2006-11-23 05:07:15 · 8 answers · asked by jeht_black1 3 in Business & Finance ➔ Credit
i have no problem paying for stuff cash. but when it comes to stuff like a house or car you need good credit. i dont use it at all and its hard as hell to get a car because i dont have "enough" credit. this sucks balls
2006-11-23 05:17:38 · update #1
It allows you to purchase something that you normally could not easily afford to pay out of pocket. A wise consumer with rarely buy anything other than major expenses (house, car, etc.) on credit.
On the other side of the equation, it allows money to become a useful asset. If I have three dollars, I can either stick it under the matress, or I can lend it to you, with the promise that you'll pay me back $4 in a year.
Assuming that you do, the money has now served ME, instead of the other way around :-)
---
Your credit problems are fairly typical. Start by getting your credit score and credit report to ensure that they are accurate. Then get, and use, ON A LIMITED BASIS, some sort of national credit card (like a Visa.) On a limited basis means charge some minor amount each month, then pay it off completely when the bill comes.
When you are ready to buy a house or car or something that requires a good credit score, again, check your credit score and report, and then go talk to the personal banker at the bank where you have a checking and/or savings account. You're more than a number to that person.
2006-11-23 05:10:38 · answer #1 · answered by Dimwit D 2 · 2⤊ 0⤋
The only purpose of credit is to show car companies, loan companies, etc... that you are responsible in paying off your bills (if any) and they will be basically guaranteed to get their money back. Most banks, car companies, and loan officers go by your credit score to see if you are worthy enough to be loaned their money. Without any credit, or "enough" credit, most companies will be afraid they won't get their money back or that you are not worthy enough to be loaned their money. Great credit scores will ENSURE any kind of low rate loans and the fact you WILL get a loan.
If you would like to start building your credit http://www.creditcards.com will help you choose the card that is right for you to build credit. Best of Luck!
2006-11-23 14:20:42 · answer #2 · answered by Renee W 2 · 0⤊ 0⤋
The credit score is a formula which helps lenders determine if you are credible based on your credit history and payment history. You credit score not only helps you get loans for cars and houses, but your insurance premimums are also based on your credit score. (The insurnace companies have found that people with lower scores are more likely to file claims so their premimums are higher.)
2006-11-23 14:49:48 · answer #3 · answered by Mariposa 7 · 0⤊ 0⤋
To make u in debt but at the same time enjoy and be happy
2006-11-27 12:01:15 · answer #4 · answered by t.sunder r 1 · 0⤊ 0⤋
To ensure instant gratification!!!
I want it now but can pay for it later...so, give it to me on credit.
Some say - it is so people can appear wealthy while deeply in debt...
2006-11-23 13:14:35 · answer #5 · answered by Anonymous · 0⤊ 0⤋
The same as bait on a fishing pole.
2006-11-23 13:09:35 · answer #6 · answered by Sunny2006 3 · 1⤊ 0⤋
access portugal madeira aeiou 0001115557779990
2006-11-23 14:53:00 · answer #7 · answered by Anthony H 1 · 0⤊ 0⤋
To ensnare, then enslave the borrower if he/she is willing.
2006-11-23 13:12:00 · answer #8 · answered by stklotto 4 · 0⤊ 0⤋