Quickest way to build credit?

[PepsiFiend69 10+ year member]

im looking for the quickest way to build my credit up...

I'd like to buy a car in the next few months. my dad and i have been going back and forth on weather he would co-sign or not.( id make payments, and he thinks that i'm gonna mess up his pristine credit, i don't blame him honestly)

i have a feeling he's not gonna co sign, so i need to get some credit.

i'm not exactly sure if you HAVE to have credit to buy a car, but i know without it, my interest rate will be through the roof. (although i do intend on paying it off within a year)

i applied for a few credit cards and im waiting to hear back.

is the best way just to put a very small amount (i was just planning on using it for gas) and then make sure i pay it off at the end of the month?

also how long will it take to build up at least a little?

thanks car audio forumz your the best when it comes to life advise /sarcasm.

Click to read more...

 

[ngsm13 5,000+ posts]

Takes forever.

I've had a credit card and paid it off every month for over 2 years, and still sometimes I come up with "insufficient credit history" on some things I apply for.

//content.invisioncic.com/y282845/emoticons/frown.gif.a3531fa0534503350665a1e957861287.gif

nG

 

[seth350 10+ year member]

Well...would say to take out small loans and pay them back promptly but your dad wont co-sign.

Credit card is an ok way to start, but be sure to pay that bissh off on time or they will hammer you.

 

[revrider1 5,000+ posts]

It takes a while to build that up...

 

[faulkton 5,000+ posts]

I have shitty credit, but i was able to buy a new car with 20% of sticker price as down payment.

I didn't really even have to come up with 20% down.. just 20% of sticker price.. the $2500 cash back rebate they had going at the time counted toward my down payment.

I used to have good credit and never got turned down for shit. Then i bought too much shit and ruined my good credit.

Always lie about your income and say you have lived in the same place for a long time. keep the balance to limit ration low; carry a balance, just not the entire limit. Do those things and you will help yourself substantially.

 

[PepsiFiend69 10+ year member]

I have shitty credit, but i was able to buy a new car with 20% of sticker price as down payment.
I didn't really even have to come up with 20% down.. just 20% of sticker price.. the $2500 cash back rebate they had going at the time counted toward my down payment.

I used to have good credit and never got turned down for shit. Then i bought too much shit and ruined my good credit.

Always lie about your income and say you have lived in the same place for a long time. keep the balance to limit ration low; carry a balance, just not the entire limit. Do those things and you will help yourself substantially.

i know this might help me too, im aiming to put down ~10k, i have 4k saved and if i sell my car i can get ~6k for it.

car im looking at (4th gen. GTI) goes for somewhere between 14-18k, so that'd be putting down about 75% of the total cost of the car.

i can aford to finance no more than 9k, i want to keep my payments below $225

 

[dspencer24 10+ year member]

pm sent!!

 

[Tonyguy 10+ year member]

Good luck with the credit. Credit cards will help, but you need a big loan to start you off. I just brought a car and tried to do it myself, and I have good credit, but I wasn't making a minimum of $1500 a month to qualify. What worked out is that I applied for a car loan from ford, which is notoriously easy to get a car. And my income was close enough to the minimum for them to say yes. But you will need more than just credit cards. Try school loans and anything else major. BTW, expect a high interest rate your first time out. I'm paying 17%. But this is what it's gonna take for me to start my credit off, so that next time, I will be able to get 3 or 4%, especially from ford.

 

[faulkton 5,000+ posts]

i know this might help me too, im aiming to put down ~10k, i have 4k saved and if i sell my car i can get ~6k for it.
car im looking at (4th gen. GTI) goes for somewhere between 14-18k, so that'd be putting down about 75% of the total cost of the car.

i can aford to finance no more than 9k, i want to keep my payments below $225

you shouldnt have a problem with 75%, thats a good risk.. they hope you DONT make the payments //content.invisioncic.com/y282845/emoticons/wink.gif.608e3ea05f1a9f98611af0861652f8fb.gif

 

[faulkton 5,000+ posts]

Good luck with the credit. Credit cards will help, but you need a big loan to start you off. I just brought a car and tried to do it myself, and I have good credit, but I wasn't making a minimum of $1500 a month to qualify. What worked out is that I applied for a car loan from ford, which is notoriously easy to get a car. And my income was close enough to the minimum for them to say yes. But you will need more than just credit cards. Try school loans and anything else major. BTW, expect a high interest rate your first time out. I'm paying 17%. But this is what it's gonna take for me to start my credit off, so that next time, I will be able to get 3 or 4%, especially from ford.

you got pwned on your interest rate. I got a new car (lol a ford) within 6 months of filing bankruptcy for 12% from my credit union.

 

[Chevillac 5,000+ posts]

you need 6 months

 

[bigbangtheory 5,000+ posts]

you got pwned on your interest rate. I got a new car (lol a ford) within 6 months of filing bankruptcy for 12% from my credit union.

Ha, Capital One auto FTW!

I went about 1 year later when I got my ford after filing and gotz mine for 8%, with 500 down. Then they had the 2500 bucks in rebates, which for the most part covered what they didnt give me for my cavalier. Owed 5900 on the cavalier and they gave me 4000, so left me with 1500 in the neg. So it paid it off and then put the rest down on the car and gave them extra 500 bucks to help. So got the loan for 18,500 for 6 years. //content.invisioncic.com/y282845/emoticons/frown.gif.a3531fa0534503350665a1e957861287.gif I didnt want to take it out the long, but I only pay 300 bucks a month for it. I have too many other bills, which are mostly cc's again, lol! I guess I didnt learn my lesson going bankrupt. //content.invisioncic.com/y282845/emoticons/laugh.gif.48439b2acf2cfca21620f01e7f77d1e4.gif//content.invisioncic.com/y282845/emoticons/crying.gif.ec0ebefe590df0251476573bc49e46d8.gif Actually I am only 5gs in the hole compared to over 60gs. //content.invisioncic.com/y282845/emoticons/biggrin.gif.d71a5d36fcbab170f2364c9f2e3946cb.gif

To OP, if you do the CC thing, just do the gas thing for a while, pay it off every month and maybe get a bigger one and just dont get close to your min amount on it and always make your payments on time. After a while you will be up there. Took me about a year or so to get over 750. I am currently at 600 now. //content.invisioncic.com/y282845/emoticons/frown.gif.a3531fa0534503350665a1e957861287.gif Not bad considering though.

Also with you putting as much money down, that will help you get something nice. Good luck with it.