Building credit , credit heads step in.

Discussion in 'General' started by riverxbear, Mar 18, 2009.

  1. riverxbear

    riverxbear Banned

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    i got a credit card in 2008 i have made every payment on it but kept a balance but its been over the limit for some reason. i only had 1 past due
    payment. I want a new car pretty bad i have the money saved up for a 350 Z i want to put 4k down on a 04 or 05 with low miles but i have no cosigner due toparents having horrible credit. If i cant get the 350 i want an ,RX8, or an impala. What do you think NT i can get and what i can do with the info i have givinyou ? ???
     
  2. nostrandave68

    nostrandave68

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    Your FICO score won't be high for 3 reasons.

    1. Your credit history is very short less than 12 months, longer the credit history the more your score improves.

    2. Your debt/credit ratio is very high, rule of thumb is to keep a balance that is within 30% of your available credit. For example if your credit line is3000, you shouldn't carry a balance of no more than $900

    3. You've had a late payment, which really hurts a person's credit and it hurts even more because you have a very short credit history.

    If you are indeed granted a loan your rate is gonna be very high best thing to do would to get a cosigner
     
  3. nkeair

    nkeair

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    seriously, get an accord/camry or civic/corolla, your not gonna be stuntin or something, but your going to save money on gas and insurance
     
  4. imasoleman18

    imasoleman18

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    i have had a cc for a little bit, but i only make one purchase on it a month....am i doing a good thing?
     
  5. chris nosnah

    chris nosnah

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    "Credit score" is a bunch of crap its all in the scheme.
     
  6. infamousod

    infamousod

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    yes build a credit history. keep it active even if you don't use it.
     
  7. rcdp

    rcdp

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    A scheme that heavily affects almost every American's life is a scheme that everyone must learn

    Taken from HowStuffWorks
    1. Review your credit report and correct any errors you find. A shocking percentage of credit reports contain errors -- one study concluded that as much as a quarter of reports list wrong information that hurt an individual's score [source: CNNMoney]. Getting rid of these negative mistakes can improve a score dramatically.
    2. Keep old credit accounts, even if you're not using them. Creditors look at the debt-to-credit limit ratio and the average age of your accounts.
    3. Reduce your balances on credit cards to 75 percent or less of your available credit (25 percent is preferable).
    4. Pay your bills on time. Assuming that there are no big errors on your report, punctual payments are the most effective way to improve your score. If you look back to the page on credit score breakdown, you'll see that payment history is the most weighty of all elements of your score. This has to do with whether you pay debts back on time and in full. This may take time to raise your score dramatically, but you'll see slow and steady improvement.
    5. Don't let anyone make an inquiry on your credit report unless you absolutely have to. In general, the more inquiries, the lower your score. However, if you are shopping for a loan, make sure multiple inquiries occur within a few weeks, so that they can count as one inquiry on your score.
    6. If you are planning on applying for a big loan, such as a mortgage, don't open new credit card accounts just to increase your available credit in the hopes of raising your score. Opening new accounts will at first have a negative impact. In the long term, however, having more credit available can boost your score.
     
  8. tmukg21

    tmukg21 Banned

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    the having to take out debt to build credit-credit system

    why can't we all start with a 800 instead of a really low figure , whatever [​IMG]
     
  9. riverxbear

    riverxbear Banned

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    i got the credit card in jan on 2008 thats about 16 months. i have no co signer at all. i have had only 1 missed payment because my dad lost
    my bill and didnt look for it. ive always made on time payment and either paid it off in full or paid over the minimal payment. i want to put down
    around atleast 2.5 K but i really want to put down 4K it just depends on how long i can wait. i really want the 350Z i think i can get it with a first
    time buyer program and my credit history.

    and i dont want no Honda/Import i want a coupe or a impala.
     
  10. rko2004

    rko2004

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    You said Impala huh? You trying to buy new or something?
     
  11. riverxbear

    riverxbear Banned

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    nah man i want to get a used car a 04-05 350Z same the the rx8 or a 07 or 08 impala.
     
  12. rko2004

    rko2004

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    Go to Cars.com bro. Type in you zip and they'll show you cars in your area. And you can put a limit on how many miles a car has too. A $4000 down paymentthough[​IMG][​IMG]
     
  13. thunderchunk69

    thunderchunk69

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    QFT
    having $ > having credit
     
  14. riverxbear

    riverxbear Banned

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    i had my cousin who runs his own buisness tell me that if you have money to show your commitment it goes a long way.

    so i have no co signer and im the type of person where if i cant get what i want i dont mess with it.


    but im pretty sure i can get the 350 Z if i put down 3-4 K so im just stacking and moving extra stuff i dont need. i should be there here soon
    esp if my house sells and i get the 2k owed to me.
     
  15. snaggykicks

    snaggykicks

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    So how do you see your credit score?
     
  16. riverxbear

    riverxbear Banned

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    ill also have a trade in and in texas its the law to get at least 3k value of it to get old cars off the road for new cars.

    but yeah ill save up to about 3K and then go try to trade what im rollin on now in because it has some value. sooo here in a month in a half
    i should be good and rollin on the 350 Z if i can get financed for it. Then it will be stuntin time in the coupe on the east coast......

    sooo any more input ?
     
  17. riverxbear

    riverxbear Banned

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    any one have any input on this ?
     
  18. infamousod

    infamousod

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    You should try to call the company you had a late payment on, see if you can get them to take that off your record since you've had a great history otherthan that. it's worth a shot.

    a lot of times it helps if you can prove a stable and hopefully sizable income. if you're making money it may let the financiers feel better aboutextending you credit.



    good luck in the poor house
     
  19. riverxbear

    riverxbear Banned

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    Word i just need to get in a whip and then make the payments and make em on time and my credit will be goood.

    i need a coupe joint though for real.
     
  20. thunderchunk69

    thunderchunk69

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  21. riverxbear

    riverxbear Banned

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    sooo any more input ? from what ive said any one think i can get the 350 z ?
     
  22. kicktionair

    kicktionair

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    Idk man save more and get a 370Z

    YEA!!!!
     
  23. riverxbear

    riverxbear Banned

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    lol i need to build my credit through a car payment.
     
  24. 44fours

    44fours

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    For someone to say $ >credit score you are completely wrong. Without credit you will never own anything, unless you come from a rich fam that has the moneyto buy everything cash. As explained before by Nostrand, rates will always be higher for someone with a lower score, and most dont have the cash to buy housesand cars. So through interest you will always pay a higher price, and your strategy will not work.

    And for River.... if getting the car soon is all you can do then you might be stuck. First off go find your credit score, and then you can know where youstand, dont check it too often because it will lower your score, just do it once so you have an idea.
     
  25. crcballer55

    crcballer55

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    Don't bother with the 350z. Even if you can afford it on the face of it, the insurance will be a bane on your wallet every year. I would step down my expectations for a couple years and get a cheap, reliable car that will get you from A to B and then save your money during that time so you can afford a better car at that time. Besides... any money you save on the car itself, you can always put back into the car with a new system, or other improvements.