24 Looking to build Credit... What are some good tips on your first Credit Card

[k2theablam]

Why do you want to build your credit? Credit is just a trap.

Purchasing a home, car, business loans, getting certain jobs, etc.

Not to mention the rewards it brings to responsible owners. You're leaving money on the table by not using credit to it's full advantage.

Credit is a tool. Learn to use it properly and it won't be a trap. Mess around with it and it can ruin your life.

 

[k2theablam]

My last car loan 5 years ago was 9% APR 635 credit score. Got a 55K whip yesterday 0% APR 755 credit score.

Was more proud about my credit score and APR than the car

For any and all people wondering why we are striving for better credit scores. Repped and I hope to soon be where you are as I'm paying 16% Apr on a 16k loan for the past 3 years smh. Still owe 15k never late.

Wow what the hell? what type of loan is this? Used car loan? credit card debt? You need to get help asap. seriously this is a terrible situation to be in.

 

[capital sb]

Have no idea why people stay in high interest car loans .

If you feel as if credit is a trap just get a secured credit card and a charge card and call it a day .

 

[based mod]

:x

If you really can't get a half decent rate for a car loan (

 

[datznasty]

Still sucks because if you are searching for a car (or a car loan if you know your car you want), you want to compare 3 or 4 dealerships, or when searching for a mortgage or a refi and each one has to do a hard pull. They should develop some sort of system by which an "auto" hard pull was done and as such, Toyota, Hyundai, Dodge, etc. whoever can view and access from the same pull and not have to keep pulling your credit at each dealership to see what you qualify for.

 

[doxen5703]

My car interest is like 19% right now. It's my first car payment with no credit at all. My car that I was driving to save until I built my credit more died on me in the middle of the street. :x

 

[Benny Hinn]

Still sucks because if you are searching for a car (or a car loan if you know your car you want), you want to compare 3 or 4 dealerships, or when searching for a mortgage or a refi and each one has to do a hard pull. They should develop some sort of system by which an "auto" hard pull was done and as such, Toyota, Hyundai, Dodge, etc. whoever can view and access from the same pull and not have to keep pulling your credit at each dealership to see what you qualify for.

I'm almost positive a hard pull counts as 1 if you're buying a house/car as long as it's in a close enough time frame.

My car interest is like 19% right now. It's my first car payment with no credit at all. My car that I was driving to save until I built my credit more died on me in the middle of the street. :x

:x

Bruh, just take the bus/uber till you get your credit up.

Or I'll assume you're young since it's your 1st car payment in which case get it co-signed with your parents.

 

[doxen5703]

I'm almost positive a hard pull counts as 1 if you're buying a house/car as long as it's in a close enough time frame.
:x

Bruh, just take the bus/uber till you get your credit up.

Or I'll assume you're young since it's your 1st car payment in which case get it co-signed with your parents.

I was good until I decided to go to school in Dallas. No public transportation like back in NYC. My parents' credit is probably worse than mine honestly. And they're not down to co-sign ****.
On the bright side, I've had the car for a year now and haven't missed nor been late on a payment. Gonna refinance in the next couple weeks.

 

[based mod]

Still sucks because if you are searching for a car (or a car loan if you know your car you want), you want to compare 3 or 4 dealerships, or when searching for a mortgage or a refi and each one has to do a hard pull. They should develop some sort of system by which an "auto" hard pull was done and as such, Toyota, Hyundai, Dodge, etc. whoever can view and access from the same pull and not have to keep pulling your credit at each dealership to see what you qualify for.

Doing it wrong man. Shop for the car you want, THEN shop for the auto loan. Get quotes for loans via a soft pull. Credit unions almost always give the best rates so I went with the local one by me offering 1.49%. I brought the CU paperwork with me to the dealership and asked if they could match. They said no, so it didn't require another hard pull.


Walked in a dealership and drove out in an hour. Only one hard pull from the CU.

 

[capital sb]

Doing it wrong man. Shop for the car you want, THEN shop for the auto loan. Get quotes for loans via a soft pull. Credit unions almost always give the best rates so I went with the local one by me offering 1.49%. I brought the CU paperwork with me to the dealership and asked if they could match. They said no, so it didn't require another hard pull.


Walked in a dealership and drove out in an hour. Only one hard pull from the CU.

Yup that's the way to do it.

 

[Bert.]

