Good Credit. HOW TO BUILD CREDIT IF YOU DON'T HAVE ANY. Part 2.

Steve's Story
Steve has a lifestyle most people would dream about. He owns and runs a successful electronic equipment repair and supply business out of his home. His business associates are willing to extend Steve unofficial credit for equipment he buys in bulk. He travels, owns lots of toys (boats, cars, expensive stereo equipment), and has paid cash for them all. Even his home is free and clear—this man has no debts. Now Steve is getting married, but his fiancée tells him there is no way she will move into his house with all of his equipment scattered throughout the living room and garage. Steve comes up with a plan to expand his business and lease or purchase a small warehouse to store his extensive inventory.
Steve is surprised and angry to discover that banks won't give him even a small loan to cover the minimal costs of moving his business. When he finally finds a small lending institution willing to help him out, he is furious when they insist on attaching his home to the loan and charging him a rate that is 5% above the rates the banks were advertising. Why? Although this man has always paid his business associates on time, and has absolutely no debt, Steve has no credit track record.
Believe it or not, Steve's story is not unusual. Some people may not have ever bothered to get credit after an initial attempt that was unsuccessful and embarrassing. It used to be fine to pay for everything with cash and live debt free. There's nothing wrong with this, and you may even sleep better at night. But the times, they are a changing. Nowadays, almost everything requires some kind of credit card—like renting a car, purchasing things over the phone or the Internet, and sometimes even writing a check.

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No Credit is the Same as Bad Credit
As I mentioned in the last chapter, creditors regard a lack of credit history to be the same as a poor credit history, especially if you are not a young person. Why? Creditors want to see a history of how you handle debts. If there is no information upon which to judge you, you are deemed a risk. Not fair, but true.
Ironically, if you are a college student (even though you may not have a job), the creditors may be falling all over themselves to offer you credit because it is reasonable to expect that you haven't had time to build a credit history—just like having no dating history because you are still too young to date. Creditors want to hook you while you're in your formative years. It's true. If you are over 25, though, creditors are asking themselves: Why hasn't this person gotten credit?

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© Copyright 2001,2004, 2005 by Kristy Welsh