Mortgage and Insurance

Well, I have a long history of bad credit, beginning with the first credit card I was issued in college (20 years ago).  That was actually the first and only credit card I’ve ever had (besides Visa debit cards).   I know some folks have credit problems due to living beyond their means, but my situation was more due to lack of money management skills and desperation. Not trying to make excuses, I accept full responsibility for my credit history, but I wasn’t taking trips to the Bahamas, I was buying groceries and diapers.  Anyhow, a few years back, I went completely ‘off the grid’ financially.  I turned in my car (making it a voluntary repo), my bank accounts were closed due to my mismanagement.  For the last 4-5 years I have lived without credit cards, bank accounts, auto loans, etc.  All of our bills have been in my boyfriend’s name.  In a way this has been a blessing, because I have learned to live without relying on credit.  I have pretty much never really cared about my credit, because I thought it was impossible for *me* to ever have good credit.  Seven years seemed like an eternity and I just never imagined life without horrible credit.

 

Well, last year I was able to qualify for a T Mobile cell phone, which I had never been able to do before.  I figured maybe my credit was starting to improve, but didn’t necessarily try to apply for anything else.  In January, I randomly applied online for an auto loan, and never heard from the dealership so I assumed my credit was still bad and didn’t pursue it.  Then a few weeks ago we were thinking about switching from Comcast to Uverse.  I was tod that I qualify, but that I needed a credit card.  Since I don’t have one, we applied in my boyfriend’s name (he has a prepaid Visa), and were told he would require a $450 deposit.  I figured maybe my credit really was improving.  Last week I was researching hotels to take the kids on a weekend trip and use some of my hotel points, and an offer for a hotel credit card popped up.  I figured what the hell, apply.  Well I immediately got a message that my application would require ‘further analysis’ or something like that, so I naturally assumed I was denied.

 

The very next day after I applied for that card, I found myself with no functioning car.  Over the last week, I’ve been car shopping at a few different dealers.  They seemed to all say that I have ‘no credit’, but I was still approved, but with a horrendous interest rate and about $2000 down.  This is actually still better than what I expected.  So looks like I’ll ending having to take one of these auto loans, though not ideal I need a car.  But I would like to refinance as soon as I can (assuming I’ve made my payments on time, and that my credit has improved).

 

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