Tuesday, March 2, 2010

I just started reading this last night.
I have only read the introduction and the first chapter.
and I already feel like I am learning or rather am going to learn so much.

She writes this book for people like me.
people who
don't know where their money goes.
How to spend it.
What any banking terms mean.
Or what I need to do to accomplish what I want financially.
She explains it so well.

I always thought that when I was a 20 something, working girl, living on my own, that it would be quite glamorous.
It isn't.
I thought I would make enough money to live comfortably and take care of myself.
I thought I would feel in control and on top of things.
It is actually the opposite.

I feel totally broke.
I feel like my money flies out an open window that I can't shut.
And I feel totally out of control when it comes to paying bills, rent and investing for my future ( I mean at least I have started investing right? So I wont be totally broke when im 65!).
I mean I cant even get the water company to understand that I live in apartment D not B for goodness sake.

It is hard.
really hard.

Here is my biggest concern right now.
I have no credit.
I mean NONE.
in a way I guess this is good.
It means I have no debt.
But it also means I get denied for every credit card I apply for.
I talked to a banker.
She said to apply for a store card.
I did that.
And I got denied.
so what the hell do I do now?
I asked my dad.
he told me to call his banker.
She will probably tell me what the first banker did.
Which didn't work.
Can you tell I am frustrated?

I just need a little guidance through this murky water.

Do any of you have any other advice of how I could get some credit and a card?

I will keep you updated on the book.
And I think, if you are anything like me, you should buy it.








Peace,
Posted by Through Rose Colored Glasses at 7:44 AM

15 comments:

  1. Hello, I have been reading your blog for a while, and thought I'd say hello and see if I had any wisdom for you.
    I would try to get a card at like Victoria's Secret or Gap or a smaller store, rather than a macy's or a dillards. I think they are usually good at giving people cards. I got mine way before I knew what credit was. Keep trying though. The economic/financial system is so messed up right now, it's hard to figure it all out. Sadly, we all need credit, and it's the hardest thing to get right now.
    Good Luck!
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  2. Hi Caroline! I love your blog and have never commented before, but this is the exact thing I am struggling with too! I have a credit card and let me tell you i got into T-R-O-U-B-L-E with it at first. Be so careful, because the first time you don't pay the payment in full it starts to stack up. Good luck! :)
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  3. just to add my two pennies: if and when your dad decides to get you a new car, make sure your name is on it. that should help to build your credit.

    & i'm in agreement that credit cards = trouble sometimes. BUT, it is always nice to have it on hand just in case of emergencies... (but again, i suppose if i had an adequate emergency fund, this wouldn't be a problem either)

    long story longer, even those of us with substantial credit STILL have money problems... just the other way 'round :)
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  4. try getting a joint card- like have your dad put your name on a card he doesn't use. it will essentially be "yours" because you will be the only one using it and you will build credit by using that card. i also agree with applying for "little" store cards- like banana republic or j. crew. they will put a restriction on your card (usually like 250 or something) but that will still be one more card to help you build credit. it can definitely be a frustrating and trying time to sort through the mess of building credit and struggling to just make ends meet when you're in your 20's but keep on keepin' on! you can do it!
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  5. Hi! Iv'e been reading your blog for a while now. Love it! And yes it is hard to budget when you are in your 20's and 30's. Looks like a good book :)
    ~ Brittney @ Bea's World
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  6. Here is what I did to get a credit card. I need a couch, but had no credit. My parents co-signed for me and I made the payments. Once that was paid off I was able to be approved for credit cards.
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  7. Hi Caroline! The credit card laws just changed within the past few weeks. Here's my opinion- I wouldn't apply for any of the store credit cards. Firstly, their interest rates are incredibly high as are their late payment fees (which is something to consider even if you plan on never carrying a balance). Also, they are not that versatile. Did you apply at a bank or a credit union? I would try a credit union. Especially if you hold an account there, credit unions are one of the better options for lower limit first time cards.
    P.S. I love your blog.
    ReplyDelete
  8. I am in your boat, I trashed my credit when I was younger.

    I just got a 250.00 limit on a real scum of a company and if you google them you will read the horror stories.

    They CHARGE you to pay over the phone or online and it's an Arm and a Leg, I forked over my kidney for the interest.

    But for 250 limit to get me back on my credit feet, I'm in.

    I only messed it up with store cards and gas card but hey I've earned that low score...plus this company will tell you, your score after you establish, I've paid 2 months and finally see how bad it really is.

    I was not about to pay before to know my actual score the turn down letter was bad enough.

    Read the fine print, the devil is in the details and you can fill it out online. They do have some "pay off" rules and some other fine print but hey you have to pay some where to play.

    For warned is...

    {Credit} {One} {Bank} {Dot} {Com}

    they have a really familar logo...I'm sure you will figure that one out...
    ReplyDelete
  9. I love that I commented on the giveaway and said I love chick lit. Um, obvs this isn't chick lit, but I just saw the pretty cover and assumed it was. haha! It would still be a great book to win. :)
    ReplyDelete
  10. Ditto w. what Becca said. Definitely get your name on the car loan to prove you can make the payments and are financially responsible. Another option would be to have your parents co-sign for a credit card w. you. Not ideal, I know but after a while of proving good payment history you should be able to get your own. Good luck!
    ReplyDelete
  11. Hi Caroline! Love your blog, never commented before. I am having the EXACT same problem with credit cards (in fact, I just wrote a long ranting post about how frustrating it all is!) I always thought I was doing myself a huge favor by never accruing any debt in college, but now I just feel stuck. Store cards? denied. Federal credit union (with an account since I was 5)? denied. Wachovia card (account for 5 years)? denied. It's almost depressing, actually, to just keep getting denial letters in the mail. I wish you luck! We'll just keep trying. And try to look on the bright side: you have NO debt! Better than having lots. :)

    Lindsay
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  12. I would try being added as an "authorized user" to one of your dad's cards. You have to be an authorized user for it to show up on your credit report.

    Also know that every time you apply for a store card, etc., they run a credit check, which actually hurts your credit. I would apply for a credit card through your bank and tell them you would like to add it as overdraft protection to your checking account. They usually do not deny anyone because they know if you overdraft, they just add it to the card, which has a super high interest rate.

    When you finally get a credit card, keep a small (and by small I mean a few hundred dollars or less) balance on the card every month but be sure to make on time payments.
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  13. If you have a savings account at a bank, they can typically issue you a credit card with a limit that is equal or a little lower to the funds you have in your savings account. This is an actual credit card, but you have to keep the funds in your savings account or your limit will decrease. This is a great option for a first credit card or for someone who has poor credit and is looking to build it back.
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  14. Hey, girl! I just got my first CC a few months ago! I was in the same boat as you...getting denied from Victoria's Secret every few months! Check out Discover! I was able to get a card, with not too high a credit limit, to get started! The customer service was also super helpful! I hardly ever use it but I just wanted to build credit, too! The best part...it's hot pink!! Good luck! :)
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  15. Girl you KNOW I need this book ... I don't know the first think about budgeting or saving money ... sigh!
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