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Discussion Starter #1
OK, i have to rant, why the hell is it so frickin hard for a 19 year old to get a loan. im sittin here trying to get a loan for this supercharged cougar and have been DENIED 3 times. I don't know what to do, I only make about 1,100 each month and i have to make 1,500 just to make the bracket for a loan. I am unwilling to get a credit card because i know i will ruin myself, so i go to firestone and get one of their cards that can only be used there for their services and i am paying that off, so that at least gives me some credit under the belt. WHY!!!
 

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Astrophysicist / PostWhore
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You know..if you're SMART with your credit card, then you can do it.

I got my credit card a few years back. It only had a $200 limit (capital one 'college credit card').

I maxed it out in a week... dumb move. I never went over my limit. I always paid on time...within what...like 3 years, I've gone from $200, to $4,000 in credit line.

A 'cheap way' to build up credit is to use a credit card at gasoline stations. You know you need it...and, depending on how much you drive, you will do it often. I get gas once a week (280-300 miles per tank). Instead of cash, you use the credit card. Take the cash and put it in a box. At the end of the month, you get a bill for your gasoline...you've already got the cash. Interest will be minimal (a few bucks)... send a check / money order...

DO NOT MISS A PAYMENT... EVER!

Do that for a few months...then call your card and say "look how good I've been...can I get a limit increase".... I got my limit increase in about 5 months.


I'm NOT a banker or financial guru, so dont take this as 'the right way.' But, I've got great credit for making only $600 a month.... Mods take forever for me to purchase/get done because it takes me a long time to set up the funding...


Will power is KEY with a credit card. If you go wild...you get screwed. Be wise.
 

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Get yourself a secured $100.00 or so credit card. Buy your gas with it, and pay it as you use it. Don't even wait for the bill. It will show activity (all good if you go as planned) and responsible use. I had to go through hell to get decent credit back after my divorce in 89. Took me til 94 to get approved for something. Now... I ask, and I receive. There were no questions asked when I bought my house last year, nor when I bought my Thunderbird three years ago. And I didn't put a dime down on either.

Be patient... your life will be long... you don't have to live the whole thing this week.
 

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yah make sure you pay your stuff ontime. i just got my self out of debt from when i bought my first Tbird, rims, and stupid stuff for the EX girl. What im doing now is try to take out a loan for as little as possible, mine was 2,000 and put it away in a different account. then when they want you to pay it back just use the money the already gave you. Its called power loaning, its a good way to build your credit and plus it looks good when you give a girl your number on the back of you bank statement :) Oh and tony what were you asking about my rims?


Jesse
 

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Discussion Starter #5
HAHA I gotta try the bank statement thing sometime when I actually have money. I dont recall asking you anything about your rims, but chances are I did. Hmm now thats bugging me.
 

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Pedal Faster
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Exaaactly. I'm 19 right now, I got one of those "college cards" last spring before graduation and gave it to my mom. I saved up about a thousand bucks, opened a checking account, took the card, and haven't had a problem since. I have steady income, I do max the card out from time to time ($500 limit,) but I have always paid each bill in on time and in full. I was thinking about buying another 'Bird the other week, went to my credit union to see if I'd even qualify (shh, don't tell the 'rents this or they'd have a fit :D ) they took a look at my credit report, combined that with the fact that I have a couple thousand in their bank and have only been overdrawn once on my checking account, the loan officer I talked to said "No problem." Of course the total loan would have only been about 3 grand, but if you're good to your bank, they'll be good to you. All a matter of making good decisions and keeping up on things.
 

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Discussion Starter #7
Yeah I think I am going to apply for a credit card and just use it for gas, I have never heard of that till now and its a damn good idea. But.......I still want a supercoupe and I want it now. :D
 

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Pedal Faster
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Just as long as you can be responsible with it, it's an easy way to get the credit thing started. Like others already said, don't try to spend money now and assume you'll have enough when the bill comes, just think of it as cash. And hey, it's pretty convenient when you go to dinner and realize you've only got $5 in your wallet and that'll barely cover the tip... :D

Good luck on getting the SC, just remember it's better to have a Supercoupe and possessions later than a Supercoupe and NOTHING now ;)
 

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Well, 19 and not being able to get credit isnt such a bad thing. Think of how simple your life is right now. I remember a couple years ago. I was 18. I drove a 96 V8 thunderbird which was damn near fully loaded and was extremely nice. IT was also paid off, I had the pink slip. 18 years old with a bad *** paid off car, not a bad situation to be in. But that wasnt good enough, I wanted a Mustang (still do) so I went down to the ford dealer, and tried to get one, I made enough money, but had no credit. I needed a co-signer, my parents looked at me like I was nuts. So, I waited, thought about it, and went & talked to the ford dealer again, they said "well, we cant get you into anything big becuase you have no credit, but you could use the first time buyer progam on a ford focus" so I test drove a few focus' got brainwashed into the idea that I "liked" this "nice" car, and I bought one. Regretted it before I drove it off the lot. shouldnt have done it, it's a great car, but the car payments are killing me right now, it's really hard to make them every month. I used to have money to play when I had my bird, now I struggle to get by, just so that I can have good credit...that I cant use, because I dont have any money!! IT WILL PAY OFF LATER THOUGH!! I cant wait to hold the pink slip to my focus, even though the car will have over 100K and be worn out (has 42K on it now, and that's with 1.5 years of driving it, from brand new) Credit is good to have, yes, but it took me over a year to get my first credit card. 250 doller limit, and that's even a struggle to say on top of, and I might cancel it, just to avoid the headache, and the temptation of use. I enjoy the fact that I"m establishing credit, but I wish I would have seen the light and just had patiance and willpower to hold off...dont get into something over your head, and dont get into a position where your struggling to keep your head above water, it's hard, and it's scary. I know I'll make it through this, and done worry, you'll get the credit you deserve, just have patiance...I wish I had. Sorry if this sounded like I was *****ing & moaning about my life--I'm not trying to do that, just my .02

Earl
 

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It helps to have parents with good credit. If they have bad credit, it affects you to.
Also, if the are willing, have them cosign the loan, having a cosigner with good credit will help you a lot when getting a loan. Believe me, I know. The other suggestions are excellent too.
At 17, I got a loan for $1000, 18, another $1000 loan, and at 19, a $6000 loan. My mother cosigned, and she was a regular customer at the credit union where all three where from. Another big thing, DO NOT miss a payment with cosigned loan, the payment will fall to the cosigner, it will affect their credit, and I'm sure they will not be very happy with you. At all.
 

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If you've been denied 3 times already - STOP APPLYING.

You will end up filling up your credit report with inquiries which will put you in an even worse position. Thats my problem. I'm your age (19) and make enough to be in the bracked for a new car but I have so many inquiries on my credit (I was dumb about a year ago) that I cant finance a bag of skittles without 90% down.

I am all for what these guys are saying about credit cards if you can manage it, do that, get a little bit higher up on the income ladder and you will be able to get a good start :D
 
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