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I closed all accts, paid wifes 40k in debt in 5 yrs, still bad credit, cant even get a 1000 cc to build credit*

I know there are those that would say not to pay it, but I manned up and paid my debt. For 5 years I sat at home, did nothing but work and pay. Now I need a car, bank turned me down with a 600 score, can't even get a 1000 cc to charge gas and food and pay off each month - even after arguing that I need it only to move forward and establish credit. I have ZERO debt except mortgage. Problem is, I have NO Credit Cards. I refuse to pay dealership high rates and will drive my 210k mileage Honda til it explodes or my score is good enough to get a low rate acceptable loan. I never charged a thing, my wife is a spender and by serious threat of divorce she finally stopped. I need good credit to move on from here. Credit Union said no. I think the solution is a secured card, but they did not even offer this option/solution. I make really good money so it would be an option. Separately I heard that you can go to a place like Office Depot and they have forms to just deny all bad credit?

Answers:

1) You'll have to start rebuilding your credit. Get a secured card, charge a small amount each month and pay it in full each month. That will gradually build a positive history.

2) ok if you did that great you do not need credit -- hang in there for one more year and you will be able to start paying cash for everything --- example this month pay yourself a 450 car payment after 10 months you will have in excesse of 4500 to put down on a car!!!!

3) Part of the reason your credit may not look so good is because you closed everything. When you close so many accounts all at once and lose all your available credit it can make your score go down. Instead one should pay off debt cut up credit cards and close accounts slowly. You dont have to use them just keep them open with a zero balance. I suggest taking out a small loan at your bank or credit union if you have been there long. They may say you have to do a secured loan but what they would do is put your money into a CD or something like that and virtually you pay nothing for the loan. My credit score has shot up almost 150 points in one year by making good payments on credit cards and keeping low balances. If you be patient yours will improve and then maybe you can get a 0% or very low interest loan on a vehicle. GMAC usually has very low rates. Good luck!!

4) You have to start thinking S-M-A-R-T. What kind of cutbacks can you make? For example: I drink bottled water. Now at $1 a bottle on something that covers over 65% of our planet is not smart. So I bought one of those water filters that screw into your faucet. I have bottles that I refil over and over again. I take them to work. Do you have a lot of small appliances around that house that are always on? I cut my electronic bill almost in half by unplugging all the clock radios and night lights. I also bought some of those florescent bulbs that look a lot like a regular bulb. These things use 80% less electricity than regular bulbs. You would be surprised, but these small things add up. I know I was spending money on the water filter and energy efficient bulbs but these things will pay for themselves in a month providing they pertain to you. If you really need the money right away start cutting back on your food costs. Romain noodles cost a dime and they taste just as good as campbells chicken noodle that costs $130 a can. Ok no chicken in romain noodles, but you are probably just missing about 4 tiny pieces of chicken. Put a brick inside your toilet 'chamber'. You will use a little lesser water each time you flush..Before you know it you will be ahead. Wanna be creative? Find yourself leaving lights on? Buy a motion sensor switch, the lights will turn on when you enter the room and will turn off (by a set amount of time) when you leave the room. I have one, they cost $15 at HomeDepot. So remember you have to start thinking S-M-A-R-T! Yours truly seahorsehawrey.

5) I was about to say try a CreditUnion, but... Next thing, email this company. They have helped alot creditgard@gmail.com Best of Luck

6) If you can pay off 40K in 5 years, you can save $12,000 in 18 months. With $12,000 cash, you can buy an upgrade, without worrying about credit. (A 2003 Civic with 70,000 miles) Truth is, you're looking for the path toward a high FICO score, but you've stumbled onto the path toward wealth. If you and your wife can get onto a monthly budget, and stick to it, you'll be in fabulous shape.

7) Hi, I used "Credit Solution" to settle my debt and avoid bankruptcy.They managed to reduce my debt up to 58%.It's legitimate.I came across this company on NBC News Special Edition.Check it out here: http://redirx.com/?0g4c

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