SERIOUS thread about building credit - SERIOUS posters only

[nangiggles]

Im in a similar situation, I dont have bad credit I just have NO credit, I already applied for CC and NO ONE will give me one, Im financing a car but it's financed buy the dealer and doesnt go on credit report, I realy dont think I have much more of a choice for building credit, I cant cosign with anyone since I know no one and cant get a CC anywhere.....

 

[bakemeacookie]

Im in a similar situation, I dont have bad credit I just have NO credit, I already applied for CC and NO ONE will give me one, Im financing a car but it's financed buy the dealer and doesnt go on credit report, I realy dont think I have much more of a choice for building credit, I cant cosign with anyone since I know no one and cant get a CC anywhere.....

Cash in the bank > CC. Esp in this economy

There are people who immigrate to this contry every day and 3 years later - they own houses and cars. You can do it too. You may just have to go a bit further then fill out a form and click submit to get a house loan - that's all.

c

 

[lartinos]

In a about 2 years of consistenyly paying it off it really pays off. BMAC knows all his shit really when it ocmes to finances.

 

[RottenWillow]

Few things I've learned


1)Do not use a co-signer. If a lender tells you to get one, walk. If they all do, wait until you've built your own credit a bit more. Co-signed loans tell other potential creditors you need co-signers. A loan solely in your own name, paid on time of course, is what shows you're a good risk.

2)If you have unsecured, revolving credit accounts, DO NOT close them after you've paid your balance in full. I used to do this to protect myself from my own spending impulsivity. Cut up the card if you must to keep from using it anymore, but keep the account open

3)Do not go for those "transfer your balances at this super fucking low rate!" offers. Yeah it might save you some money in interest, but opening additional unsecured, revolving credit accounts looks bad on your credit record. Just choose your cards wisely and pay them as agreed.

 

[hurricane]

Few things I've learned


1)Do not use a co-signer. If a lender tells you to get one, walk. If they all do, wait until you've built your own credit a bit more. Co-signed loans tell other potential creditors you need co-signers. A loan solely in your own name, paid on time of course, is what shows you're a good risk.

2)If you have unsecured, revolving credit accounts, DO NOT close them after you've paid your balance in full. I used to do this to protect myself from my own spending impulsivity. Cut up the card if you must to keep from using it anymore, but keep the account open

3)Do not go for those "transfer your balances at this super fucking low rate!" offers. Yeah it might save you some money in interest, but opening additional unsecured, revolving credit accounts looks bad on your credit record. Just choose your cards wisely and pay them as agreed.

good stuff

was never aware of this .. especially #2 & 3

 

[miplank]

Few things I've learned


1)Do not use a co-signer. If a lender tells you to get one, walk. If they all do, wait until you've built your own credit a bit more. Co-signed loans tell other potential creditors you need co-signers. A loan solely in your own name, paid on time of course, is what shows you're a good risk.

wrong...

 

[RottenWillow]

wrong...

the points of ellipsis add a lot to your post

 

[miplank]

the points of ellipsis add a lot to your post

a cosigner does not negatively affect your future credit purchases.

In today's market, banks will not take a risk on a "ghost" or "first time buyer". Your only option in such instance is to have a cosigner.

By getting a cosigner the "ghost" will begin to establish credit. Depending on the purchase/pay history is what will determine if you need a cosigner again in the future. If you're having someone cosign on say a 15,000 car, and in the future you go to purchase another car you'll be fine to get the loan on your own as long as you paid accordingly.

Now there are some lenders out there that will take first time buyers/ghosts with no cosigner. But they're gonna ass rape you on interest (21% on up depending on your state cap)because they have no idea what your pay history is like and they're basically going to treat you as though you have shit credit. Why start your credit history in the shitter like that when with a qualified cosigner you could be under 5-6%?

Now, if you're starting out with shitass credit (depends on the level of shittyness). Well most banks won't give 2 fucks if you have a cosigner anyways. And in the event that they will take one, and you can find one willing to do it knowing your pay history. well..would you rather pay 10-12% or 21+?

Either way with a cosigner, as long as you're paying on time as agreed in the Retail Installment Contract you'll be building/rebuilding your credit. Cosigner or not.

 

[miplank]

there are a few other things to consider like income, job time, etc. But to keep things simple i left those out.

 

[bakemeacookie]

Funny how few people look at "buy less on credit" or "make more money" as options these days

oh u silly americans. how i love thee.

c