Anatomy of a bad credit score

Publication: Mooche News
BY Solid Old Man -2007-09-09

  Age sixteen, first job at fast food joint working about twenty hours a week and making minimum wage. First paycheck, bought used gameboy from a friend. Worked this job for four months in which time was able to buy Nintendo games and sports apparel. Out of work the next three months.

Worked another low wage job about twenty hours a week. Bought used gameboy from a friend. Bought authentic sports jerseys and high-end athletic footwear. Left job after eight months. followed this pattern for next two years. Graduated high school with an impressive collection of authentic athletic wear and a sizeable video game collection.

Landed full-time job working at the airport that paid above minimum wage. Was able to buy a used SUV after about three weeks on the job. Used car dealership really worked with me in order to seal the deal. I really don't know what the terms were as for as all the details go but I was paying a little over two hundred a month. Got my first credit card soon after that. I had a thousand dollar credit limit. I was able to help support the family by giving mom a little something every payday.

Started having trouble with the SUV that were not covered under warranty. Was hit with a major transmission repair bill that exceeded one of my paychecks. Talked to the credit card company to see if they would increase my credit limit and they bumped me up to two thousand dollars. Was able to get the SUV out of the shop. Wanted to get my own place so I looked at some apartments and found out what was required to get into one.

I needed the first and last month's rent which I didn't have and couldn't save it out of my salary. I really needed my own place because I was dating and I needed my space. A friend told me about some loan companies giving signature loans to people who have jobs, so I applied.

  Got a loan for twenty-five hundred and was able to pay first, last and security on a six-hundred and fifty dollar a month apartment. My monthly loan payment was only eighty-eight dollars and I thought I could swing that. Didn't have any furniture but I had my own place.