How does the Credit history work?

[nm315]

Hi all,

I am rt now in US going to start work here.. HT sadly is very expensive.. hmmm.,.

so want to finance it.. can any of you tell me how long should i wait for the good history to build..how can i speed it up..

 

 

 

so i can finace my ht...

[nm315]

Hi all,

I am rt now in US going to start work here.. HT sadly is very expensive.. hmmm.,.

so want to finance it.. can any of you tell me how long should i wait for the good history to build..how can i speed it up..

 

 

 

so i can finace my ht...

[Dewayne]

I'm in the financial services business, but I must say I've never actually had direct experience with this, but here goes...

 

I'd say if you have just moved to the U.S., and keep a job for a year you should be able to qualify for a credit card or a cosmetic finance company.

 

You might also save a couple of hundred bucks a month and you won't have to finance it all. Nevertheless, the longer you can hold out the less in interest you'll probably pay.

 

I'd say you could probably get a loan after 3 months, but it might be at 21% or so - and to me waiting another year would be worth it.

 

Start with a credit card though, if you're looking to build some credit history. Don't completely pay it off monthly, but don't get into trouble with it either and before long they'll be sending you blank checks in the mail!

[nm315]

Dewayne thanks a lot for ur response..

waiting an year is not an option.. u know how keen everyone in here is to getting their hair back...

 

21% is high yes.. but over the period can i renegotiate.. something like refinance?..

 

"before long they'll be sending you blank checks in the mail!"

wat does this mean?

[djdennis]

Ok what you need to do is start with some sort of credit. Go to capital one and get a secured credit card. That is when you send them $300 or $500 to the capital one company and you cannot go over the limit. Use your card every month and pay off your balance every one. Soon enough companies will be sending you promos on there credit cards where you will not need to have a secured card anymore. The new cards will be unsecured.When you get your new credit card and hopefully the interst rate is low not 21% but rather about 9.99% if you get lower even better. Hopefully you came hear and your job is decent in what your making because this will come into play. Hopefully your income is at least 50k per year. Just keep these two cards and go from there,do not accept any other credit cards until you are ready for your Ht, you should be getting offers in the mail because the the credit card companies which are actually banks are always checking you out to see how you have been doing on your other accounts. When you find an ht doctor and are pretty much ready to do the procedure, LOOK OUT FOR THE NEW CARD THAT WILL ALLOW YOU TO HAVE A HIGHER CREDIT LINE,HOPEFULLY AT LEAST 10K WITH NO INTEREST FOR 12 MONTHS. GO AHEAD AND DO YOUR PROCEDURE RIGHT AWAY WHEN YOU GET THIS CREDIT CARD. YOU CAN ALSO ASK THE CREDIT CARD COMPANY FOR INCREASE ON YOUR CREDIT LIMIT TO NEGOTIATE THAT YOU WILL TAKE THEM UP ON THERE CARD. DO NOT TELL THEM THAT YOU ARE GOING TO USE THE ENTIRE $$$$ LIMIT. WHEN YOU GET YOUR HT AND YOU ARE MAKING ATLEAST YOUR MINIMUM MONTHLY PAYMENT YOU WILL BE OK!! BUT PAY IT OFF BEFORE THAT YEAR BECAUSE THEY WILL HIT YOU UP FOR THE INTEREST AFTER THE YEAR. WORSE CASE SCENERIO IF YOU ARE UNABLE TO PAY THE HT IN ONE YEAR,OTHER CREDIT CARD COMPANIES WILL BE CONTACTING YOU BY MAIL OR TELEPHONE AND THEY WILL BE TRYING TO GET YOU TAKE ONE OF THERE CARDS. MAKE SURE THAT THEY HAVE A GOOD INTEREST RATE WITH NO INTEREST RATE FOR 9 TO 12MONTHS WITH A BALANCE TRANSFER. SO YOU CAN TAKE THE 2ND CREDIT CARD WITH REMAINDER BALANCE AND TRANSFER AGAIN THIS AMOUNT ONTO YOUR NEW CARD AND THEY WILL PAY OFF YOUR 2ND CARD COMPLETELY. THEY DO CHARGE $$$ FOR THIS TRANSFER.BUT THE SMALLER THE BALANCE THE SMALLER THE FEE FOR DOING THIS.YOU CAN KEEP DOING THIS TRANSACTION OVER AND OVER AGAIN UNTIL YOU PAY IT OFF AND NO INTEREST WILL REALLY COME TO YOUR HT, COSMETIC SURGERY CREDIT CARDS CAN BE 18% AND UP TO 30% IF YOU DONT DO YOUR HOMEWORK. I SAY SAVE YOUR PENNIES BECAUSE THAT IS WHAT I DID AND PAID CASH AND GOT A MUCH BETTER DEAL THROUGH THE SURGEON.EVERYONE IN THE U.S.A LOVES CASH MY BROTHER.

