Credit Crunch

What can I say? I still don’t understand the way the banks work. Ask a lay man and he would say that having a credit against your name is bad. I am one of those who like to live within his limits and not feed off plastic cards. So I decided not to have a credit card, so I do not have to worry about ever having a credit problem. Life was going on fabulously. I did not ever miss having a credit card. Everywhere I could think of would accept my debit card. So why do I need a problematic credit card?

There was one occasion when my bank offered me a pre approved credit card looking at my debit history. But then I thought who the hell needs it. Just shredded the letter and put it in the recycle bin. Dusted my hands off the credit crap. Things again went on normal.

But then all good things come to an end, and so did this one. I need a loan for some personal reason and tried searching up the best offer available on the market using comparethemeerkat.com :). Some great results showed up and I was very happy. So just walked into a bank and asked for the loan. The first thing they ask me is if I have a credit card? I flashed my million dollar smile and said NO. After all it is good that I don’t have any credit issues right? WRONG. They said since you don’t have a credit card you don’t have a credit history, hence the bank would not lend me money. I was bamboozled. What just happened? Why? How? Can you explain again?

And they suggested that I get my self a credit card. So much for the banks in credit crunch. I got no mercy what so ever for them. They brought it on themselves. Since I needed the money, I had to go back to my bank and get my pre approved credit card from them.

What am I doing now? Well building a credit history, that’s what I am doing. Damn ….