Why is it soo hard to get credit???

[Superstarkba]

Well I have that with Joshs. It would do the same thing. I am an "authorized user" on Joshs, which would be the same thing that I would be on my moms. And I found out that doesn't help your credit a lot. Its on there, but since im not the sole user, and josh is its only helping his credit.

[Superstarkba]

Originally Posted by Txgurl06

i was banking with chase and all they offered if you didnt have credit(and i didnt) was a student card. i just applied and then emailed them telling them im not a student but i am a young i was like 18 or 19 and i want to start my credit and how do i go about getting a credit card if they dont offer any for people with no credit. I ended up gettin approved.

it helps build your credit but dont expect to see a drastic change. i still had to have my mom co owner on my car its in both of our names.

I don't want to apply for another credit card, I have done once And it was a student credit card. So thats why i am going to do this loan.

[Txgurl06]

did you get accepted for the credit card?

[pepe mint]

Originally Posted by Superstarkba

Well I have that with Joshs. It would do the same thing. I am an "authorized user" on Joshs, which would be the same thing that I would be on my moms. And I found out that doesn't help your credit a lot. Its on there, but since im not the sole user, and josh is its only helping his credit.

it has helped mine...but maybe it is because they are high limit/high balance cards that get paid off each month. not sure. things may have changed since he added me....they may have made it so it doesn't do much for your credit


well, i'm sure you will figure it out just be super careful not to ever mess your credit up....it practically controls your life

[Superstarkba]

Yes, I do know that. Thats why I want to start it now. I am very careful of my money, trust me. Thats why josh and I share bank accounts, some ppl say not good, but its good practice now, b4 he didn't balance his checkbook..lol. But I am the spender and hes the saver..lol.

[Yorkiekids]

Believe me credit can do you more harm then good if you're not really careful with it.

[Superstarkba]

I know. You have to have credit, unless you can pay cash for everything...

[cheryl000]

Just be careful because there are a lot of places that will loan money to people with little or bad credit with terrible terms. My husband bought a car with a 21% interest rate once. Make sure that you understand everything and ask the right questions. Luckily it was only a $12,000 car and we had a down payment of about half. I was able to get approved by my credit union for 7% a couple months later. Thank god for refinancing!

The way we do it now is we either trade in or use a down payment for half of the cost of a vehicle(about $5k), the other half is paid through a secured loan which is much cheaper than a car loan (about 7k). Research the loan and make sure that you can afford the payments.

We ALWAYS buy used, I will NEVER buy a new car unless I get filthy rich. IMO that money can go to better places like savings, retirement, paying off debt, etc. To me a good, used car can do the same thing as a brand new one, just take me from A to B. I've seen too many people buy brand new cars and have it break down within a couple of years and have nothing to show for it but debt.


Also, make sure that you don't stretch yourself too far in a car loan. I had a friend who thought she was getting a good deal by rolling her debt from an old car and loan into a brand new car with a new loan. She ended up making $800 payments and couldn't afford to put insurance on it. My husband leased a car once and ended up getting a couple of speeding tickets. His insurance shot up so much that he was working 5 jobs just to pay for everything. So my advice is to make sure that your payments aren't too high in comparison with your income.

Anyways, I know I sound old, but I'm only 25. I have been where you were at and got denied when I had a full time job just because I had little credit. Sometimes you have to work your way up to it. Try to join a bank or a credit union. Cell phones are also good revolving credit. But don't be surprised if you have to work your way up to getting a larger loan with smaller loans. Just know that if you work hard, you can get anything you want in life in time.

By the way for people who have to have a new car every couple of years, leasing is a better option than car loans. But read the terms carefully.
Good luck!

[yorkiegirl83]

DH and I bought a new car w/15,000 down a few months ago and I cringe when I think about it honestly. It may be the right move for you, but all I keep thinking is how I should have bought a 15,000 car and had no payments. The value has dropped sooooo much in such a short period of time, it's crazy. I have to say, I don't think I'll do new again, ever.