[Dewayne]

Originally posted by nm315:

Dewayne thanks a lot for ur response..

waiting an year is not an option.. u know how keen everyone in here is to getting their hair back...

 

21% is high yes.. but over the period can i renegotiate.. something like refinance?..

 

"before long they'll be sending you blank checks in the mail!"

wat does this mean?

 

When they determine you to have good credit, you'll start getting like five blank checks in the mail that you can write and the balance will go on your credit card. The credit card my firm offers is a Mastercard with 9.9% fixed with no fee. If you would like for me to try and get you one, email me your name and number and I'll call you Monday from my office. It'll start out with a limit of $500 or so probably if you've never had credit, but once you use it and pay it off for a few months, they might raise it to a higher limit based on your household income.

[Bill - Seemiller]

I am far from an expert on this matter, but I'll add my two cents.

 

If you are working in the US, can we assume you are a citizen? I ask simply because I don't know how non-citizens can build credit since every application seems to require a social security number.

 

But building good credit takes time and so does saving money. I'm not sure which one will happen first for you, but perhaps start doing both at the same time.

 

waiting an year is not an option.. u know how keen everyone in here is to getting their hair back...

 

 

I have to commeont on this. Waiting a year IS an option even if you don't prefer it. A mistake many patients make is jumping the gun into surgery for emotional reasons rather than rational ones. Take your time in order to research and select out an elite surgen AND make sure you have the money to get it done right.

 

Let us know how it works out.

 

Bill

[notgoing2gobald]

CREDIT SCORES:

-never go above 50% of your line of credit.

-don't open an *excess* amount of lines of credit/credit cards.

-it's better to make a minimum payment every month than to be a few weeks late or a month

EVEN IF your reason for being late is that your going to pay the entire balance off after that missed period; the credit beurous like to see consistency, meaning even if it is only minimum payments every month.

-never close an open line of credit.

-I recommend using your credit card every month for all the essentials (i.e. gas, food, groceries, etc.) this way your building your credit but don't use it in excess.

-don't apply for several lines of credit in a short period of time OR continually check your credit in a short period of time.

[nm315]

thanks a lot for the input guys....

 

djdennis..

yes my sal is over 50k.. do only with 2 cards?.. ok i have already applied for macys.. next time i will make sure its a major one.. and follow ur advice..

 

dewayne..

i have sent you a pm..

 

Bill..

u sure are not an expert on this topic.. but do apprecite the 2 cents..

i am not us citizen.. non us citizens also can get ssn..

and abt the research.. thats wat drove me here.. i had already gone thru a ht in india way back in 2001.. which was a disaster.. i remember them talking of laser hts and stuff.. but in the end i became more bald besides loosing a lot of my donor hair..

i will be starting work in maryland on march 3.. next week i hope to meet dr. feller and dr. beehner...would try to get a online consult with dr Shapiro and dr epstein

