this post was submitted on 15 Feb 2024
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I shat my credit into single digit range threeish decades ago (yeah, I'm a boomer puke). I couldn't even get a bank account until about eight years ago. I finally was able to get an acct, got a secured card, and built my credit up to 729. 'Upgraded' my secured card to unsecured, but left the limit at $300 to keep me in check.
Then I made the mistake for applying for a modest credit line with my bank. Not only did I get denied, but the hard credit hit put me under 700. Then my credit took another major hit because I used that card for more than 31% of its limit. Never once made a late payment, neither.
As I hoped that a line of credit could afford me access to an oral surgeon (which I really need to even consider dentures, as I have mucho malo in my mouth), and as I have no interest in writing a grant to cover it, I'm fucked, as oral surgeons don't seem to take Medicaid in my shit state.
If I survive another yearish, Medicare might be helpful, but the problems in my pie-hole might not wait that long.
I do not want a handout. I want the chance to pay it off and not leave it to Medicare...and not die of the infections spreading to either my brain (such as it is) or my heart.
(Yaay, America!)
Why do you use credit cards in the first place? As a non American I never really understood that. Why doesn't America just have the "normal" (from my perspective) bank cards that just let you use money from your bank account. Why do you need to borrow and pay back? It seems like such a weird system, not just weird also dangerous, where you can end up in debt.
American here. We have normal cards, they are called debit cards and are what most people use. Generizing a lot here, but credit cards are for people who were never financially educated, desperate poor people, or people who only use them to get plane miles or cash back.
It's absurd to me to put myself in debt for all but the most desperate of cases.
Thanks, I didn't know that, you always hear about credit card (debt) but never about debit cards. Can you still use the for a good credit score?
I don't think debit cards or their associated bank accounts affect your credit in any way since those transactions don't go through any of the credit agencies.
When I was just starting out in life, I had a credit card but only used it maybe once a year. Just with that I somehow had a credit score in the upper 700s.
Agreed. Weird system, and dangerous for many. That's why I only allow myself a very limited card, which is what I used to build my shitty credit back up.
Credit cards offer more fraud protection, at least where I live, while debit cards offer nothing much. I buy on credit and pay it off fully every month.
Most Americans can't afford a $400 emergency and live pay check to paycheck. Car breaks down, emergency medical expenses, emergency house breaks down could all cost over $400. You need a Credit card for that back up that you could eventually pay back by probably sacrificing something else. Need a car need a credit score or you pay $3-10,000 more in interest same with buying a home. Want to rent need a credit check. Want to get a job at a bank, military contractor, some government positions, and other secure jobs. They want to make sure you don't have bad credit or can't be taken advantage of . Which no credit is often considered bad credit.
If you don't have 400 in savings and live paycheck to paycheck how can you borrow 400? Like how can you pay that back? It still seems really weird, and if you can somehow pay it back, why didn't you save a small amount before the car broke down?
Buy ramen, skip meals, Put off getting new shoes for another year, Don't get a haircut, skip an oil change, run your car on a donut, cut cable or internet or phone for a few months, pick up overtime or get a second job, wait for tax refund.
There is flexibility but doesn't mean you have savings. When you are poor some things are an emergency and sometimes you have flexibility or a chance to earn a bit more money. But when you are poor life is expensive and there is a ton of things you can buy as an upgrade, fix, or comfort.
When you are poor there is an endless list of things that need to be fixed and improved.
Median income for an individual is $50k median which is $39,129 a year after taxes. $3,260 monthly budget. Rent for 1 bedroom is $1,496 that is 46% of your real income. Usda say cost for food for male is 300$ a month on the low side that brings you to $1,464. Transportation for a household with 1 car(not median individual) is 410$ a month. $1054-electric $84- phone $140-water $30- health insurance $456 - car insurance $165- internet $75 =$104 leftover
Some of these costs are a mix of average per person or median per person. Health insurance cost you money to use. I didn't put dental or eye insurance it is easy for you to live in a place where these expenses are more or less. Only recently has 10% of Americans built positive wealth. I think we got it to 7% recently people aren't in total debt. (1% of Americans is 3.5 million people)
Most good credit cards have some form cash back, as in they give you a little bit of the credit card processing fee they place on merchants. Credit card benefits vary from card to card.
We use credit cards so much because it builds our credit score, which makes it significantly easier to take out loans for large purchases (eg car, house, etc) or rent an apartment.
We do have "normal" cards, they're called debit cards. You are right that it's weird and bizarre and dangerous. You shouldn't be using credit cards if you're living paycheck to paycheck imo.
Does that mean that your credit score is determined by companies? Or is the credit score something the government calculates for people?
I think in the Netherlands if you want to get a mortgage, the bank looks at your income, other loans you have, etc and they determine on rules the government set how much you ca borrow. There is a register for people that fail to pay bills, but it's not something you get on easily, you really need to fail a lot.
Have you considered committing a crime and getting caught so that you can go to prison for a year or two and get free dental?
As much as I can see the appeal of gaming the system, I don't look good in orange.
Also, I have gigs to attend to (filthy bass player here), as well as taking care of my sweetheart, who has wicked mobility issues. I don't think I can do that from a cell.
I like the cut of your jib, tho'.
Best of luck then, friend 🙏
Even though we Australians get mostly free healthcare, teeth are still considered luxury bones that we have to pay for out of pocket too.
Imagine a country for which this sounds even remotely viable.
It seems there are details missing from your story. I find some similarities to your story to my credit history and I've had drastically different results.
Also, single digit credit scores aren't a thing.
What's a "boomer puke"?
Not really any significant details missing.
The single digit score was what I was told by a friend in banking who looked it up for me, years ago, but I'm not arguing with you, as I didn't see it with my own eyes. She could have been lying.
Boomer = old person. Puke = asshole, fucker, or other insult.