MyName, I started playing the credit game at about the same time that you are (21), but just like everyone else here has mentioned to you, no-credit applicants like you and "then-me" have to understand that, with no prior history, it takes a while to build up your credit cache. I started out simply enough: I went to my bank (Wells Fargo) and got myself a credit card. $600 limit. I went to Kohl's at about the same time and got a store card. $350 limit. I racked up a few purchases and then diligently paid them off. I went back to Wells, told them that I wanted to build up credit. Got an unsecured loan. $3,000, 11% APR, 36 mo repayment. Pretty cool. Big break came when I graduated from college. MBNA wanted me to have an alma mater card. Got one. 7.9% fixed, $5,000 limit. Now we're getting somewhere. Then came the car loan, mortgages, and unsecured line of credit. Now getting a bit of financing is no problem. But I had to prove myself over time. I had to show that when I was given money I had the discipline - and money - to make good on my debts. OnTrack's speaking truth when he tries to set you straight on No-Money, No-Credit, Bad-Credit, Bankruptcy types of money being lent out there. The amounts companies are willing to extend to these people is typically maxed at about $500, and the interest rates start at about 25%. And there are fees to get started and annual premiums. When people hit a bad patch and are genuinely looking to reestablish credit, they can really be a help. But people with a negative history are going to pay for it until they can prove otherwise. The same situation applies to the no-history individuals. What you have to understand is that you have to be patient. Good things happen over time, not in an instant. And good behavior compounds itself, just like education and good investments.
Silence. I don't need advice and you're not giving me any new information here. I asked for sources, that is all. I don't NOT benefit from it either, the interest rate and terms are not important, I can afford it and still pay off early at a high interest rate. Jesus Christ, just hand over the links.
If you want links, use Google. If you come here, you get advice. I wouldn't use the sources you are looking for, so I have no experience using them. As a result, I cannot recommend them, or provide links to them. If you are really in business, the interest rate and terms ARE important. If you could really afford it that much, you don't need it that bad. If you could really bootstrap your business off of $28K, someone who had built up a good credit record could do that on credit cards easily, and not be dealing with predatory lenders. You could put yourself in the same position within a year, with only a modest job and carefully building a credit record, with no risk. $28K isn't enough to keep finding a loan for that a requirement to starting a business.
OnTrack, let's quickly charter a bank and lend to this guy. As a finance guy myself, I've just heard the magic phrase comes only once in a blue moon: "I don't care about the terms or fees, just give me money."
There is already a whole "industry" catering to people who don't care about terms and fees: the payday lenders. The problem is that their effects spill over onto the rest of us.