[djdennis]

nm315 I am very familar with credit and non-US Citizens on a work visa. This is what I do for a living. I am a Real Estate broker and I help alot of guys in your situation and telling them how to build credit for buying homes,apartment rentals. I was thinking about getting my ht on my doctors credit plan he offers. I see that you wrote you would going to try Dr. Epstein,he is excellent and he can help with credit, he will put the call in for you. But make sure you talk to him about no finance charges. I paid cash,but I got a great deal. Email him at jsemd@foundhair.com Dont apply for Macys cards or any such types. Call capital one and send them $500.00 for a secured card. If your company has a credit card like dewayne says then since you are an employee,you might get a better rate with an higher limit. If you are from India lets see how Good I am???? You for work are an Engineer for computers??? How long is your contract on your new job? Dr. Epstein is also great on prices and he will give you more bang for your buck, and he is excellent as I said before. Go to foundhair.com and check out his site, its a great info !!!! Another thing, just make sure you use your credit card every month and pay off your balance completely,some have said just to make a minimal payment,thats ok, but better for your score to pay the full balance because your debt does bring down your score and credit card companies look at how you pay your bills and how much of a risk you are. You will get a higher balance of credit with paying off your bills right away,rather than making a minimal payment. Also stop shopping for credit,this will also show on your credit report and does bring down your score. You can also talk to a rep from master/card visa etc and you might be able to send them or fax them an up to date paycheck stub to speed up the process and negotiate a better finance % or higher limit. But go ahead and get the secured credit through capital one right away. I would actually talk to Dr. Epstein since you make over 50k a year and try to maybe work out something,he is a good guy and he might work a deal with you off the books, just tell him give me the same deal as dennis from boston who had his procedure 3 weeks ago. great deal and I know guys from india are great negotiators,because they do it with me all,the time in apartment rentals,but you guys from india are excellent tenants and you do pay your bills.Very trustworthy people,but you guys do need to negotiate because that is part of your culture.

[djdennis]

2 cards is all you need,but one is secured and another is unsecured. The unsecured will come in in a few months. It takes atleast 3 months to start observing your credit through the other companies. You will hear from alot of companies when you are applying and the reason they are denying you is not enough credit history,so you have to be very wise not to jump on every offer and talk to a rep,to make sure you are a 100% approved. Alot of times thay will not tell you your credit balance until they process your request for credit. You get something in the mail that says 10k approved for,but when you go through the processing,it might not be that much!!! You might only get 5k. Make sure you answer only credit card offers for 10k or higher

[nm315]

djdennis,

yes i definetly will be contacting the dr. epstein.. i have checked the websites of all coalition docs.. i will rate dr epstein high on my list based on the before and after pics.. and sure i will mention "dennis from boston"..

u r good yes.. i am from india and computer engineer... maybe u r rt abt indians being good negotiator.. but somehow i dint catch it.. couple of days back i walked into verizon store and paid 440$ (450 free mins only)for a phone.. the salesguy said 400 is deposit.. later i come to know tmobile will give for 25$(1000 free minutes)....hmmm..

 

i will look up captial one...

 

and yes i dont plan to do ht till june.. i think the docs will ask me to be on med for sometime.. to take care of the shock loss.. or so i read.. by that time.. i should have some descent history... and a credit card..

[djdennis]

I think they give you either 3 days or up to 12 days to cancel with verizon. Im not sure though,but most companies will give you a little trial period. I have tmobile myself

[Steven Ponting]

Entire blatant spam post edited.

[notgoing2gobald]

My Friend Steve,

 

what's up with the MASSIVE recent influx of spammers on this site?!?!?

I have been studying balding chrome dome's and transplanted mops for years. I started w/ one laptop. And now I have over 1,131 posts. But I think I am nothing because this field or you say other hand mop is very wide field. Every time you seek new thing. New fortune cookie...

Thanks

Your friend NG2GB.

Cheap Alba Dolls click here___ and get free extenze here___

...

[Burt1973]

NGTGB.. DUDE! You are a TRIP! I start laughing BEFORE i even read your posts. Where in the world do you come up w/ this stuff???

 

Oh.. and leave Jess out of this.. 'we' yes, WE are having a baby so get over it:P

 

As for the original topic...you mentioned getting a sub par HT.. i would not recommend rushing into anything and doing your homework..you can always attain or fix credit. Once you have abused your donor hair, its GONE.

 

GL. Everyone here is pointing you in the right direction. Take your time and you'll be fine.