Please Scroll Down to See Forums Below
napsgear
genezapharmateuticals
domestic-supply puritysourcelabs US-PHARMACIES
UGL OZ Raptor Labs UGFREAK
napsgeargenezapharmateuticals domestic-supplypuritysourcelabsUGL OZUGFREAKUS-PHARMACIESRaptor Labs

Banking without a local branch?

nangiggles

nangiggles

Team Bennettar
EF VIP
I've decided to try applying for a CC but the bank (CapitalOne) does not have a local branch and I kinda hate not having a place to go bitch at :)
Do any of you bank with them or with banks that dont have local branches?
 
I have a cc from places I don't bank at. But I only bank at a place with a local branch.
 
Save $1k and get a secured loan from your bank against it. Repeat process for $2k. Wham CC offers falling out of the sky.


you're welcum
 
PICK3 said:
same principal applies to bar tabs at Cutter's
Click to expand...

You running around Cutters with your bare ass cheeks up in the air yelling: "Swipe your card!!!" doesn't count as CC offers "falling out of the sky".

Just sayin'
 
miplank said:
I've been telling her that for 2.5 years...lol
Click to expand...

do you think I enjoy paying a car loan with a 28% APR or that I would chose to have a CC with a 23% APR? No,no I do not, but I've only been in the country for a little over a year and a half, and my first anything credit is only 7 months old(secured card), no one can cosign with me and I already have a secured credit card, due to my non existent credit I have to give 150% for a secured card so if I want $1000 I have to give $1500
I'm actually GRATEFUL for the 28% APR car loan because they were the ONLY ones who give me credit... and to make things better every time I try to apply for something the assholes poke at my credit so I have multiple inquiries which ruin my credit as well, the credit system is a cluster fuck of unfairness for us who start from scratch and dont have cosigners.
/end rant :mad:
 
nangiggles said:
do you think I enjoy paying a car loan with a 28% APR or that I would chose to have a CC with a 23% APR? No,no I do not, but I've only been in the country for a little over a year and a half, and my first anything credit is only 7 months old(secured card), no one can cosign with me and I already have a secured credit card, due to my non existent credit I have to give 150% for a secured card so if I want $1000 I have to give $1500
I'm actually GRATEFUL for the 28% APR car loan because they were the ONLY ones who give me credit... and to make things better every time I try to apply for something the assholes poke at my credit so I have multiple inquiries which ruin my credit as well, the credit system is a cluster fuck of unfairness for us who start from scratch and dont have cosigners.
/end rant :mad:
Click to expand...

You're grateful for a high interest auto loan that doesn't report to any bureau thus keeping you in the exact same position. :worried:


Anyways, you need to chill a bit. Good credit doesn't happen over night and you've only had your secured card for 7 months. Another 5 months or so and you'd pry be good to go, but every time you hit yourself with another inquiry you're just setting yourself that much farther back.

Slow and steady wins the race
 
nangiggles said:
do you think I enjoy paying a car loan with a 28% APR or that I would chose to have a CC with a 23% APR? No,no I do not, but I've only been in the country for a little over a year and a half, and my first anything credit is only 7 months old(secured card), no one can cosign with me and I already have a secured credit card, due to my non existent credit I have to give 150% for a secured card so if I want $1000 I have to give $1500
I'm actually GRATEFUL for the 28% APR car loan because they were the ONLY ones who give me credit... and to make things better every time I try to apply for something the assholes poke at my credit so I have multiple inquiries which ruin my credit as well, the credit system is a cluster fuck of unfairness for us who start from scratch and dont have cosigners.
/end rant :mad:
Click to expand...

So does this mean the pick3 ass cheeks thing isn't up for consideration?

I'd guess you'd make out far better than he does, with guys who are far less sweaty and hairy.
 
mrplunkey said:
So does this mean the pick3 ass cheeks thing isn't up for consideration?

I'd guess you'd make out far better than he does, with guys who are far less sweaty and hairy.
Click to expand...

^^^
Mo'ing up a personal finance thread is amateur hour



just sayin'
 
miplank said:
You're grateful for a high interest auto loan that doesn't report to any bureau thus keeping you in the exact same position. :worried:


Anyways, you need to chill a bit. Good credit doesn't happen over night and you've only had your secured card for 7 months. Another 5 months or so and you'd pry be good to go, but every time you hit yourself with another inquiry you're just setting yourself that much farther back.

Slow and steady wins the race
Click to expand...

The reason I say I'm grateful is because my car had broken down and needed a car ASAP and that car loan was the ONLY thing I could get....

