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10-12-2012, 03:58 PM
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#29 |
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Account Suspended
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Take your $10,000 and go to a credit union and deposit it into a savings account. Get a small loan using it as collateral. It can be pretty tough getting a loan for anything at your age now a days. This will work trust me. I own a used car lot and have had many young people do this. Only other thing I can tell you is get mom or dad to co sign.. Good luck buddy...
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10-14-2012, 08:46 AM
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#30 |
  
Drives: 2012 AGM 2SS/RS Join Date: Mar 2012
Location: Home of the Blue Crab
Posts: 861
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Funny thing about credit is it takes years to obtain but seconds to destroy.... Cruel world we live in.
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10-16-2012, 10:33 AM
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#31 |
 
Drives: Inferno Orange 2SS M6 Join Date: May 2010
Location: Post Falls Idaho
Posts: 20
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I would not worry about building your credit. Wait a year or two and get a slightly used SS with cash. You will save a ton of money if you just pay cash. Your FICO score is your interaction with debt. There are too many variables that you would have to complete to start getting your score where it needs to be to buy a car. http://www.myfico.com/crediteducatio...yourscore.aspx
With the rate you would likely get with your score, the $10k you have for a down payment would not do anything but pay for the financing for the life of the loan.:( |
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10-16-2012, 01:35 PM
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#32 |
      Drives: Exige, Miata, Ghia Join Date: Jun 2011
Location: CA, Bay Area
Posts: 2,309
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I have a 800+ credit score. I have 2 credit cards which I use every month and pay off in full. I had two auto loans which both are completely paid off now. I also have a mortgage which is paid on time every month.
I think the best way is to open up a credit card and pay of it every month. NEVER pay late. The thing is that I don't even make that much money...I just know how to budget correctly. |
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