I don't have good credit (long story) and I'm working to rebuild it and to build some savings and it is super tough. I hope in a few years I'm at a better place in all of it.

[Superstarkba]

I don't want to get a new car, just bc of how much the value drops.I am looking to not go over $30,000. But the car I want if I can find it used is between $24-26,000. I really don't want to finance over 15,000 bc I need to pay it off in atleast 4 yrs. But that all depends on an interest rate i get

[Superstarkba]

Originally Posted by cheryl000

Just be careful because there are a lot of places that will loan money to people with little or bad credit with terrible terms. My husband bought a car with a 21% interest rate once. Make sure that you understand everything and ask the right questions. Luckily it was only a $12,000 car and we had a down payment of about half. I was able to get approved by my credit union for 7% a couple months later. Thank god for refinancing!

The way we do it now is we either trade in or use a down payment for half of the cost of a vehicle(about $5k), the other half is paid through a secured loan which is much cheaper than a car loan (about 7k). Research the loan and make sure that you can afford the payments.

We ALWAYS buy used, I will NEVER buy a new car unless I get filthy rich. IMO that money can go to better places like savings, retirement, paying off debt, etc. To me a good, used car can do the same thing as a brand new one, just take me from A to B. I've seen too many people buy brand new cars and have it break down within a couple of years and have nothing to show for it but debt.


Also, make sure that you don't stretch yourself too far in a car loan. I had a friend who thought she was getting a good deal by rolling her debt from an old car and loan into a brand new car with a new loan. She ended up making $800 payments and couldn't afford to put insurance on it. My husband leased a car once and ended up getting a couple of speeding tickets. His insurance shot up so much that he was working 5 jobs just to pay for everything. So my advice is to make sure that your payments aren't too high in comparison with your income.

Anyways, I know I sound old, but I'm only 25. I have been where you were at and got denied when I had a full time job just because I had little credit. Sometimes you have to work your way up to it. Try to join a bank or a credit union. Cell phones are also good revolving credit. But don't be surprised if you have to work your way up to getting a larger loan with smaller loans. Just know that if you work hard, you can get anything you want in life in time.

By the way for people who have to have a new car every couple of years, leasing is a better option than car loans. But read the terms carefully.
Good luck!

I am with Wachovia right now. I will go to the credit union, just for savings if I get the governement job that I applied for. I would do a cell phone, BUT Josh and I just got a cell phone togethor, and the contract isn't up until 2009, so that doesn't really help me any. I am going to call Bank of America today to see if they do a secured visa, that will be a good start, I think.

[littlewhip]

Originally Posted by Superstarkba

I am with Wachovia right now. I will go to the credit union, just for savings if I get the governement job that I applied for. I would do a cell phone, BUT Josh and I just got a cell phone togethor, and the contract isn't up until 2009, so that doesn't really help me any. I am going to call Bank of America today to see if they do a secured visa, that will be a good start, I think.

I was just going to tell you to try bank of america,lol thats who i started out with and they were pretty good, also discover is good, my daughter who is going to collage next yr is facing the same problem, I will most likle have to co sign a loan for her. they make it hard for young people because you have no credit to start with... just be careful you sound like a very smart girl

[Yorkieluv]

My best advice to you is to get a "secured" credit card. You have to pay money to get it, but once you have it for 3-6 months, they will return your money that you invested and it will become a regular credit card that will help you build your credit. Once the card becomes "unsecured" they will start to report to the credit bureaus. Use it to buy one thing a month and pay it at the end of the month. Then, you can get another credit card to simply help establish more credit history. Just don't use more money than you can spend. Use it like you would a debit card. Once you have established credit history, you will be able to buy a car with a good interest rate.

[Yorkieluv]

Yes, bank of america does a secured card.

[Superstarkba]

I am trying to do a secure loan. I am waiting to here back from the bank. They think that I will get approved. They should be calling me any minute now. Hopfefully good news!