I need light at the end of the

RE: I need light at the end of

Well I don't know much but here goes my stab at it:

Apartment: 1 way is to stay away from those apartment complexs that are managed by property management. They are strict and tight on credit. Although some smaller places don't care about your credit too much...they are focused on if you have an eviction on your record. I suggest going to a 'mom and pop' apartment building (a place that isn't managed by some huge property management deal). Be sure to bring $$MONEY$$ cause money talks (well here in the Bay Area where people are outbidding eachother and paying $3800 for studios in San Francisco it does). Try to get to know whoever it is who has the final say on you renting. Tell them about your situation <if need be> and your credit, etc. That's what I did and it worked for me. Might I add part of the reason why it worked was because the building that I was moving to (20 units total) had 14 vacancies! The new owner bought the 2 buildings and doubled the rent (that's Silicon Valley for ya!). People left outta here like rats jumping off the Titanic! Oh by the way...if your job happens to be in the Silicon Valley, don't even bother w/ finding your own place. Better look for a room to rent and even that can be tough!

Utilities: I don't know if your moving out of the state or what. But if that's the case then getting heating/electricity, cable, phone, etc. should be no problem. Most utility companies don't run credit reports (at least in CA they don't). You just have to make sure that you don't owe them any money from before. They might require that you put up a small deposit but that's no big deal. If your moving to a place where you have outstanding debts w/ the utilities, phone, etc. then you better call mom and dad for help! Either pay the debts or have them put stuff in their name.

Bank Accounts: If you've been reported to Chexsystems (and you'll know if you've been reported) then you need to think about going to a bank that doesn't use them to verify new accounts. Believe me, you better hope your not on Chexsystems because if you are, then your basically cut off from all the good major banks (ie BofA, Washington Mutual, Wells Fargo, etc.) for at least 5 years, maybe even longer. In CA it's 5 years. And in most cases it doesn't matter if it's paid or not. Some smaller banks might let you open up an account if you paid your chexsystems debt. To find a list of non chexsystems banks, go to: http://chexsystemsbites.tripod.com/goodbanks.html

Credit Card: Find out from your company if they offer the Corporate Am/Ex card. If so then apply. My credit was finished and they still gave me a card. I was surprised to say the least. But the site admin at my job for Am/Ex stated that if they would of declined me, that my boss could of signed a form guarenteeing my card. The site admin also told me that if you get turned down for the Corporate Am/Ex card that your credit must be FUBAR <F'd up beyond all repair>. So you can believe that I was happy when I got this card. The card did have restrictions though ($5k limit for travel and $500 limit for retail). My company also offers a visa card. You make purchases and at the end of the month, you fill out this log of all the items on your statment w/ an explanation and your boss has to sign off on it. Everyone who applies for this card is issued it no matter what your credit is. You do not have to pay the bill when the statement comes either. Everything is charged back to the dept. If these cards aren't an option to you, then you better think about getting a secured card w/ at least $1k limit asap (due to processing time). If you don't have the money right away, I suggest borrowing it from whoever and then when you get the card, request cash advance checks and write a check out to the person who you borrowed the money from. Then begin the process of paying down the balance. Maybe when you get the job you can use the signing bonus to pay the card off? If it's decided that you have to get a secured card, I suggest coming back to this board and inquiring on which one you should get. I personally (if I was in your situation) would go with Chase just for the mear fact that it's a prime bank and it reports. Others can fill you in on this info.

Lastly, read these boards and figure out a strategy on how to repair your credit. Believe it or not, credit is VERY important nowadays and this message board is one of the best information sources on how to get back in the Prime world of credit.

So, how did I do guys? I know it's kinda rough around the edges but not shabby, huh?

 

RE: Great Job!

I will also follow some of your advice. You are on your way to a great future!

best of luck and thanks!

chet

 

RE: I need light at the end of

Not much I can add, except a few comments..

1. My company has stopped "guaranteeing" AMEXs because of employee abuse, i.e., late payments, etc...it's a pain when an employee has to travel, but its also a lesson...

2. I've done a lot of relocating in 15 years...utilities are hard to gauge...in FL, I had perfect credit, and STILL was required to put down a 200 dollar deposit with the electric company for one year because I was new in the state...and THAT was on a brand new home, NOT an apartment...

3. Apartments are tough, but I agree with the idea. I was a landlord for 2 years on a house I couldn't sell, and BOTH renters had solid credit...and BOTH skipped, both had to be sued, and I came out the loser...I came to realize landlords are naturally paranoid for good reason...contacting a local realtor may also help...

