Help getting a loan?

[Slick 87]

Originally Posted by activeseven

22 years old, fresh out of college and still living at home. Honestly I don't think that getting a 10-15k loan for a car is something you should be focusing on right now.

I don't want to waste money renting, considering I have it pretty good at home.

No sense in saving for a down payment on a place if I have no credit.

If im gonna spend money to build credit, I want to at least do it on something I can enjoy. Opening up a credit card just for the hell of it sounds like the way to go though, until I can find a fun car worth buying.


Thanks for all the tips guys and gals.

[omgjacki]

I talked to an advisor last night. I happen to have a good friend that does finance for a living. The best thing to do is get a credit card, use it for everything, and pay it off at the end of each month. He also told me I can go and make a bigger purchase like a TV or computer, put it on my card, and make my payments.

At the end of the day, your actual credit score doesn't have much to do with you getting a loan. It's what you've been lent before and how you handled it. For me, the most I've ever had was $300 so asking for $10,000 isn't happening until I can prove I can handle it.

[angdefeo]

Originally Posted by Slick 87

Opening up a credit card just for the hell of it sounds like the way to go though, until I can find a fun car worth buying.

You are being smart and thats good to hear. Other than making big purchases which you might not normally make i agree with Jacki's advice. Use the credit card to buy your normal every day purchases. Then when the bill comes at the end of the month, pay it off in full. Then that will show any future lenders that you can be responsible with a loan.




In case you didn't know everyone is allowed 1 free credit report per year under the law. You can request a copy and get it for free. Make sure that you dont sign up for any type of credit monitoring service cause they all try to sell you that when you ask for your report. Review what's on it.

[Elliott18t]

Hmmm i really need to get a credit card lol...

[DPancoast]

when you have a credit card, it also helps to keep a balance on the card and show that you make on time, and prompt payments every month. then pay it off before the end of the year or every 6 months or whatever.