is bad credit better then no credit?
962548
Bad credit is better than no credit.  Bad credit means that you were extended and trusted at one point.  Bad credit score could also mean that you're paid off, but the bad history of the past is still weighing your score down.  Depending on your current credit situation, you'll probably get extended another loan or card...your rates will stink, but you'll get one.  Also, bad credit shows that the application you filled out is probably not filled with any fraudulant information and they will have some way of being able to get a hold of you.  NO credit is riskier for creditors because they have absolutly NO track record to what the person's character is.  With no credit or anything on your report, how do they know that none of the info on the application is good or bad? Someone with no credit is going to have the higher interest rate from the beginning.  Higher risk = higher interest rate...the same with every investment, the higher risk of loss you possibly face, the higher return you want on the investment.  No credit record equals a higher risk of loss.
987875
Negative credit can show for 7 years.  realize that everytime you apply for a credit card, it lowers your score, same as if you need to rent a place they do a credit check.  All of this lowers your score.  BMG and cell phone don't really affect your credit in terms of building credit (but they do hurt if you don't pay).  Try going to your bank and getting a CC from them with a very low credit line.  Use it and pay it off every month.  After a while, your credit will increase.\n\nPAY YOUR BILLS ON TIME!!
831889
How bad is it? Do you need a band-aid or a surgeon?\n\nHave you called consumer credit counseling?
939079
Yes! A mortgage history (that is on time every month) will quickly boost your credit score! (on the downside, any payments over 30 days late will just as quickly kill it...)
925726
Some of the points Chris J made are good, but I have to disagree with his recommendation to obtain any sort of credit card.  Easy credit and lack of self control is probably what put you where you are today.  Trying to manage some "good credit" while you are fixing the "bad credit" is a losing proposition.  Develop a budget and focus on paying off all of your outstanding debt.  DO NOT use credit for anything while you do it.  Go to a cash system (maybe a debit card).  If, and only if, you finally become financially responsible, then you can consider building your credit.  Google Dave Ramsey and read about his ideas.  Despite the myths perpetuated by the media, you don't need credit.  The only credit you should ever use is a home loan.  I know someone who had no FICO score and still managed to acquire a mortgage.  \n\nYour best bet right now is...if you can't pay cash for it, you can't afford it.
245224
If you have the money, it is easy. But if not and you will ask for a loan, it will be hard and you may not be able to get the best terms of the loan. You will have little to no credit history, and that is always an impediment.
930064
Better credit score! Which means better rates...The amount that you'd be able to put down wouldn't make that much of a difference in your payments, but a better rate means lower payments!
1073280
Buyer beware. If its too good to be true, it probably is. The risk is that property values will go down and you'll be inverted. If so you have no risk since you put no money down, however, your credit can be negatively impacted and next time you might not qualify for a no money down purchase, and even your car insurance can go up by a negative reporting. Be careful.
906341
Depends what you consider a rip-off. With bad credit, you will pay more in interest fees.
628442
It all depends on how bad the bad credit is and how old it is. If its very recent, you'll have to wait for some time, perhaps an year. As it gets older, it becomes less significant, especially if you have even one credit account that is current. If you do not, your best option is to open a small limit secured card perhaps from Capital One. I recommend them because they charge no fees. Use it for $20 a month and pay it off when you get the bill. Each month you pay them, your credit rating will be improving.\n\nP.S. You have a beautiful baby. I wish you best of luck!
865027
"bad" credit just means that a person won't be able to qualify for the good deals that are widely available for the bulk of the customers.  for a housing market, i think that "bad" has to be on the level of very recent defaults on loans and bankrupcy.
627916
no credit is sperate based on soc sec #. It will only affect you if you to a loan together.
48916
You didn't really ask a question, but it seems to me that you would do well to establish a better credit score. The link below gives a lot of good information on how to do that.
173014
Yes, there are several credit card issuers that will approve you for a card if you have bad credit.  There may be some up front fees or you may pay a higher interest rate since you pose greater risk, but at least there are options.  Check out the bad credit section at CreditCards.com (http://www.creditcards.com/badcredit.php)
765312
YES!! The difference between a low and a high interest rate will cost you hundreds of dollars a month and tens of thousands of dollars over the life of the loan. Why are you getting a bad interest rate to start with?? If it's because of bad credit, take 6-12 months and fix your score. It will pay off big time in the end. You can always refinance, but there's no guarantee that interest rates will go down. They may even raise....drastically. So get a good fixed rate when you're in the position to do so!!  Best Wishes!!
990802
As a former financial counselor, your question was a very common one. The only advice I used to give was that if you have bad credit, then chances are trying to get a new loan probably isn't the best idea. You should be trying to repair your credit. Getting additional debt would only affect your score negatively. Besides, lenders who sense desperate people with bad credit, will alot of times take advantage of the situation and grant you a loan with VERY high interest rates. Bad credit loans and cash advance loans are the same thing. I would do it the old fashioned way and save up. It takes longer, but you always want to look at the long term benefits, not short term.
908646
Some credit is available to people with bad credit experience.\n\ngood luck !