Best Way To Gain Credit

[XBoBJ]

Hey guys,

Ive had a loan on my jeep for 8 months now, it was taken out for 2700 and my payments are 140 a month for 2 years. never late on a payment, i have a credit card since i was 18 im 19 now never late on a payment, been using it too.... i recently went to apply for an extension on my loan its at like 1000 right now i want to add 2000.... ive been at my job for a year now and make okay money for an 19 yr old.... well the lady at the bank worked it out and said my payments would be 140 a month, the same i pay now so i got my hopes up and then denied the loan they said i needed a cosigner anyways i just left and said what ever with it, all i want is a 400ex i can find one for 2000 easy but i have no cosigner im lucky i got one with my jeep. the bank says i need one. is there a way i can get a loan or gain credit quickly? sucks trying to build credit

 

[buschwhaked]

Sorry, but credit history is a big factor. The more history the more of a pattern creditors can see. Just keep paying your stuff on time, don't go above 50% of your credit limit, don't close credit accounts but keep the balances as low to zero as you can, watch your ratio of revolving credit to loans, and stay employed. In about 5 years, you'll be fighting off the offers.

 

[98XJSport]

Plus it's very unlikely they will give you a loan for "nothing". They gave you one before for your jeep, and if you didn't pay up, they would have your jeep. But they just won't give you $2K for nothing. They may give you a loan towards a 4 wheeler, but you would need to find the ATV first. Bring them the info, and take out the loan for the ATV. That way they have something to take back and sell when you don't pay up. Collateral.

 

[XBoBJ]

Plus it's very unlikely they will give you a loan for "nothing". They gave you one before for your jeep, and if you didn't pay up, they would have your jeep. But they just won't give you $2K for nothing. They may give you a loan towards a 4 wheeler, but you would need to find the ATV first. Bring them the info, and take out the loan for the ATV. That way they have something to take back and sell when you don't pay up. Collateral.

the jeep was a personal loan... no collateral had a cosigner tho... tried bringing them info on the ATV no go neither

 

[98XJSport]

Strange that they would give you that big of a personal loan with no credit history :shocked:

 

[buschwhaked]

Strange that they would give you that big of a personal loan with no credit history :shocked:

By my math, 20% interest might have something to do with it. Bank wants to gamble, but not put too much into the bet.

 

[XBoBJ]

By my math, 20% interest might have something to do with it. Bank wants to gamble, but not put too much into the bet.

13% i got..... ill try shopping around to different banks see if one will take me

 

[nissan300z90]

Have someone with good credit card history add you on thier account as an authorized user. It used to add all of thier past payment history onto your credit history. They may have changed that this year but it used to work. It is an option for a parent that doesnt feel comfortable cosigning but wants to help establish credit. I would try and find a way to buy the quad outright if it were me. A part time job would be the best option. Hope this helps.

 

[XBoBJ]

yeah but if anything did happen and i lost my job wouldnt me not paying my loans affect their credit card im on... thats the last thing i want to do is screw up some ones credit..... on my jeep i paid 3700 for it.... paid 1000 cash and 2700 loan so if i did lose my job or something happened i can always ditch it for 3000 and pay the loan

 

[buschwhaked]

Was that an introductory rate or are there a bunch of fees? I'm not the best with math but this is what I got:

Monthly payment of $140 for 2 years (24 months) = Total money owed $3360

$3360 subracting the loan payment you received ($2700) = $660

Then you take the $660 your paying the bank and divide it by the loan amount ($2700) and that = .2444

This means that the bank is pocketing 24% of the amount they loaned you. That is an interest rate. My head math put it at about 20% but it's really 24.4% interest.

 

[XBoBJ]

i didnt look into it actually..... i thought it was 13% ill double check when i get home... also its not 140 its like 134 i just put 140 to make it even

thats still 19 percent, maybe im wrong ill have to double check it

 

[old_man]

Another way to help boost your rating is not to pay the minimums. Always add an extra 5%. It helps your score significantly.

 

[JeepFreak21]

Get another credit card too. You should have 3 lines of credit open (and in use).
Billy

 

[XJensen]

Another way to help boost your rating is not to pay the minimums. Always add an extra 5%. It helps your score significantly.

X2: After college my credit was OK and I was exactly reponsible with my credit cards, they let me know by closing the accounts I got a good job and did the cash on hand thing for a while, also not so good for the credit rating in the low 600's at this point.

I got a card and consistantly charged, about 50% of the limit, and paid in full before the bill even came. I got another card and did the same. they started to increase the limit and in less than a year my score shot up over 100 points and has been climbing sence.

 

[bhansen99xj]

Read Total Money Makeover by Dave Ramsey. You'll learn how useless credit really is. Credit is your path to debt.

 

[H8PVMT]

I'm a freak about credit, thanks to someone lifting my wallet (with ssn card) when I lived in SacTown try going on MSN money and reading liz pulmans articles, almost everyday there are tips on gaining and PROTECTING your credit score

 

[JeepFreak21]

Read Total Money Makeover by Dave Ramsey. You'll learn how useless credit really is. Credit is your path to debt.

:huh: Are you talking about credit, like borrowing money or credit like the measure of how likely you are to repay a debt? Either way, one kinda leads to the other. I haven't heard of too many people that buy their first house outright. (Nor would I recommend it even if you could).
Billy

 

[IslanderOffRoad]

Why are you taking out a personal loan to buy an ATV?

If you can't afford to pay cash for a toy, you don't need it. Stop with the instant gratification.

 

[XJensen]

If you can't afford to pay cash for a toy, you don't need it. Stop with the instant gratification.

That's so un-American.



Most likely if he had that much cash he would not want to buy it. Thats the great thing about debt! It enslaves and kills you slowly....

 

[camarors8992]

I just financed an ATV. Yes, i wanted one but it'll give me a chance to understand how everything works with a low monthly payment that will go almost unnoticed. $50 a week.