Why is it soo hard to get credit???
 

Gooshhh... This is sooo frustrating! I am calling around speaking to loan officers. And of coarse my bank doesn't offer anything for students. They have a student credit card, but I am not in college. They have loans starting at $5000!!! And of coarse I can't get that.. uhhhhh credit, I don't even want any..lol.

They tell me to go out and buy a car, but I want expensive car that they won't give me that amount for. And plus I don't have all my down payment saved up...

Sorry I just needed to vent. Long day.

I know how you feel!!! I am finially getting approved for things but it took a while. Try to go to stores and get their credit cards and just pay them off at the end of every month. This helps out a lot on your credit score. Good Luck in your car purchase!

Yup, when building credit you gotta start small. I got a Sears card at 18 I believe, or 17. I worked my way up there... now I have credit cards with $25,000 credit limits! Not that i use them LOL buy yourself a condo if you can. most of the time its cheaper than rent, most mortgage companies will give a loan to anyone (just make sure you know YOU can handle it) and that builds up your credit the fastest! My ex had such bad credit when we bought our house we got rejected and had to plead HIS case... my credit was great so I was the primary on the house. When we split 2 years later and sold the house, his credit was near perfect in less than 2 years! Good luck sweetie! :)

this is what I did. I went to Victoria's Secret and Kohl's and got credit with them. I am sure to use it every month and make sure I pay on time all the time. I am now able to buy almost anything I want...within reason LOL

I was so excited when I went to my credit union and was able to get a personal loan with NO collateral and they didn't even ask what it was for. On my app, I just put that I needed to pay some things off. It was very nice

it takes time...but the key is to keep a recurring line of credit. So get a couple of low limit cards. dont' max them out, but keep a small balance on them all the time. don't get it and then pay it off right away. that won't do anythign for you. say you get a statement in the mail and it says "min. payment due $XX.XX well, pay a little more than the min. payment due but don't pay it all off right away. this way you keep an open, active line of credit.

this was the advice my investor gave me and it has paid off tremendously

Since you are younger, ask your parents to co-sign the loan for the car. I was older than you, almost 19 when I started making my first car payments. I was driving a slightly used very nice car. I was in college, but went to school full-time and had a tiny part-time job making next to nothing. Well, just enough to make the car payments, pay for gas and a few extras every month.

I made the payments, but my mom's name was on the loan & my parents weren't willing to step in and make the payments for me; so I had to be good :)

But this really opened the door for me. Be careful with credit cards -- they can be very dangerous :eek:

Yeah, but department stores wont approve you.. I am going to get a loan at regions. i think thats my best bet. I have Josh's credit card, so I don't think I need another one.

With Joshs we pay off about 3 times a month, we run it almost up, then pay it completly off, and he has pretty good credit. With our last cell phones, we didn't have to put any money down. So hopefully this loan will help me. Bc I want to get a car next year, and I am going to need some credit to get it.

department stores won't approve you? they were the only ones that would approve me for a while.

i agree...be very careful with credit cards....that's why i say a "low limit" department store card is usually good. the interest rates are high but it helps build credit

co-signing is a good idea too.

so, regions has agreed to give you a loan?

I can't co sign with my parents, just from previous experience.

No dept stores won't a lot of my friends have tried to apply.

They haven't officially appoved me, they said I have to come in and fill out the paper work, but they have done this b4 with no problems. Plus there taking my loan money and securing it in a cd until I pay it off, so i won't get it until 13 months after I get that loan, bc I need to let it mature completly b4 drawing it out.

With my hubby still in school I know exactly what you mean! We have two car loans. They aren't the most fancy cars, but with the two of our payments together we pay over $300 a month and I think that is a pretty nice car. It really helped us that my hubby goes to a good private school and all we have to do is wave his schools name in front of anyone and they usually want to talk. Credit cards stink! Everyone always told us not to get one, but due to an emergency we had to fall back on it. :( So I suggest going out and getting an okay car, like my hubby drives an 01' Cavalier, until you graduate. Save up some money for a down payment and that will help as far as your payments go. Then once you get a full time job you shouldn't have much trouble. I can't wait until hubby graduates college in May. Then those crappy student loans will come. Yucky! :rolleyes:

Luckyl im not in school to pay loans:). but I am going to put down around $15,000 on a $26-30,000 car. I am going to get the car around my 19th bday, next October.

We have just one credit card, and it has a low limit, and I think thats all we need. Right now its just used for buliding credit, but once we are doing ok it will just be for emergency purposes. And it will still have a low limit, DEF. not over a $1000.

I have another idea. Ask your mom to add you to her credit cards. She doesn't have to actually GIVE you the cards to use. I put my daughter's name on my credit cards and I use hers sometimes and pay it off. This is helping her to get good credit. Of course, this is only good if your mom has great credit. :)

sounds like a good plan ;)

yes, my husband did this and it helped me.

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.

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.

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.

did you get accepted for the credit card?

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 :(

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.

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

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

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!

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.

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

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:D

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.

Yes, bank of america does a secured card.

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!