Still sucks because if you are searching for a car (or a car loan if you know your car you want), you want to compare 3 or 4 dealerships, or when searching for a mortgage or a refi and each one has to do a hard pull. They should develop some sort of system by which an "auto" hard pull was done and as such, Toyota, Hyundai, Dodge, etc. whoever can view and access from the same pull and not have to keep pulling your credit at each dealership to see what you qualify for.

Agreed

Got pissed a few weeks ago. My mom had do a credit approval for a car she wanted. Got instantly approved and she decided not to get the damn car

So of course she's still shopping so guess who's gonna get another pull when it comes down to sign?

System is flawed and sucks

THIS is for a lease btw

 

[dropten]

I'm looking for a great debt counselor. About 20k in debt and a mortgage. Credit score has plummeted from high 700s to mid 500s because of collections and late payments.

Asking for a friend

 

[chadleroy]

:x

If you really can't get a half decent rate for a car loan (

 

[bjm5295]

I was good until I decided to go to school in Dallas. No public transportation like back in NYC. My parents' credit is probably worse than mine honestly. And they're not down to co-sign ****.
On the bright side, I've had the car for a year now and haven't missed nor been late on a payment. Gonna refinance in the next couple weeks.

Do it ASAP... I imagine that comes down a lot. I was at 5.9% and dropped to 3.2% after a year or so. The whole process of refi'ing with Capital One took me like two days not counting waiting for the payout.

 

[willie mcfly22]

:x

If you really can't get a half decent rate for a car loan (

 

[archiballer]

I purchased the car in a dire need situation. Did not care about credit, nor did I know how important it was bla bla bla.
Since then score has increased over 125 points. And still increasing. I will refi-next month and probably pay it all off by the end of the year.

 

[pitman13]

My car interest is like 19% right now. It's my first car payment with no credit at all.

Man, what ??!?

 

[townbidness]

Man, what ??!?

Only way im taking that is if i can pay the car off in a couple of months.

 

[finessesosa]

Only way im taking that is if i can pay the car off in a couple of months.

Only way and even then I'd still think about not doing that

 

[doxen5703]

Man, what ??!?

Only way im taking that is if i can pay the car off in a couple of months.

I had no other option. Nobody else would approve me without putting $2500 down. I'm not mad at the decision as I needed a car, but will be refinancing real soon.

 

[finessesosa]

at least you got that history now. You about to be good from here on out

 

[datznasty]

Doing it wrong man. Shop for the car you want, THEN shop for the auto loan. Get quotes for loans via a soft pull. Credit unions almost always give the best rates so I went with the local one by me offering 1.49%. I brought the CU paperwork with me to the dealership and asked if they could match. They said no, so it didn't require another hard pull.



Walked in a dealership and drove out in an hour. Only one hard pull from the CU.

Yup that's the way to do it.

they scam artists down here. They don't want to agree on a price with you and get you an invoice so you can take to your bank of choice. They want to put you into whatever loan they pull and of course they get kickbacks and they tell you just make a few payments and refinance. Dude literally told me to cosign my Gfs 407 credit score for a new Kia and after 6 months her credit would be into the good range and she can refi me off of it. That conversation didn't even last long enough​for me to figure out what they were aiming for rate wise but I know he was talking bout 16ish for the Rio because the automatics cost more and something 400 ish a month. Probably would have thrown 6 yes on that ***** too. Had to just take her to the cut throat Express Credit Auto dudes with their love Jack's, remote kill switches, and 18% interest

As for mine I got with my same credit union anyways they did 3% they said because I was financing the 21k negative from the Optima. Once I break even passed that I'll refinance and probably get 1.9 again

 

[heliumclinton]

you rolled over 21K into a new loan?

 

[(*Fin)]

If you are not good with numbers, I suggest downloading an amortization calculator on your phones. This way you can easily breakdown the payment schedule and interest you'll be paying over the life of a fixed loan. This is especially helpful when negotiating for a car because car salesman will always hammer on your emotions in what you can afford monthly. They can fit any amount that fits your monthly budget. Utilize the amortization calculator right there so you can see exactly how much interest you'll be paying over the life of the loan.

 

[redd spyder]

I want to get another card but my credit is in the high 6s. should I wait until it's in the 7s to apply for another card so I can get a higher limit? (I've had my current card for over two years, no missed payment etc. also the pull has been removed) I'm looking to get the Amex blue cash card