Nextel phone in my name. I was only late on my payment once and not even late enough for them to shut it off or anything. When I first got that phone I only had to put down a $50 deposit.
Now 4+ years later I try to get a Sprint phone in my name again and they tell me I would have to put $500 down. AT&T said the same amount. Tmobile wont even offer me a contract. I would have to pay full price for a phone and go month by month billing always paying a month in advance. Why? Because I have no credit.

I worked at a school for over 3 years. I had my checking account open for 5 years never going below my $300 minimum balance. The only bill I had in my name was my Sprint/Nextel bill. I go to my bank to get a thousand dollar loan for school. Denied. I tried getting a $500 limit Chase credit card. Denied. Hell I tried getting the lowest credit limit card Target had to offer. Denied. Why? Because again I have no credit.

Back then I thought paying a cell phone bill would help me get credit but I was wrong. A cell phone is not considered a utility or staple so it doesn't count on your credit. Yet if I were to rack up a $500 cell phone bill and never pay it, it would go on my credit.

I just dont get it!

My friend suggested that I get a secured credit card. Ill need about $300 to get a $500 limit. These cards allow you to make a deposit with a lender (such as your bank or credit union), and the amount usually becomes your credit limit. The issuer takes on zero risk because if you don't pay on time, it can dip into your account to cover the bill. But the bank Ive belonged to for 8+years, Chase bank has one of the highest interest rates on these type of cards. (11% APR.)

So I would need to open an account at another bank and put a minimum balance in my account and save up enough money to actually get the card too to get a lower interest rate. But it looks like this is what I will have to do since I will be subletting and wont be able to actually have any utilities in my name.
Fuck credit. Fuck the government. Fuck the economy!
I was born and raised here. As were my parents. Home of the free right? Nothing is ever free or will be free here in good ol US of A.
My biggest peeve is how can people that weren't even born here get money for school and credit cards so easily? It just doesn't seem fair to me at all. But thats another rant for another day.

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