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Comments:
<0> nope
<1> it will be soon : )
<0> it really isin't
<0> ya it will be
<0> heh
<1> atheist well, you need the infrastructure to have your own credit card
<1> you need banking systems, to make payments and so on
<1> also you need lots of cash to fund the purchases people make
<1> you don't have to be big, but more or less you have to be a bank
<1> or at least get a bank to do all the financial trasactions for you
<1> you can brand the card with anything you want
<1> like Virgin has credit cards, for example
<1> they have relationships with various banks in each country, which do all the transactional stuff
<1> while Virign is just the brand, marketing, customer support, etc.
<2> oh ok
<2> anyone here ever tried fixing up their ****ty credit?
<1> so Virgin basically hires some bank to do all the backoffice type stuff
<3> a-theist: i have great credit ;/
<1> like a contractor
<2> oh
<2> man my credit got messed up
<2> after a car accident
<2> i feel so bad
<1> you should talk to a credit counselor
<1> or somethijng like this
<1> i think the govt/state offers such things for free, or at least cheap
<1> it's possible to rebuild your credit rating, over time
<2> yeah i know
<2> but i cant do anything for now
<2> i mean i am much better now
<2> i am 20
<2> i had credit card since i was 18
<2> and most kids mess up their credit by doing dumb things
<1> i'm from the US, and i recently left the country to live in .au
<2> i never did anything dumb
<1> so i had no credit rating at all, people were turning me down for credit cards and loans left and right
<2> how does it work in au?
<1> it was crazy, i was used to having cards thrown at me
<2> the credit
<1> and here i couldn't even get a ****ing card
<1> so i finally starting lying through my teeth on the applications
<1> and i got a local driver's license, which is easy
<1> and it worked
<1> well, it's very similar to the US, only banks and financial institutions are a bit more conservative
<1> and a bit less willing to give you credit, no matter who you are
<4> ha i just turned 18 and got my first credit card within 2 weeks
<4> banks are idiots
<4> i lied and said i had a job, i dont work
<4> lol
<1> i only have an AmEx now, but i'm about to get a mastercard soon
<2> they dont check
<0> they let you do that
<1> and i'll get a few more
<2> they dont even check your income
<2> i had 8 credit cards man
<1> atheist here they usually check
<0> banks give credit to anyone at first
<2> my score was in the 700s
<0> and find good people
<2> which is excellent
<4> how do u check ur score
<1> you can request the credit agencies send you your credit score
<2> myfico.com
<2> thats the best site
<4> i pay my **** off on time, actually i pay it off online b4 the statement even gets printed
<1> they are required by law to give it to you for free
<2> but you dont need to worry about it now
<4> it cost money
<1> usually the credit agencies, like Experian or whatever, i forget their names
<2> freeannualcreditreport.com
<1> usually they will charge you for your credit report
<1> if you want it quick
<2> experien, equifax, transunion
<1> if you're willing to wait like 3 weeks or something
<1> then they will mail it to you for free
<2> they only mail you your crdit report
<2> not your score
<4> but i heard if u get a credit report, puts a hit on ur account and too many hits arnt good
<4> ?
<2> no
<2> when hard copy is pulled
<2> you can pull it as many times
<1> you can't get your credit score for free?
<1> are you sure?
<2> yea i am sure
<2> you can getg your credit report not credit score
<2> because
<1> gbud if a bank queries your credit file
<2> there are diff organization that does the score
<1> like from a credit card app
<1> or loan app
<1> then that gets marked
<2> the credit beareaus dont make up the score
<1> so if you get too many queries in a short time, it can look bad
<2> there are difff types of score
<1> since they might think you're desparate or something
<2> like fico, fake, one for getting a car, etc..
<2> fako*
<1> oh
<1> ok, interesting
<1> what are fico and fako and so on?
<2> your scores
<2> fico is the most important score
<1> they apply to different things?
<2> they all have diff formulas to calculate your score
<2> fico is used for things like mortgage and credit cards
<2> fako isnt really used much
<2> and the auto one is used for buying cars
<1> and there's a separate one for a car?
<1> interesting
<2> yep
<2> the auto one for some reason
<2> you cant give it to the customer
<1> i wonder why they bother with so many
<2> cause i used to work at a car dealrship
<2> but usually when someone refers to credit score they refer to the fico
<1> what about if you constantly roll over your debt into 0% intro period cards?
<1> does that hurt your score?
<2> nope
<2> makes it better
<1> interesting
<1> what about if you cancel a card?
<2> well not really better in a way
<1> does that hurt it?
<2> oh yeah
<2> your score is like 1/3rd based on available credit
<2> and credit usage
<2> so the more credit card you have the more avail credit you have
<1> hmmm, that's weird
<2> no because check this out
<1> if you have lots of cards, and thus lots of available credit
<2> yea
<2> account history is also very improtant
<1> doesn't that make new lenders less likely to give you a new card?
<2> like the length your account has been opened
<2> no because
<1> since you have the theoritical possiblity to go into HUGE debt
<2> if you have lots of cc and you have been paying it off in the past
<2> they know you could handle this oen too
<1> interesting
<2> look at it this way
<1> yes, from a psych poitn of view it makes sense
<2> if you know someone who took loans from 10 people and pays them off in tim eregularly vs someone who took loan from 1 person
<1> from a 'worst scenario' poitn of view it doesn't
<2> who would you trust more
<1> sure
<4> typically, how long does it take for a credit bearue to give u a rating, if u just got ur credit card say 2 months back
<4> and uve been paying bills b4 statements come out
<2> well you will have your score already
<2> but it wont matter much
<1> i'm now in the process of building up my credit
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