Credit - GM Forum - Buick, Cadillac, Chev, Olds, GMC & Pontiac chat


Lounge For casual talk about things unrelated to General Motors. In other words, off-topic stuff. And anything else that does not fit Section Description.

Reply
 
 
 
Thread Tools Search this Thread
Old 10-12-2006, 12:17 AM   #1
Senior Member
True Car Nut
Thread Starter
 
Join Date: Jul 2006
Location: Granville, Ohio ~NEBF '07 Survivor~
Posts: 5,001
Thanks: 0
Thanked 0 Times in 0 Posts
petraman is on a distinguished road
Default Credit

Ok... Welp, I just tried going some banks to get a loan for a car I was looking at, a low mileage 98 ssei (gold, too. mmmm), but everyone turned me down due to low credit. I've had my credit card/cell phone (in my name) since June. What am I doing wrong? Is there something I can do?
petraman is offline   Reply With Quote
Old 10-12-2006, 12:20 AM   #2
Senior Member
True Car Nut
 
Join Date: Jan 2003
Location: Bonney Lake/Ellensburg, Washington- WCBF '04, '05, '06, '07 Survivor-
Posts: 7,098
Thanks: 0
Thanked 0 Times in 0 Posts
driverjohn2005 is on a distinguished road
Default

May I ask how old you are? If you've only had a cell phone/credit card for a short time, it'* hard to establish any good credit.

Best bet would be a dealership that had a bonnie for sale IMO...
driverjohn2005 is offline   Reply With Quote
Old 10-12-2006, 12:21 AM   #3
Senior Member
Posts like a Corvette
 
Join Date: Jul 2006
Location: Cheyenne, Wy.
Posts: 1,251
Thanked 0 Times in 0 Posts
gojo83 is on a distinguished road
Default

well you got one of 2 choices take the super high interest loans that you will get offered or have your parents cosign on the loan.
gojo83 is offline   Reply With Quote
Old 10-12-2006, 12:22 AM   #4
Senior Member
Certified GM nut
 
Join Date: Jan 2004
Posts: 1,656
Thanks: 0
Thanked 0 Times in 0 Posts
crzydmnd72 is on a distinguished road
Default

Took me forever too, never succesful till I was 21, oddly enough my first car loan was from my own bank, small locally owned bank. 84 Cutlass

Later, I found out that my credit union offered a "credit builder" loan, did that, in 18 months I had built up enough to buy my Malibu at a very low interest rate (long ago worn out and gone now)

Then I grew to hate car payments... www.daveramsey.com
crzydmnd72 is offline   Reply With Quote
Old 10-12-2006, 12:23 AM   #5
Junior Member
 
Join Date: Mar 2004
Location: Purgatory
Posts: 0
Thanks: 0
Thanked 0 Times in 0 Posts
harofreak00 is on a distinguished road
Default

5 months of a cell phone bill is not NEAR enough for any line of credit...

i have been paying all my own bills for 4 years and it was just enough to get me a $4400 loan
harofreak00 is offline   Reply With Quote
Old 10-12-2006, 12:29 AM   #6
Senior Member
True Car Nut
Thread Starter
 
Join Date: Jul 2006
Location: Granville, Ohio ~NEBF '07 Survivor~
Posts: 5,001
Thanks: 0
Thanked 0 Times in 0 Posts
petraman is on a distinguished road
Default

Wow, yeah, I'm only 18, but I also got a loan for Emily. It will be paid off by the end of the month. Will that help boost it???
petraman is offline   Reply With Quote
Old 10-12-2006, 12:30 AM   #7
Senior Member
True Car Nut
 
Join Date: Feb 2006
Location: Melrose
Posts: 4,596
Thanks: 0
Thanked 0 Times in 0 Posts
BLACK94SSEi is on a distinguished road
Default

Quote:
Originally Posted by harofreak00
5 months of a cell phone bill is not NEAR enough for any line of credit...

i have been paying all my own bills for 4 years and it was just enough to get me a $4400 loan
X2 Ive had my Bank Of america Secured Credit Card for almost 2 years and now and I finally got another credit card with a pretty good sized limit and low APR, but it takes a while to build it to that level.

Option 1) A friend of mine at the bank I go to told me to make a payment to your credit card before you get the bill. Send them what you can afford, then pay the bill when it comes in. Your credit score will go up since your paying off the credit card faster.

Option 2) Go to a credit union and open an account (some have rules that apply, like you have to live in the same city for a certain amount of time Etc) After you've had an account there for a couple of months, apply for a car loan. They are usually easier to get loans from and at a lower interest rate too!
BLACK94SSEi is offline   Reply With Quote
Old 10-12-2006, 12:30 AM   #8
Senior Member
Certified GM nut
 
Join Date: Jan 2004
Posts: 1,656
Thanks: 0
Thanked 0 Times in 0 Posts
crzydmnd72 is on a distinguished road
Default

www.creditboards.com

worth a shot.
crzydmnd72 is offline   Reply With Quote
Old 10-12-2006, 12:33 AM   #9
Junior Member
 
Join Date: Aug 2002
Posts: 0
Thanks: 0
Thanked 0 Times in 0 Posts
Custom88 is on a distinguished road
Default

Having a high credit limit is a bad thing. It will show up on a credit report as "potential debt." The more debt you have in relation to your income means a worse credit score. It'* best to have your credit card limit set as low as you possibly can for w hat you need to use it for. Also, keep the balance on the card as low as possible. Only use it when you absolutely need to!
Custom88 is offline   Reply With Quote
Old 10-12-2006, 12:35 AM   #10
Senior Member
Posts like a Camaro
 
Join Date: Nov 2002
Posts: 1,109
Thanks: 0
Thanked 0 Times in 0 Posts
1995BvSSE is on a distinguished road
Default

Quote:
Originally Posted by Custom88
Having a high credit limit is a bad thing. It will show up on a credit report as "potential debt." The more debt you have in relation to your income means a worse credit score. It'* best to have your credit card limit set as low as you possibly can for w hat you need to use it for. Also, keep the balance on the card as low as possible. Only use it when you absolutely need to!
Yep.

NEVER run a balance that is higher than 50% of your credit limit.
1995BvSSE is offline   Reply With Quote
 
 
Reply

Related Topics
Thread Thread Starter Forum Replies Last Post
Credit rant Hans Lounge 23 12-21-2005 12:06 PM
The Credit Card Prank MOS95B Lounge 4 03-25-2005 10:30 PM
INTENSE Credit offer !!!!! 2000SilverBullet Performance, Brainstorming & Tuning 9 01-13-2005 02:51 AM
Bonneville Credit Card 1993 SLE General GM Chat 16 04-29-2004 10:25 AM


Thread Tools Search this Thread
Search this Thread:

Advanced Search

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off



All times are GMT -4. The time now is 05:50 AM.


We are a participant in the Amazon Services LLC Associates Program, an affiliate advertising program designed to provide a means for us to earn fees by linking to Amazon.com and affiliated sites.