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  • Advice Please!

     

    Hello, I'm a single mother of one 3 year old boy.

    I have no car note,

    one SECURED credit card

    I own a home,

    I'm a fulltime student

    and I work full time

    I have one checking account (with no money in it )

    I also have a savings account (with only like 200 dollars in it)

    And a 401k (it only has a couple thousand)

    I can't get credit anywhere! I don't even have any debt. (except the house and the credit card) I'm not late on the credit card. It's only a 600 dollars limit.

    But, I do owe Sprint like 300 dollars though. (it's not in collections, I just cancelled that account)

    Me and my fiance are planning to buy another house this time next year. (when we're married) But, right now I'm too broke to start saving a lot of money. (and he's not good with money at all!) I'm trying to see what I need to do in the next year in order to get my spending in order, and have enough credit established where I can do something with it you know?

    What advice do you have?

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    Member
     

    I have no car note, one SECURED credit card I...

    Hey there-are you trying to get financing for a new house, or another vehicle? I think that would determine how to go about doing it. Sadly, having a limited credit history of no activity is sometimes viewed just as negatively as having an extensively bad one-they don't know if you are worth the risk.

    www. creditboards.com is a great site recommended by the ladies here to also get some advice on how to start building credit towards purchases you want to make.

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    Member
     
     

    www. creditboards.com is a great site recommended by the ladies...

    Hey thanks! I have two cars. Both paid in full. A 99 Mistubishi and a 97 Oldsmobile. I'm trying to purchase a new home. Thanks for the site!

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    Member
     

    I am a single parent as well.. I don't own a home and have HORRIBLE credit.. So I don't have much advice at all..

    I am serious about getting my finances in order and I am so thanful that I decided to visit this finacnce forum. I have been browsing for a couple of days now.

    I want to raise my creidt score and purchase a home in 2008. so far I've pulled all my credit and have my fico score. My task this week was to call some of the creditors back and set up payment plans with them. My uncle told me to pay a small amount for 12 consecutive months (on time) and this will raise my score substantially. I also cancelled my gym membership (50 a month including the daycare expense) and this week I spent 10 dollars on breakfast and lunch for the whole week (*while at work) I had a bad habit of eating out everyday for lunch and picking up Starbucks EVERY morning for breakfast. I feel like I am in rehab b.c I have been fiending for a caramel latte... I am curretny looking over my spending and trying to figure what other expense i can eliminate..

    I hope everything works out for you.. And looks like you are more help to me than I am to you..

    Good luck!!

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    I am serious about getting my finances in order and...

    Thanks!

    Hey I need to know how you only spent 10 BUCKS on breakfast and lunch for a whole week! UGH! I HAVE to know that girl!

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    Member
     

    LOL..

    A box of cherrios and Vanilla soy milk and Lean Gourmets on sale this week at Kroger for 91 cent. LOL..

    10 bones.. better than my 7 dollar wing combo anyday..

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    Member
     

    A box of cherrios and Vanilla soy milk and Lean...

    Yeah, I think I'm gonna have to go that route girl... Thanks! I already spent 4 dollars on breakfast and 3.59 on lunch! UGH!

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    IA with Evesdilemma, take to some to read creditboards.com. It was extremely helpful in turning my situation around.

    Some of the things recommended for building a credit history are:

    *Joining a credit union. They are liberal in extending unsecured credit to its members.

    *Become an authorized user on a family members credit card.

    *Apply for store credit cards i.e Target, Walmart, Macy's etc.

    *Taking a small personal loan out.

    *Getting all three individual credit reports from each credit bureau directly. Not the free ones or the tri-merge ones. Go over them and dispute any errors, inconsistencies and old addresses. Removing them will raise your score. If you have been recently rejected for credit, you can get the reports for free.

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    Member
     

    you commented that your fiance is horrible with money. imo, that's a huge factor that needs to be resolved before you two even think of a savings plan, financing, or purchasing a house. you two need to invest (not financially but as in time) in some sort of couple's course, planning, book, or support to help you two learn all you can about persona and family finances.

    i am in no wishing negativity on your relationship but you two are going to have to get to the root of the matter as a couple before you launch into something so large. finances are a main reason why couples break up and i would hate to see that happen to you.

    so please please please look into some information and resources for you and your fiance as a couple, instead of only addressing the symptom of the issue (difficulty getting credit).

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    Member
     

    I agree with Liberty....not to say you can't get started on the other recommendations the other ladies have mentioned but the last thing you want to do is make all this progress while your fiance does not and your set and ready to go and his finances can't warrant a candy bar on credit! Been there done that, either work together now or have to endure all kinds of arguments about vacation, spending, etc..... down the line....

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    Member
     

    It could be that you don't have a long enough credit history (I have 14 years of credit and FICO tells me that's not long enough). It could also be that you don't have a mix of credit (installment loans, store credit cards, in addition to Visa/MC). Hopefully you haven't made any late payments. I would avoid applying for credit in 6 month intervals.

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