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Car loans...
- Thread starter gh00747
- Start date
Very helpful, thanks for the input. In the time I made this post I got apporoved for a discover student credit card, 500$ limit for the month. But I only plan on using it for 2 or 3 tanks of gas a month, so that should help a little on the score I would think? How do they measure how "good" your credit is? Is it just a combination of how much you spend and paying it on time etc?
I am a member of ACU and they have much better rates than any big bank.
Pay the min payments for a while. Its actually better for your score. They want to know they can make money off you. If you pay it off fully every month, they are not making the money they want.
Regarding the credit card.
Regarding the credit card.
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Not true at all..credit scores are calculated as follows (There may be small variations among the different agencies)
-35% affects Payment History. Meaning any lates; collections; charge offs; bankruptcies; judgments; liens or the such will hurt the score. All is time based, the older the information the less it is contributing to the scores.
-30% affects Utilization. It is best to have several accounts with low balances distributed then it is to have fewer accounts maxed out. To figure utilization: Balance (divided) by Credit Limit = percentage. Lower than 10% recommended per account, this is one of the fastest means for increasing the over all credit score.
-15% affects Established History. The longer you maintain open accounts with creditors the better. (This refers mainly to credit cards)
-10% affects Inquiries. Don't apply for credit unless you know you can get it or that you need to get it; unnecessary credit inquiries are going to hurt the scores - especially if your over all credit file is small to begin with.
-10% affects Mix of Credit. Use different types of credit (revolving; installment; auto; mortgage...) evenly.
Info pulled from here -there's some other good info on there for those interested.
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Go to Core Credit Union in Statesboro and ask to see either Lisa Peavey or Kanae Brown. Sit down with either of them and tell them what you are trying to do and more than likely they will help you. Also ask if they have any repos. If they do have something you like, you will get an even better deal. I have used them for years, great people, great service.
You're right, but as you just showed if a single credit card is all you have with no history, a large chunk of your credit report is "blank". Takes a little extra massaging to get it started.
I was in the same boat as you 15 years ago. It wasn't until I got 6 months in with the company I work for that the associated credit union would write me a loan. I was proud of the fact that 23 I had no debt but the world penalized me for it. You are still much better off living life the way you do and having this problem than most of your peers. Use the system to get what you want but do not sell your soul to the banking system.
This is my first post here, but I felt like I needed to jump in here. I might be the odd man here, but I say forget the credit cards & forget the car loans. It sounds like you already have a decent amount saved, so either buy a car for what you have saved, or keep saving, but either way pay cash for your car and enjoy owning it outright. At 22 you are in a great place to not fall into the trap of credit. You don't need credit to survive in this world.
If you haven't heard of him, listen to a radio show or two of Dave Ramsey and it just might change your life
- Dave's Radio/Video Show - http://www.daveramsey.com/show/home/
- His 7 Baby steps he uses to help people win their life back - http://www.daveramsey.com/new/baby-steps/
If you haven't heard of him, listen to a radio show or two of Dave Ramsey and it just might change your life
- Dave's Radio/Video Show - http://www.daveramsey.com/show/home/
- His 7 Baby steps he uses to help people win their life back - http://www.daveramsey.com/new/baby-steps/
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