I know I have to be patient but I need history and revolving accounts (this was literally in my credit report as per why I get rejected) hence why I was thinking of taking the caital one card, i dont plan on using it much but I hate the fact it has no local branch

I got a CC offer in the mail for a $800 CC with a $195 annual fee that is taken out of the $800 and it has a 28% APR, Im desperate but not stupid I obviously wont apply.....
 
nangiggles said:
The reason I say I'm grateful is because my car had broken down and needed a car ASAP and that car loan was the ONLY thing I could get....

I know I have to be patient but I need history and revolving accounts (this was literally in my credit report as per why I get rejected) hence why I was thinking of taking the caital one card, i dont plan on using it much but I hate the fact it has no local branch

I got a CC offer in the mail for a $800 CC with a $195 annual fee that is taken out of the $800 and it has a 28% APR, Im desperate but not stupid I obviously wont apply.....
Click to expand...

An installment account will do way more for you than a revolving. A revolving account that you dont use can actually hurt your fico score. In your case the small limit probably won't, but an $800 cc isn't going to do anything for you except inflate your score.

Lenders don't loan money solely based on your fico score. There are a lot of deciding factors.
 
get a cc, put 100 on it, and keep making min payment. that should help your score. like plank said take it slow, as soon as they see you make payments, you will have tons of offers thrown at you
 
EarthRider said:
get a cc, put 100 on it, and keep making min payment. that should help your score. like plank said take it slow, as soon as they see you make payments, you will have tons of offers thrown at you
Click to expand...

That won't do shit for her credit besides give her a bump in score.

If she did what u just said she could easily have a 700 credit rating, but if she went to apply for a car loan, house, or anything of significant value that score isn't going to help her. All that it is going to show is that she can handle a $15/mo payment. Lenders aren't going to take a risk on say a $10,000 car when she has no comparable payment history.
 
Coaching-banner-3.jpg
 
miplank said:
She blew and old rich dude, he bought the house...they're paying him.


Or that's what she says anyways
Click to expand...
LOL FU!

Pretty much this ^^^ without the blow part, 8 years ago my family met a very nice elderly couple who they briefly worked for and then they actually become friends, they are very dear family friends and they are VERY loaded, they are now 87 years old and I live about 25 miles south of them, they helped me come back home, they let me stay with them and they cosigned for my apartment since no one would rent me a place cuz I had no credit or background, when they realized I was going to rent a house they helped me own one instead, they are old and quirky, they wouldnt help me get a car but they helped me with the house.... they paid cash and put a mortgage on my house, now I pay them.
 
nangiggles said:
LOL FU!

Pretty much this ^^^ without the blow part, 8 years ago my family met a very nice elderly couple who they briefly worked for and then they actually become friends, they are very dear family friends and they are VERY loaded, they are now 87 years old and I live about 25 miles south of them, they helped me come back home, they let me stay with them and they cosigned for my apartment since no one would rent me a place cuz I had no credit or background, when they realized I was going to rent a house they helped me own one instead, they are old and quirky, they wouldnt help me get a car but they helped me with the house.... they paid cash and put a mortgage on my house, now I pay them.
Click to expand...

So what happens when the old fella keels over?

There's provisions for the title to be transferred to you?
 
I've had a Capital One mastercard in the past, but I shut it off because they charged a $99 annual fee just to have it. Try a credit union (with branches), and I think you'll find a better deal than Capital One. Bank of America has a deal where you get a Visa through the AAA, and you get 5% back on all gas/Diesel purchases. We have that one, and make good use of it! And no annual fee/no interest if you pay it off every month. Even if you don't pay it off, it's only 7 or 8 %. But we've had it since before the economy crashed, so no idea if they'll still give that deal.

Charles
 
Chase doesnt mess with me and I dont mess with them. Got a local branch and know 4 employees by name.

Never paid a fee to them except for checks :)
 
nangiggles said:
I've decided to try applying for a CC but the bank (CapitalOne) does not have a local branch and I kinda hate not having a place to go bitch at :)
Do any of you bank with them or with banks that dont have local branches?
Click to expand...
I've been with my bank since the 90s and they are based out of Chicago. I live in Milwaukee. I bank with them regardless of where I live - Maryland, Wisconsin, etc doesn't matter to me. I don't ever need to go to a local branch since I have direct deposit. I've never had the motivation to switch banks.
 
kx250rider said:
I've had a Capital One mastercard in the past, but I shut it off because they charged a $99 annual fee just to have it. Try a credit union (with branches), and I think you'll find a better deal than Capital One. Bank of America has a deal where you get a Visa through the AAA, and you get 5% back on all gas/Diesel purchases. We have that one, and make good use of it! And no annual fee/no interest if you pay it off every month. Even if you don't pay it off, it's only 7 or 8 %. But we've had it since before the economy crashed, so no idea if they'll still give that deal.

