Credit history is a backwater system that needs to be revamped.
Way back when in my youth (oh so long ago, me being 21 now) I bounced a few cheques. It was a stupid
mistake; I had just cleaned out a bank account and opened a new one at a different bank, and I wrote my rent and bills
off of my old account. Just a stupid
Not only did I have $100 in service charges, but the receivers of my cheques got $100 in service charges which they in turn re-charged me. Then my bank suspended all transactions until they got their money
, and my bill-makers did likewise.
That was about 4 years ago.
I lived with the mistake
and I'm not ranting
about that. What really pissed me off was the credit history
I am now trying to live on my own, start a life with a wonderful girlfriend, getting our own place, buying furniture... Heck, even thinking about children (long run! long run!). And I can't get a loan, can't get a credit card.
How am I going to build up my credit history to GET a credit card/loan?
Simple... Get a credit card
or a loan, of course.
WAIT WAIT WAIT!
Do we all see the problem
Of course, I have other options available to me. I can get The Bay Card, or a Canadian Tire
card. Paying those cards off would get me a good credit history.
But - when one doesn't shop
at huge national chain department stores
, what is one to do?
I dealt with my problems the day after I got word from my bank - I transferred money
over, paid the bills in person in the office the next day - et cetera. I think credit history should take corrections into account. Stupidity
. And the grand colossalness of my mistake
made the next 10(?) years of my life
I feel like I'm on welfare
when I can only buy a couch
if I save for 4 months.
Edit: I found a small solution to my credit history problems. May not work for all. ;)
Update: It turns out I'm completely out of luck. Wal-Mart and Future Shop both declined me a card.