4. Bank accounts...never had to go down that road, but I will say that a good solid relationship with a bank and getting to know the management at that bank is priceless...

That's about all I can add..the first post did better than I ever could have..

MP$40 wrote:
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Well I don't know much but here goes my stab at it:

Apartment: 1 way is to stay away from those apartment complexs that are managed by property management. They are strict and tight on credit. Although some smaller places don't care about your credit too much...they are focused on if you have an eviction on your record. I suggest going to a 'mom and pop' apartment building (a place that isn't managed by some huge property management deal). Be sure to bring $$MONEY$$ cause money talks (well here in the Bay Area where people are outbidding eachother and paying $3800 for studios in San Francisco it does). Try to get to know whoever it is who has the final say on you renting. Tell them about your situation <if need be> and your credit, etc. That's what I did and it worked for me. Might I add part of the reason why it worked was because the building that I was moving to (20 units total) had 14 vacancies! The new owner bought the 2 buildings and doubled the rent (that's Silicon ....

 

RE: I need light at the end of

Interesting questions. I agree with everything MP$40 provided which was great information by the way. I moved to another state yesterday. And I am very tired to say the least. But I think I can provide some information. My knowledge is eastcoast based however. First issue:
Renting. I moved into a luxury apartment complex. Did my credit history still have a negative effect. Yes. You see 1 year ago when I moved into my studio apartment in Manhattan, I could not find a bum to rent me a cardboard box. Through prayer I found a landlord who had problems with student loans herself and she gave me a roof. So MP is right on the money with the finding a private landlord. I only lived there for one year though. I have worked to improve,add and repair my credit since that time. I had to pay one months security instead of the $100 they usually charge (which I thought was very low anyway).Also most landlords just want to see that you can pay the rent. So get your existing landlord to vouch for you if possible. Also see if you can prove that you make enough money. They want usually your monthly income to be 3.5 x the monthly rent.
Utilities and Banks: I had first union run a chex and credit report on me. I had no problem. But I am just telling you this to let you know that banks will run the chex as mp stated and they surprised me with the credit check. Pico electric in Pennsylvania runs a credit check also. If I hadnot passed then I would have been billed the deposit. Also "getting it in your momma's name" is a good option. Been there-done that in my college days.
Phone companies: Can you believe Bell Atlantic wanted to do a credit check? OF course I wouldnot let them because I had a phone with perfect history with the company and it shouldnot matter if it was another state. Well, that's what I told the rep and he didnot do the check.
Credit Cards: I cant say enough how working with a good bank and being a good customer will pay off. Citibank and Chase and good ole Capital one gave me cards this month with very decent limits.(chase 2K,capital 1 2K and Citibank 9K).Citibank came Friday right after chase which I posted on this board last week. My next goal is to upgrade those cards to something gold or platinum by 2 years. I never believed that my situation would turn around. I think my job,income,recent payment history and repair did the job. So as you can see there is plenty of light. My credit was TERRIBLE in 11/99. And now I am sitting in my new apartment, with lights,phone and alot of new plastic in my purse. Remember you can always return for advise. We'll be here. Good Luck!

 

RE: I need light at the end of

Congratulations roni! Did you have all of your negatives purged from your report before applying for the Chase & Citibank cards? My reason for asking is that I have had a perfect payment history for about 4 or 5 years. However, I have 2 negative items dating back to 1994 that will be falling off my report in March. Should I just wait until then to apply for a Citibank or Chase card or should I try to apply for one of them now? Thanks in advance for your feedback.

 

RE: I need light at the end of

No, my negatives are still there but they are zero balanced. Student loans are the source of my credit troubles. Even though I have deleted almost all of them, I still have 2 original student loan granters on there with zero balances and once in default.Equifax reports with R5 after consolidation, even if you are current. Other than that a settlement with Discover which I did back in 1995. I have Junum working on those because basically I am tired of disputing. Yes, I would apply. I have an obscene number of credit inquiries and I was still approved. I got new credit, bought a car, got car insurance and moved to a new apartment in 30 days. You get the picture. I know my score is hurting, but I still got them. I went crossed-eyes when I saw the Citibank approval. I suggest only a classic card if you are worried. Go to Citibanks website and apply for the Advantage card. You have to search past all of the platinums but it is there. I got a online approval.

 

RE: I need light at the end of

Thanks roni.