Just need some help - Financial Management

Kara · 11-26-2007, 02:07 PM

Mike and I went to look at a wedding ring set at Zales this weekend. It was on sale for $2000. We were planning on paying for half of it, and charging the other half of it on a Zales card. Mike has little credit, so we thought it was a good idea to help get some instant credit. When we applied for the credit card, his limit was $400! We were expecting him to have a higher limit. We were kind of shocked by this, so we wanted to figure out what was going on with his credit history. We didn't get the rings (they aren't a necessity anyways,since we're waiting to get married and I do already have an engagement ring) and rushed home to check his credit history.

We found out that his credit is all positive, except for something from Cox Cable. Mike lives in barracks, signed up for cable ($20/mo) and it was on for a month, then it never came back on again. He foolishly never checked on it. So they are still charging him, not sending him bills, and it's screwing up his credit (not a whole lot, but for someone with little credit history, it isn't good).

He's going to figure it out with Cox-but do you think they'll fix it on his credit history since they have never sent him a bill?

Kara · 11-26-2007, 02:30 PM

Bump

Traci · 11-26-2007, 02:32 PM

His needs to call cox and fix it, then get a copy of his credit reports to fix them. We jsut got done disputing something on his report and they ended up taking it off.

Kara · 11-26-2007, 02:35 PM

Originally Posted by Traci

His needs to call cox and fix it, then get a copy of his credit reports to fix them. We jsut got done disputing something on his report and they ended up taking it off.

Thanks..he will hopefully do that today. I was wondering how long it took to be removed from the credit history?

~~Bex~~ · 11-26-2007, 02:40 PM

usually one item wouldn't prevent him from getting credit?? that's just strange. i hope you get it fixed soon!!

Rach · 11-26-2007, 02:43 PM

Originally Posted by Bex

usually one item wouldn't prevent him from getting credit?? that's just strange. i hope you get it fixed soon!!

THat's what I was thinking. Mike probably didn't have enough credit for Zales liking to give him more than $400

Like if he never has had a cc or if he does have one and it's a small credit amount, than they wouldn't give a lot.

As far as the credit report issue, I think it can take up to 30 days for the removal- it just depends on how fast Cox requests for it to be off.

Kara · 11-26-2007, 02:48 PM

Originally Posted by Bex

usually one item wouldn't prevent him from getting credit?? that's just strange. i hope you get it fixed soon!!

That's all he has that is negative. The other things are his car payment that is perfect, his student loans that were consistently paid off over a year ago, and an old navy credit card that he's probably only put $30 on in the past year he's had it. So confused! He was approved for a $400 limit so he wasn't completely denied.

Kara · 11-26-2007, 02:50 PM

Originally Posted by Rach

THat's what I was thinking. Mike probably didn't have enough credit for Zales liking to give him more than $400

Like if he never has had a cc or if he does have one and it's a small credit amount, than they wouldn't give a lot.

As far as the credit report issue, I think it can take up to 30 days for the removal- it just depends on how fast Cox requests for it to be off.

He got a car loan before, so we just figured a 1000 financing from a jewelry store was going to get approved for sure. We don't know much about credit

Should he get a credit card and use it, paying it off consistently? Would that help his credit?

Rach · 11-26-2007, 02:52 PM

Originally Posted by Kara

Should he get a credit card and use it, paying it off consistently? Would that help his credit?

I would think so!

Shaky · 11-26-2007, 02:56 PM

Is this an item on collection or is it just showing that he was late? If it's an item on collection I can see how by him having little credit this would affect him big.
Yes, getting a CC, using it and paying it off monthly will help his credit. I would suggest you guys to probably look into geting a CC through USAA.

11-26-2007, 02:07 PM	#1 (permalink)
Kara Psych Student by Day.. Join Date: Jan 2006 Location: Massachusetts Posts: 13,111 Classifieds: (0) Activity: 0% Longevity: 65%	Just need some help Mike and I went to look at a wedding ring set at Zales this weekend. It was on sale for $2000. We were planning on paying for half of it, and charging the other half of it on a Zales card. Mike has little credit, so we thought it was a good idea to help get some instant credit. When we applied for the credit card, his limit was $400! We were expecting him to have a higher limit. We were kind of shocked by this, so we wanted to figure out what was going on with his credit history. We didn't get the rings (they aren't a necessity anyways,since we're waiting to get married and I do already have an engagement ring) and rushed home to check his credit history. We found out that his credit is all positive, except for something from Cox Cable. Mike lives in barracks, signed up for cable ($20/mo) and it was on for a month, then it never came back on again. He foolishly never checked on it. So they are still charging him, not sending him bills, and it's screwing up his credit (not a whole lot, but for someone with little credit history, it isn't good). He's going to figure it out with Cox-but do you think they'll fix it on his credit history since they have never sent him a bill? __________________ Thank you for my siggy Stacey! He's home from Iraq!

11-26-2007, 02:30 PM	#2 (permalink)
Kara Psych Student by Day.. Join Date: Jan 2006 Location: Massachusetts Posts: 13,111 Classifieds: (0) Activity: 0% Longevity: 65%	Bump __________________ Thank you for my siggy Stacey! He's home from Iraq!

11-26-2007, 02:32 PM	#3 (permalink)
Traci IYAOYAS Join Date: May 2006 Location: Moyock, NC Posts: 13,628 Classifieds: (1) Activity: 0% Longevity: 59%	His needs to call cox and fix it, then get a copy of his credit reports to fix them. We jsut got done disputing something on his report and they ended up taking it off. __________________

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11-26-2007, 02:40 PM	#5 (permalink)
~~Bex~~ Banned Join Date: Jan 2004 Location: san diego, ca Posts: 30,189 Classifieds: (0) Activity: 0% Longevity: 99%	usually one item wouldn't prevent him from getting credit?? that's just strange. i hope you get it fixed soon!!

11-26-2007, 02:56 PM	#10 (permalink)
Shaky Miss Puerto Rico Join Date: Mar 2004 Location: FL Posts: 27,985 Classifieds: (0) Activity: 78% Longevity: 97%	Is this an item on collection or is it just showing that he was late? If it's an item on collection I can see how by him having little credit this would affect him big. Yes, getting a CC, using it and paying it off monthly will help his credit. I would suggest you guys to probably look into geting a CC through USAA.