Poker players and credit

[TheLoser]

Ok here is my situation, I have been playing poker for a living for about 2 years now. There have been ups and downs, some bad blackjack addictions and various other things but for the last little while it has been pretty good. Anyways I am 21 years old I have never held a job other then playing poker. I am buying a new car within the next couple weeks and had planned on paying cash for it. Talked to my parents a bit and they said I should start building up credit. So I made an appointment at the bank to see about getting a loan, the car I am going to buycosts approx 30 000, I basically told her I could pay 29000 and get a 1000 loan and put the vehicle up as colateral. She said if I do not fill out tax forms (I don't have to pay tax;s on gambling winnings in Canada) ir have proof of employment I can not get a loan. I then said what if I do the above AND get a co signer, and she basically told me there is no way I can get a loan without having a job. Now to me this seems ridiculous that a 30 000 vehicle and a co signer on a 1000 loan is not enough to make it happen. Anyways curious if any of you have any ideas as to what I should do? Should I just try another bank? I mean I don't need a loan but it would be nice down the road if I want to buy a house or something to have credit.

[pudley4]

Credit cards:

1 - Get a credit card. At your age you should be inundated with offers.

2 - If you aren't getting any offers, go to a retail store and apply for their charge card. Buy a few things, pay it off regularly, and within a few months, you should start seeing real credit card offers roll in.


3 - If you can't get a store charge card, look into a secured credit card. Basically you send them money, and they give you a credit limit equal to the amount you sent them. These are usually very poor deals, because they involve extrememly high costs and interest rates. Going by the offers I had received a few years ago, expect to see the following -

Typically a $500 credit limit will involve: an application fee ($29-$59), an activation fee ($50-$100), and an annual fee ($50-$100, charged immediately to your card). So you may end up sending them $700 and getting a $400 credit limit, along with an interest rate somewhere in the 25% APR range(not good) [img]/images/graemlins/frown.gif[/img]

[JasonK]

Try a finance company. They usually have lower standards for giving loans. I'd also try to get a secured credit card to help build your credit.

[eric5148]

Why not just make the last 1000 at poker and buy it all in cash?

[stinkypete]

he said he wants to build up a credit rating.

[EStreet20]

Try going through a credit union. I recently bought a car with no established credit and got a 3.75 interest rate. I do have a job but they tend to be pretty liberal so with such a small loan and a co signer I couldn't see you having any trouble.