Overhaulin'

I have little credit to use to buy a car... What can I do to help build my credit up?

I need to buy a car, but I need a sub-person to help me out... I want to get things with my own credit, but it's silly that I can't because there's no credit company that will allow to get things that easily... GRR

Public Comments

1. The lender - every reputable lender - wants EVERY borrower to have "a track record". Lenders want to see - through a credit report or credit reports - how well [or not-so-well] the borrower manages and budgets his/her/their money and income. A very good friend of mine went to a bank and asked to borrow $50,000.00 The credit report was downloaded from a credit bureau. My friend had no credit. When the various bills were received in the mail, my friend preferred paying for everything in full. RESULT: Instead of getting approved to borrow $50,000.00, my friend was approved for and could borrow only $1,500. Due to the lack of "a track record", the bank officer informed my friend the best way to be approved for a larger amount was to make monthly payments for just one (1) year. THEN pay off that small loan and apply for a larger amount. Its easy, when someone informs another of what the lender REALLY wants: the lender wants that interest. The lender wants to see the borrower's track record. I wish you well! Ron B.
2. OK, when I went to buy my first vehicle on loan, I had no credit, no co-signer, nothing. It was terrible. No one would touch me. What I did was save my money until I had a considerable downpayment. Also, I shopped within my means of income. I found my truck with a $10,000 price tag, which was a little more than I planned on. Because I had saved for the downpayment, I was able to put $5000 down plus a $1500 trade in on my old vehicle. This made credit companies take notice because what would they have to lose? I got it financed at 7.9% for $187/month for 24 months, which was well within my means. If you have nothing and want to make it on your own, keep saving. Remember, money talks. That's how I did it and it worked out for the best.
3. Hey, I know how you feel. When I was younger a relative of mine and my college roommate had the same problem. I was fortunate to have a couple of friends that were several years older that had showed me what I needed to do to build credit. Now, ironically I help people on starting out and starting over with their credit. Here's a few things that you can do. Open a secured credit card. This is the easiest credit card to get, however you would have to put a deposit upfront to get the same amount of the deposit in a line of credit. But the good part is that you can think of secured credit cards as building credit with a savings account, because that's pretty much how it works. Another benefit is that you can add to the deposit at any time to increase the credit line. The whole key is to make a small purchase with it and pay it off on time every month. Be sure to keep the balance low, to keep it in control. Usually from anywhere from 9 to18 months (depending on the credit card company, Bank of America is 9 months) you get the deposit back, and either a better card's offered or the card converts to a regular card. Another option would be to try to apply for a low-limit card with Orchard Bank. They offer decent credit cards if you're trying to build or rebuild your credit. And, they also offer secured cards in the event that you're not approved for a regular one. You could try to find a co-signer that may help you finance a car. There are a lot of "first-time buyer" programs out there for new and preowned vehicles. You may need to save up considerably more money, but with a nice down payment, that would really help your cause. Another thing would be to try to look for a "cash car". Craigslist is a good place to find a cheap "cash car" to at least get you prepared for buying a car. There's a lot more involved than just putting down money and driving off the lot. Keep in mind that when you finance a car you have to consider insurance, especially if you're financing, full coverage insurance will be required. You also have to keep in mind of the maintenance. A cash car preps you for the drama a car will give you when you have it. Plus, with a cash car, you give yourself more time because the car's already paid for which will give you more time to build up your credit score and save up for a larger down payment. Also, there's a new credit bureau called PRBC http://prbc.com/main/about.php that helps people build credit by reporting payments like rent, insurance, cable, utilities, cellphone, and landline phone that don't normally show on your regular credit reports. Their scored in a report called a BPS or Bill Payment Score that can be added to your regular credit report to give a more accurate and complete picture of your credit history. These reports alone have allowed people to qualify for mortgages, so it's for real http://prbc.com/consumers/how/mortgage.php Hey, I know it's rough out there, but hopefully the information I've provided will help you out some. Good luck!
4. If your credit score is above 520, try prosper.com. They offer unsecured personal loans for people with little or bad credit with fair rates that can be used to buy a car. Its worth looking.
5. I have really bad credit,i couldnt even get a car with a co signer. i found a place on the web called "roadloans .com" within a few days i had a check for 15000 and bought a 03 jeep wrangler. this is a high interest rate[18%] but i did it on my own.ive been paying ahead on it for over 6 months to pay it off and rebuild my credit
6. Hi well you can also get really good cheap cars from auctions , you will find thousands of different auction and repo cars of all kinds of models really cheap at http://www.carauctiondeals.com Hope this helps