Charles
Click to expand...
credit union is the one who asked me for 150% deposit for a secured card, bank of america, chase, etc big banks wont give me cards, hence why i was thinking capital one, im sure i can get approved through them, i have a 700+ score but not enough revolving accounts...
 
nangiggles said:
credit union is the one who asked me for 150% deposit for a secured card, bank of america, chase, etc big banks wont give me cards, hence why i was thinking capital one, im sure i can get approved through them, i have a 700+ score but not enough revolving accounts...
Click to expand...

bush-duh.jpg



Do you not listen to anything that I say? I'm gonna explain this in more detail. If you don't get it after this I give up.

1. How you Pay your bills makes up for 35% of your score
So...Paying your bills on time accounts for 35%. I assume you do that so I will leave that alone​

2. The amount you owe and your available credit limit make up 30%
The amount you owe and your available credit is simple. You don't have any Installment loans (on file) so to make it easy we'll hypothetically give you a couple credit cards.

So say you have 2 credit cards with $5,000 limits, so you have $10,000 in available credit. If you $7500 charged between the 2 cards you're at a 75% Utilization (not good).

Not to mention that statistically people with a lot of credit tend to use it. While that really doesn't affect your score it isn't all that attractive to lenders.​

3. Length of Credit makes up 15%
The third factor is the length of your credit history. The longer you've had credit -- particularly if it's with the same credit issuers -- the more points you get.

Remember how I told you that you've only had your secured card for 7 months and to be patient? Remember, slow and steady.
​

4. Mix of Credit is 10%
The best scores will have a mix of both revolving credit, such as credit cards, and installment credit, such as mortgages and car loans.

I don't know exactly what all you have, but it sounds to me as though all you have is that one secured card. See why I keep telling you that you'd benefit more from an installment loan than to keep applying for Revolving credit?

Statistically, consumers with a richer variety of experiences are better credit risks. While this isn't a factor in determining your score a lot of revolving credit lines make lenders today leary. It shows the possibility for rapidly increasing indebtedness.
​

5. New credit applications is 10%
The final category is your interest in new credit. How many credit applications you're filling out. The model compensates for people who are rate shopping for the best mortgage or car loan rates (not revolving accounts) in a 30 day window.

I'm not sure if this will apply to your situation, but here it is anyways. The only time shopping really hurts your score, is when you have previous recent credit stumbles, such as late payments or bills sent to collections.

Then, looking for new credit will be seen as an alarm because statistically, before people declare bankruptcy and default on everything, they look for a life preserver.

This however does apply to you, and if the above does as well double whammy. If you have a very young credit file, an inquiry can count for more than if you've had credit for a long time.​


Now that is how you get your score. Lenders use that information, and information that has nothing to do w/your credit score (time on job, length of residence, income, etc) to determine your credit worthiness.

The problem you're running into is that you have a thin file. Your score is good, but there isn't enough in there to give a lender a picture of how you will preform.

I still think an installment loan is your best bet. Now, without a qualified co-signer it can be tough to do. Reason being is even tho you have a strong FICO score your $500 credit card (or whatever it is) isn't enough. If you tried to get say an auto loan you would be turned down for "no comparible credit". Basically, They don't know how you will pay on $10,000 note because all you've ever made payments on was a small revolving balance.

Getting a larger revolving balance isn't the answer either because then you'll just raise your available credit lines and in order to have comparible credit you'd have to use them at an extremely high utilization percentage. Even then you'd be screwed because it would throw your debt to income (DTI) out of whack.

So what can you do w/o a cosigner to get comparible credit? Well, you have a couple options. The easiest would be to come out of pocket. By that I mean if you say were going to try and go buy a car show up with large down payment. There comes a point in which the lenders will give you a loan (and report to your credit) even if you have a thin file. If you're putting enough money down it ends up really not being much of a risk at all to the lender.
 
@smurf, English is NOT my second language, I was born and raised in CT, then went to CR and then came back and was in High School in California and in Jersey, and back to CR again, maybe my grammar or sentence construction isnt perfect, but I dont see anyone saying SB or N2 dont have English as a first language because of it...;)

calveless wonder said:
what does applying for a credit card have to do with a local bank? as in, why does it matter?

this thread doesn't make sense.
Click to expand...

