Getting credit SUCKS

[SupraOfDoom]

I really want a loan ( Personal ) but I just have no credit so ANYTHING I apply for I get denied. I make $14-15 an hour and pay very few bills yet I am not even eligiable for a loan? This system is pissing me off. Someone help me.


Can I get a good loan w/ OUT a co-signer or good credit somewhere???

 

[americanjebus]

yea a loan shark,

or put something valuable down as collateral, just be carefull.


after you get past this finacial step and you can afford to, do this.

save up $1000 cash, put in in your dresser droor then go to bank, get a loan, cosign if you have to, 1st payment make the minimum payment (shows your likely to do this so credit company add a few points to coax you into debt) after you have made a minimum payment take your $1k and pay the thing off, viola +1 to your reputation,

next find a DIFFERENT bank and repeat in all you will probably lose like $50 if you do this like 5 times. but your credit score will jump, (assuming your not in debt at the moment and your not skipping on ANY bills)

after that, get your bank accnt, credit card, and use your credit card like a debit card, note the term (DEBIT) only spend what you HAVE in the bank account, and set up and auto withdrawl from your checking to your credit company bill.

do this for a while, and wach yourself and your credit will climb, it takes time, ya gotta EARN credit.

 

[malloynx]

start small.. when i joined the military at 18 i had 0 credit. i'm now 25 and have a 740 FICA score. i can get a $30,000 loan with easy.

just go to a credit union take out a small loan.. ( tell them you want a laptop or something) and pay it back

 

[jbsupra89t]

It's tough to get a loan from a credit union if you are not already part of one, just a heads up. malloy where did you get the FICA score from? I'm interested...

-J

 

[streetknight]

best bet is to start a account at a credit union as said and then put about 200-500 in the account and add some paychecks and width draw some cash every so often. then after a few months u can get a loan from them something like 1,500-2000. u might be paying 30-50 a week to pay it back.

 

[TONY!]

I was once turned down on a loan for my bike. I applied for a personal loan.

At the time, I had two credit cards. They were giving me introductory rates.
I took out cash on my cards, and paid them off quick before the introductory rates expired. I just thought that it was so weird that I could get an additional $3000 from credit cards, when I could not get that money from a bank that checks you over pretty well. I remember thinking, although I proved myself to the bank (in my mind), they still said no, but the credit cards gave me the money with no questions or interview at all.

If you are at that point, where I was, you could do that with the intro rates and pay them off quick.

If you don't even have credit cards, eh just bull shit as to how much you make. State you make like 35k a year and apply for one or two and see where that gets you. Some do start off that way.

 

[kwnate]

Having no credit is not nearly as bad as having bad credit... I don't know personally but I have heard:biglaugh:

 

[malloynx]

It's tough to get a loan from a credit union if you are not already part of one, just a heads up. malloy where did you get the FICA score from? I'm interested...

-J

i got one free from the govt. it a long story , but in short, like a 100,000 govt CC files were lost and mine was one of them. i got a free report cause of this.

also new federal laws state you ca nget 2 reports a yr..

try www.annualcreditreport.com..

 

[SP 7M]

I had a similar situation to Malloynx, but my credit is very nice now. I have nothing negative on it to speak of. I started with a small loan-just $3,000 to pay off part of what I paid for my Supra (paid the other half in cash). When I went in to my credit union to apply for my loan for my Lexus I was approved almost immediately even though the application had to be electronically sent to their headquarters.

You've got to start somewhere even if it's small. You can only work your way up from there if you keep good control of your finances.

 

[SupraOfDoom]

basicly I want a loan to get my car painted, I think I will try this winter to start getting my credit up.

 

[SP 7M]

If I may, how much are you going to spend on the paint job?

 

[Charlie97L]

your age will have a lot to do with it too... generally banks won't give non-co-signed loans to people under 21. I'm not sure how old you are. also, not having a salaried job goes against you also. 14-15/hr is a good income, but if it's waged, that's points against you. what i did to build up credit was have a visa for gas, and pay it off every month. having bills in just your name will help your credit also, like cell phone, cable, etc.

 

[malloynx]

i'll give you a loan at a 9% intrest rate

 

[IJ.]

Seems to be a fact of life that they'll happily offer credit to you once you don't actually need it!

I'd be very careful and make 100% certain you can meet any repayments before trying any of the suggested ideas as get it wrong once and you're screwed.

 

[SupraOfDoom]

If I may, how much are you going to spend on the paint job?

Right around $5000 probably. I might through in some extra , but I have quite a bit of body work to do.


Also I'm 21 and I will be 22 in under a month.

malloynx thats a pretty good rate just send me $5000

 

[isnms]

Something I did WAY back when:
I needed to get a new car and no one would loan to me without a co-signer. I was about 21 also. I contacted the credit bureau to find out how to build a credit history. They told me if I had proof of three things I had paid on, I could create a credit history. It was either $3 or $5 per record or the whole thing, I can't remember. I had paid a local mechanic payments for some car repairs, my previous car (paid cash for the car, got wrecked, different story). Paid a jewelry store payments for a ring for my girlfriend. And I think they took my electric bill as the third record. Exact details are a bit fuzzy, it was ~20 yrs. ago Sent in these records and wa-la I had a credit history and was able to get my own loan