T Nation

Zero Credit You're Screwed


I'm a fifty year old male, I owe nothing. I have never had a credit card in my life. I have never borrowed money from a financial institution. I am now screwed.

Went to the bank today with my daughter to open an account in her name, for her college fund. My daughter just turned eighteen this year and has not gotten around to getting her provincial ID yet. I have had an account at this credit union for close to eight years. It has a free chequeing account and tax free savings (latest thing).

Since my daughter has no provincial ID we decide to make it a joint account until she gets her ID. Even thou I have an account there they still need to do a credit check on me. Well low and behold, you'd think I was a terrorist or something. The look on the lady's face when she could not find me in the credit history achives (or what ever they are called). I explained to her that I have never had a credit card or borrowed money. My daughter almost lost it, with the new look on her face.

The new laws do not allow banks or credit unions to open accounts without credit checks. So basically I'm screwed if I close my account. I will not be able to open another account. After an hour of bureaucratic BS then made the decision to put the account in her name and gave her sixty days to bring in the proper ID.

The world has come to an end when being debt free is a very bad thing. The world is falling apart because of debt and I'm treated like some kind of freak for not taking part in it's demise. I'm not sure if I should laugh or cry. What a messed up world we live in!


Holy. Shit. I didn't think it could get more ridiculous than before....


You should NOT have to but it is not difficult to have a credit card and pay it off each month. Just saying.


That's truly ridiculous! Damn.


I totally agree. The problem now is who would give me a credit card, at 50 without a credit rating. Not that I want one. I get by quite well without one. Fact this is the first time I've run into difficultly for not having one. There are other problems that occur when one doesn't have a credit card.

Booking vactions (I don't travel, I camp & backpack), renting videos (I know an owner), large purchases (I save up), buying a car (I bike & have company vehicle), buy a house (I rent). There are most likely many more I am unaware of. I'm thinking I should put my lawyer friend on retainer, I may be needing his services in the future. I smell a lawsuit coming up (I hope not but if push comes to shove).

I'm just having a difficult time trying to understand where the world is headed. Freedom is going out the window. Credit cards are a way for the corporate world and the government to know everything there is to know about you. I don't plan no letting Big Brother into my life anymore than he is. Which is now becoming much more difficult, it's a sad state on affairs.


Second. I treat my credit cards more like debit cards: I pay it off in full every month, but I get an added bonus of cash back and it conveniently tracks my spending.


You run into the same problem if you want a CC in the US as a European.

You can make a deal with the bank to have a CC with a limit that equals a deposit you have with them.

Then you simply use it to buy some stuff you would buy anyway.

Viola, you have a CC history and sooner or later they will give you your deposit back, especially if you kill that card and use one of the zillion others they offer you with a good credit history.

Don´t fight the system Dude!

Harness the incredible power of stupidity and bureaucratic obstinacy!


While I certainly don't disagree with you, it's well known that you need some kind of credit rating. Even bad credit is better than none, ironically.


Well, firstly good for you man. You're proof that you can get through life without a credit card that allows you to live out of your means. Secondly, you knew this was going to be an issue eventually didnt you?


Streamline, are the rules requiring credit checks as stringent at credit unions as they are for banks? If your employer is a member of a credit union, you should be able to get an account there with no problem.

Myself, I don't have a credit card, a credit history, or (recently, anyway) even a bank account.

Hasn't been a major inconvenience so far.


Did your landlord not pull a credit report when you first moved in? All kinds of things show up on your "credit report" so you should get in touch with a bureau and get a report, and as long as there isn't anything negative the bank should let you open an account, they probably just won't give you overdraft protection. The bank I work isn't concerned with credit scores as much as they are concerned with unpaid closures on accts. You do not need a high credit score to open, just nothing negative. Hell 18 year old kids come in all the time and open various accts. Pull your report and go to a different bank!


see, this goes back to the inherent problem within our international monetary system - you cannot create new wealth in the system without crediting debt - its the new form of slavery. Creating goods and services shoudl create new wealth in the system, but that is not the case.

Kudo's to you for lasting so long without having to delve into this mess.


IrishSteel, are you sure that you're not really a six-foot-six inch, 242-pound math teacher and taekwon-do practitioner from Ohio who worships Ayn Rand and enjoys kicking people in the head?


I'm wondering how you ever rented or bought a place to live without credit. Did you purchase your cars and homes with cash?


I didn't see this. It never takes you over unless you abuse the cards. You don't sound like the type for that. Just get one and pay it off each month.

You don't have much of a choice nowadays.

I was LUUUUUCKY! I went through a divorce woithout my rating dropping from good/excellent.
I lost 20-30 point for opening up 3 cards to transfer 30k and split the total debt, but have paid off 1/2 of it by now. I now am back up 30.

Just make sure you use it wisely, and read your mail...those fuckers automatically sign you up for shit, then after the "Free Trial" they send you a letter and if you don't call to cancel they charge you.

I had a 67 dollar a month "free trial" I called yesterday to bitch and have it go away. That's probably my biggest deal with credit cards, besides the fact they jack you to 20 plus percent if you are late one month.


It's not an issue for me, I have no plans on getting a credit card or borrowing money. It was just a surprise that the world has gotten it's self into such a mess. My daughter on the other hand will have to play the game or life will be very difficult. Then again she's not me.

Personally I'm not a materialistic person. Everything I need or want I can easily save up for.


They are in Canada, I'm not totally sure of the reasons. I would think identity theif and terrorism have something to do with it. They told me that having an employer that does direct deposit makes it easier.


I rent a basement suite from the owners up stairs. In Canada you are not required, or you weren't required not sure if thats changed, to give your sin number to anyone except your employer and the government.

Between the age of eighteen and nineteen they don't do credit checks. They do require the proper ID however.


I forget you a dirty Canadian!!!! F credit scores, cards, reports, etc. it is all a con game!!! Anytime some tries to get a credit card thru my bank I try to talk them out of it (don't tell the bossman!) Have you called around to other banks, surely one somewhere will let you get an acct......good luck my man!


Nope - sorry, just a five-foot-seven-insh, 200-pounder from VA who worships Ayn Rand and LOVES kicking people in the head . . . must be my Napoleon complex . . . lol

Who were you describing anyway - sounds familiar . . .