Some of us like having local branches, like Incrediblehoss mentioned, he goes to the branch and knows employees by name, I like to know that if I need help with something or have questions I dont have to call and wait on hold forever, specially since a lot of banks outsources their phone suppport, if I have an unauthorized charge or whatever I much rather talk face to face instead of talking over the phone with "Peggy" LOL

miplank said:
http://www.hatelabs.com/news/bush-duh.jpg


Do you not listen to anything that I say? I'm gonna explain this in more detail. If you don't get it after this I give up.

1. How you Pay your bills makes up for 35% of your score
Never had a late pmt on anything
​
2. The amount you owe and your available credit limit make up 30%
This part right here is my problem,I only have my secured card, I use it every month and carry a low balance (some credit recommendations say you should carry at least a small balance, some say you should pay in full, not sure which to do)

​
3. Length of Credit makes up 15%
This screws me too but as you said slow and steady, this one can only be improved with time
​
4. Mix of Credit is 10%
I have no mix, just the one card, my husband is on the card with me and also got a Lowes card, I agree with you on the installment loan, but I would think getting a loan is harder than a credit card... what do you think?​
Click to expand...

​
I've wondered if a bank would refinance/take over my mortgage, considering I have no history but a good score and an asset (the home is under my name but with a lien/mortgage) I currently have a fixed 5% APR for 15 yrs with our friend.
 
1. That's good...keep it that way. :)

2. That's a myth. Credit bureaus don't give a shit if you pay your charges off every month or carry a balance on it. In regards to paying your CC's the only thing the 3 credit bureaus care about is when you pay and how much of your available limit you're using. It's always best to pay your cc off every month to avoid paying finance charges, etc. There are a few exceptions to this, but for the most part pay off your credit card monthly.

3. Nuttin you can do about that except wait it out...you'll get there.

4. Go re-read what I wrote again. The mix of credit isn't that big of an issue. Hell, it only accounts for 10% of your score. My point in all that was that applying for more revolving credit was unnecessary and foolish IMO. The reason why I keep telling you to go the route of an installment loan is typically those are secured with some sort of collateral (ie, auto loan) and will also typically be somewhat of a substantial value. That way in the future when you need to borrow you'll have comparable credit.


I doubt a bank will refi you on a mortgage unless you have a considerable amount of equity in it (doubtful). Remember, just because you have the house as an asset doesn't mean the bank will take it as collateral and loan you 100%. This is why I told you to save your money and when you go to purchase something come out of pocket 30-50%. When you do that there is not nearly the risk on the lenders end and they're more apt to approve you.
 
I happen to be a finance director and acquire loans for people every day. Much like Mitch does. He laid out the most detailed plan to good solid credit establishing that I have ever seen. With his permission I may copy and paste that post for my finance guys to hand out to our credit challenged customers. Lmao nicely done Mitch.

Sent from my DROID2 GLOBAL
 
I'm devastated that nan hasn't posted pics of her card swipe method.

:(
 
obsessedwliftin said:
I happen to be a finance director and acquire loans for people every day. Much like Mitch does. He laid out the most detailed plan to good solid credit establishing that I have ever seen. With his permission I may copy and paste that post for my finance guys to hand out to our credit challenged customers. Lmao nicely done Mitch.

Sent from my DROID2 GLOBAL
Click to expand...

Lol, you gonna hand them that along with an adverse action notice? Loloololololol
 
Nan, my comment about your language is a joke that i've made before. I know you were born/raised here. I was being facetious.
 
Credit scores are strange animals, and they don't make sense to me at all. I don't understand how a college kid with zero credit history and no job, can get a great card from a major bank, and a retired Texas oil tycoon with a billion in assets can't qualify for a 99c store credit account sometimes. I would think it would make more sense to assess whether the borrower has something to lose or not, by handling the card responsibly or not.

As for the OP's question, I'm more comfortable with a bank I can walk into, but honestly with today's banking environment, there isn't much chance of someone you know in the branch being able to do anything special for you anymore. It used to be that the branch manager could waive fees, or raise your limit, or even approve a questionable application if they knew you. But not so much anymore. I hate phone calls, but if I didn't hate phone calls, I'd probably not care if I had the ability to go to a local branch or not.

Charles
 
You must log in or register to reply here.

Similar threads

C
Using retatrutide for fat loss benefits
Replies
6
Views
207
Nood
Nood
H
Geneza Pharma test prop Works great
Replies
11
Views
383
jasonhill800
jasonhill800
B
anyone try JYM supplements, they any good?
Replies
6
Views
281
ceo
ceo
B
Napsgear is the #1 source for AAS!!
Replies
9
Views
320
RoySimpson
RoySimpson
Y
Help with HCG dosing
Replies
6
Views
272
jenkemj
jenkemj
Top Bottom