Comments on: Banks are geniuses! http://www.punchdebtintheface.com/2009/10/banks-are-geniuses.html A fun personal finance blog Sat, 11 Feb 2012 01:47:08 +0000 hourly 1 http://wordpress.org/?v=3.3 By: BRB http://www.punchdebtintheface.com/2009/10/banks-are-geniuses.html#comment-1537 BRB Wed, 07 Oct 2009 20:05:47 +0000 http://www.punchdebtintheface.com/?p=190#comment-1537 Could we set this type of thing up? I would love to help someone's credit by charging them interest and taking no risk! Could we set this type of thing up? I would love to help someone's credit by charging them interest and taking no risk!

]]> By: Financial Samurai http://www.punchdebtintheface.com/2009/10/banks-are-geniuses.html#comment-1521 Financial Samurai Mon, 05 Oct 2009 03:23:17 +0000 http://www.punchdebtintheface.com/?p=190#comment-1521 score one for the banks indeed. They'll always be able to take our money. score one for the banks indeed. They'll always be able to take our money.

]]> By: Jessie http://www.punchdebtintheface.com/2009/10/banks-are-geniuses.html#comment-1520 Jessie Fri, 02 Oct 2009 16:09:28 +0000 http://www.punchdebtintheface.com/?p=190#comment-1520 yeah, it sucks but it truly is one of the only/fastest ways to re-build or to start building your credit history if you can't get a loan/credit card any other way.<br /><br />Unfortunately, my boyfriend had to go this route. we'll be checking our credit scores this month b/c it was about a year ago that he got the card. Hopefully it will be high enough that he'll feel comfortable applying to remove the security.<br /><br />Another way to do this is RRSP loans. I recently learned that banks often require lower credit scores for these types of loans then others. yeah, it sucks but it truly is one of the only/fastest ways to re-build or to start building your credit history if you can't get a loan/credit card any other way.

Unfortunately, my boyfriend had to go this route. we'll be checking our credit scores this month b/c it was about a year ago that he got the card. Hopefully it will be high enough that he'll feel comfortable applying to remove the security.

Another way to do this is RRSP loans. I recently learned that banks often require lower credit scores for these types of loans then others.

]]> By: Michelle http://www.punchdebtintheface.com/2009/10/banks-are-geniuses.html#comment-1519 Michelle Fri, 02 Oct 2009 14:01:05 +0000 http://www.punchdebtintheface.com/?p=190#comment-1519 Dope with mushrooms dipped in black tar?! That's great awesome imagery...My husband had a sole-proprietor business go under in 2003 and declared bankruptcy over the business debts. He functioned without credit (or on my good credit I should say) for 5 years, but last year bit the bullet & got a secured BOAmerica credit card for $500. He put his cell bill on auto-pay, used our credit union's bill pay feature to automate the regular payment for that to the cc. Throughout the year he occassionally bought bigger ticket items and paid them off the next week. His credit score, which had been 550 in June 2008, is now 670 (verging on 'okay'). On/about the one year anniversary of having the card (this August), he called & requested an unsecured card - which they granted AND upped his credit limit to $1000. I thought it would take 6 to 8 weeks to get his 'security deposit' back, but it was in the mailbox 6 days later. So YES. Secured cards, used with UTMOST caution and responsibility, are a great tool for rehabbing poor credit. Dope with mushrooms dipped in black tar?! That's great awesome imagery…My husband had a sole-proprietor business go under in 2003 and declared bankruptcy over the business debts. He functioned without credit (or on my good credit I should say) for 5 years, but last year bit the bullet & got a secured BOAmerica credit card for $500. He put his cell bill on auto-pay, used our credit union's bill pay feature to automate the regular payment for that to the cc. Throughout the year he occassionally bought bigger ticket items and paid them off the next week. His credit score, which had been 550 in June 2008, is now 670 (verging on 'okay'). On/about the one year anniversary of having the card (this August), he called & requested an unsecured card – which they granted AND upped his credit limit to $1000. I thought it would take 6 to 8 weeks to get his 'security deposit' back, but it was in the mailbox 6 days later. So YES. Secured cards, used with UTMOST caution and responsibility, are a great tool for rehabbing poor credit.

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