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Old 05-23-2013, 11:56 PM   #1
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They declined me!

Arg!

I put in an application for a 5th wheel toy hauler the other day and just found out I was declined financing.

It's a huge pain because I make good money online and have never been late on any payments in my life, so far.

What really sucks is I don't have a credit card because I buy almost everything with a debit card or cash because I don't like taking huge risks that could put me in debt...

Now what to do :/
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Old 05-23-2013, 11:58 PM   #2
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Pay cash?
Wait and build up your credit numbers by taking out small loans and paying them back before they're due.
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Old 05-24-2013, 12:01 AM   #3
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I have to make a decision before August 1st. As of right now I don't have anywhere near the cash as I've been investing a lot into my business.

As per credit given the fact I have 2 months that'll be (from what I've heard) impossible seeing as I don't even have a credit card :/
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Old 05-24-2013, 12:30 AM   #4
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What are you looking for; travel trailer, 5th wheel, Class A, B+, B or C ?
You should be a member of a bank or credit union with direct deposit to one. I am guessing you don't.
Who ever turned you down should of told you your current Credit Rating.
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Old 05-24-2013, 12:55 AM   #5
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And also get a credit card and use it responsibly to build your credit rating. If you use self-discipline and use credit cards instead of a debit card, you build up a history and that's what it is all about when applying for a loan ...you have to show a history of repaying debts on time.

There's no "big risk" in using a credit card if you plan correctly and have self-discipline.

Even though it doesn't bolster your credit score as much as carrying a balance on a credit card and paying on the balance regularly, you'll still look better in the eyes of a lender if you pay off the balance in full every month on a credit card during the grace period. You are borrowing money for free for up to 25-days and still building your credit somewhat. I've been doing that since I was in my twenties --I'm now in my 60s-- and have always had excellent credit and have always been granted mortgage loans in my younger years. I've always paid cash for vehicles and RVs and still do. I've never used a debit card other than for occasional use at an ATM and even that is seldom.

If you can't get a normal credit card because of having no credit history, apply for a secured credit card. Just get a credit card of some type and start actively using it so you can begin compiling a credit history.

Then, at some later point, apply for an unsecured credit card with some type of a rewards program. With rewards and using the float (the grace period) to pay off the balance in full, you use a credit card to your advantage. In essence, you are getting a fee loan for almost a month and getting cash back on top of it.

I have a credit card that I get 2% cash back on any purchase I put on it, I have another credit card that I get an immediate 5% off on all my fuel purchases, and have another one where I get revolving 5% off on certain types of purchases that change every quarter. I pay all of them off in full within the grace period.

There's lots of options out there for you to use credit cards to your advantage and to even build your credit score a bit at the same time.

Hang in there.

-harry
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Old 05-24-2013, 12:57 AM   #6
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What is your credit score? How much money down?
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Old 05-24-2013, 01:08 AM   #7
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My neighbor had that same problem because he preferred to do business in cash and not with banks so not to declare his real income to the state and Uncle Sam. No record of any substantial income allowed him to get subsistance from the city and government. It bit him in the butt when he wanted to buy a home. No Credit History.
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Old 05-24-2013, 03:11 AM   #8
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Well, there is always the co-signer option, or if you own your own home, maybe you can refinance and use that money towards your rig.
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Old 05-24-2013, 03:14 AM   #9
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Just starting the Rv'n scene, and looking forward to it. I noticed this post and totally agree with Amanda. I haven't paid interest to a credit card company since 1993...oh, they have paid me no less than 400.00 and the max 700.00 each year. HOW? Following Amanda's rule.

Simple, but you must be honest with yourself. Purchase with card that gives you cash back option...immediately deduct the amount from your check book. Two things happen here...your cash is "still" in your checking and you have the funds to pay the card each month without interest. Further...it "appears" your average daily balance in the checking account is higher than you know you owe. Hey, not for anyone that can NOT have that self control. But for me it works.

Nice blog, and good luck!
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Old 05-24-2013, 03:37 AM   #10
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Also based on the response from my insurer, if you have a credit rating of some sort gets you a discount on insurance.
I'm going to get an account with a bank and a debit card hopefully. If I can do that without a social sec number ill be a happy chappy.
Don't mean to hijack the thread but I have an Amex card that turns $150000 per month in Australia but can't get recognized in USA.
USA do tourism really well, but if you want to be a long term tourist just forget it
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Old 05-24-2013, 04:46 AM   #11
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Quote:
Originally Posted by amanda_h View Post
And also get a credit card and use it responsibly to build your credit rating. If you use self-discipline and use credit cards instead of a debit card, you build up a history and that's what it is all about when applying for a loan ...you have to show a history of repaying debts on time.

There's no "big risk" in using a credit card if you plan correctly and have self-discipline.

Even though it doesn't bolster your credit score as much as carrying a balance on a credit card and paying on the balance regularly, you'll still look better in the eyes of a lender if you pay off the balance in full every month on a credit card during the grace period. You are borrowing money for free for up to 25-days and still building your credit somewhat. I've been doing that since I was in my twenties --I'm now in my 60s-- and have always had excellent credit and have always been granted mortgage loans in my younger years. I've always paid cash for vehicles and RVs and still do. I've never used a debit card other than for occasional use at an ATM and even that is seldom.

If you can't get a normal credit card because of having no credit history, apply for a secured credit card. Just get a credit card of some type and start actively using it so you can begin compiling a credit history.

Then, at some later point, apply for an unsecured credit card with some type of a rewards program. With rewards and using the float (the grace period) to pay off the balance in full, you use a credit card to your advantage. In essence, you are getting a fee loan for almost a month and getting cash back on top of it.

I have a credit card that I get 2% cash back on any purchase I put on it, I have another credit card that I get an immediate 5% off on all my fuel purchases, and have another one where I get revolving 5% off on certain types of purchases that change every quarter. I pay all of them off in full within the grace period.

There's lots of options out there for you to use credit cards to your advantage and to even build your credit score a bit at the same time.

Hang in there.

-harry
A secured credit card is exactly the way to go. My college aged kids needed to do this, despite fat bank accounts. Their exclusive use of cash and debit cards didn't build their credit worthiness.
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Old 05-24-2013, 06:34 AM   #12
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Here is a good one for you. When I purchased my MH of course I applied for insurance through my carrier. I was approved on the spot and got a good rate. When I recieved my packet with the coverage, there was a note saying to the effect, Even though you have a good credit rating we did not give you our best price because there is to little credit history.
I have several credit cards and pay them off every month. I don't like paying intrest.
I also don't want to owe tons of money just in case something goes wrong.
Even though I have credit cards, and pay them off and do not have any debt. It still effects your score. There has to be a happy medium somewhere.
I paid off my mortgage 10 years ago and paid cash for my MH.
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Old 05-24-2013, 07:05 AM   #13
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Credit rating based insurance is one of the biggest rip offs ever. 35 years of never missing an insurance payment with USAA and yearly I get a letter telling me that my insurance rate was adjusted based upon credit history.

Guess I could view it positively and assume that the rate was lowered
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Old 05-24-2013, 07:30 AM   #14
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Quote:
Originally Posted by Doggy Daddy View Post
My neighbor had that same problem because he preferred to do business in cash and not with banks so not to declare his real income to the state and Uncle Sam. No record of any substantial income allowed him to get subsistance from the city and government. It bit him in the butt when he wanted to buy a home. No Credit History.
Really? What a deadbeat. He cheats to get govt subsistence (my tax dollars) and can afford a motorhome? Hope he goes to jail. Sorry for the off topic post. I couldn't help myself. Now back to regular programming.
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