Need some real life advice

Malohaut

Malohaut

Moderator
Hey all. I'm not asking for anybody to do anything. I'm just looking for advice. Here's my dilemma:

I need to get me a car so that I can give dad's car back. But in order to do this (and for now, I'll have to get a moped or something), I need a car loan. Well I can't get a car loan because I don't have credit. Of course I can't apply for an apartment without credit either (which is why I had to leave New York, because I didn't think any apartments would approve me). Well, I tried to apply for a credit card through my bank and was denied. And I have no co-signers to help me (and I'm not asking for any from here). So how do I build up credit? Or do you know of a good place I can go to for financing or car loans?

Ideas? Thoughts?

I can't wait til I go home to heaven! No worries about stupid credit! hehe. My credit with Jesus is always good! :D
 
Hmm, that's a toughie. I wouldn't recommend you go into debt by trying to get a loan that you might not be able to pay off, namely because that's not Biblical. But, at the same time, you obviously need a car.

If all you're worried about is getting a car then just gradually save your money. With a small downpayment car dealers are usually more welcome to giving you financing, even if you have bad or no credit.

If you're wanting to up your credit rate then start paying for something small, such as your internet access. Over a period of a few months your credit should go up (although this is an obviously very slow process).

A possible third option is to get in touch with Odale, who lives near you. He's a mechanic, and I'm sure there's a good possibility that he knows of several people or companies that could work with you (car dealers make deals with mechanic's shops and then send their cars into that business to be worked on).
 
You could always do what bled and I did. You can go to one of those used car dealers that advertise buy here pay here. It wont help the credit on your credit report but it will provide you with a car you can pay off in payments. Better yet tho save your money..my brother picked up a nice car in Florida used from a private person in the newspaper for $500. You can find some goods deals if you just look around.

As for your credit you may need to do what Bledie and I are doing. First you need to get a copy of your credit report. Look over it and if there is anything negative on it that you dont recognize or looks like is listed double on the same report file an online dispute. The credit report company will do an investigation and the creditor reporting the negative thing has to prove it is yours and correct anything that is wrong. So far we've had 2 items removed from our credit report because of errors. Then you need to pay off any debts that are yours. Call the creditors and work out a payment arrangement with them. If you have a lot of debt you may want to go through a free credit counseling agency. They will work with your creditors and sometimes even get the creditors to settle for a smaller total amount. Remember just because they say you have no credit history doesnt mean you have nothing. Bled and I currently have a credit score of 0 (which means no credit history) but discovered we had some collections listed on our report that we didnt know about which prevented us from getting a home loan.

Another option to establish credit is to get a secured credit card. You put 200-300 in a checking account and you cant touch it. In exchange the bank gives you a 200-300 credit card. Use it for very small purchases and pay the entire balance off each month. If you do this it wont take long to get a credit line increase and an unsecured card down the road. Never max your card its always best to keep your balance below half the value of the card.

Hope this info helps. Shop car places to cause there are some that will finance as long as you can show a paystub and local address.

(by the way. In the part of NY we live in VERY few people run a credit check. The most they do is call your job to confirm you are working and call a personal reference. What they do tho is charge a security deposit equal to 1 months rent in case you cause damages. This isnt NYC so you dont usually need any kind of credit to get an apartment)
 
I always thought getting a cell phone would help credit.... but i also thought the world was flat. Im being told to see Bank of America and ask about a Secured Credit Card to see if you can build credit. Research this and see what you can do.

https://www.annualcreditreport.com/cra/index.jsp

The same person told me about that site.
 
As for the car thing...

Two things

www.drivetime.com

The second is really look at the motor cycle option. They are much cheaper all around.

As for credit, Rome was not built in a day. So, it takes time to build up credit. The others have given you great advice as far as that goes.
 
My accounting teacher told us to do this when we were in high school. Go to the bank on Friday, take out a small loan like$500.00, and on Monday go back in and pay it off. This starts your credit history and helps start you off the right way. I personally did not have to do this when I got to college lots and lots of offers.
Blessings,"Angel"
 
Although most cell phone companies require a credit check to offer you a phone..very few report your payments to the credit bureau, unless of course you fall behind. We've had a cell phone for 4 years now and hasnt done a thing for us credit wise. Secured credit card and clearing up bad debts on your credit report are the way to go.
 
what i did to build credit was get a CC cosigned by my mom, but another way that you can build credit on your credit report is any payments you do have to make make them on time, IE cell phone, car, apartment, also usually if you can prove that you have a steady income and regular deposits most banks will give you a 500-1k CC for starting out. just some tips that i have given to college friends to help them build their credit.
 
Just becareful, if you look hard enough you can find someone to give you credit. The problem is they will charge high interest rates to cover their risk. With something like a car loan where you may be paying thousands over several years, that extra interest will hurt.

Also, it sounds like you are making the move from sharing a second or third family car to becoming a single person covering your own car. Plan to pay more on insurance.
 
That cant be ALL bad. If you go on your own, the instuance company realizes that you have less liability (less people on the plan = lower payments). But in order for that to happen, you must have a good driving record. No "accidental" burnout in the middle of an intersection while your making a left turn. Or making a u-turn with the rear wheels spinning loose, turning the car for you. Not that i would know how to do this, or that ive EVEN done those things. :rolleyes:
 
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Thank you all so much for your time and your wonderful advice as it will all be prayed over and taken into consideration. I still have a few snafus such as:
www.drivetime.com turned me down because my monthly income was too low.
I'd love to take out a loan from the bank, but so far can't because 1. I don't have any credit. and 2. I need a co-signer and I don't have one.
I am a member of Bank of America and still, they turned down for a secured Credit Card.
I checked my credit report and found no discrepencies.

I'll probably seek to go the Motorcycle route, though in Flordia, you'll have to take a special Motorcycle driving test as well as a new written exam, so I'll have to study up on that. Also, since I'm currently saving pretty well, I'll probably see if I can't finance, and do so for a used motorcycle. Maybe I can find one of those used car dealers Jazmina mentioned. (Hehe. Makes me wish I had stayed in New York) So keep praying for me and I'll keep you up to date. I know it seems silly to pray for someone to get transportation, but its not just for me, but its for my family as well; with the stress dad's going through, he'll be needing the car back.

Hey Odale. Know of anyone who is selling a good used motorcycle? hehe
 
Having faced adn survived finanical difficultly, I would push you to avoid Debt, there is not one bibical reference that debt ever lead to something good.

1st I encourage and prod you to pray and stay ful in prayer. Next I higly suggest you look into the motorcyle moped option, My parts bought brand new ones for $1300 and they do up to 80mph. So I am sure it you shop around you will find what you need, I am sure with some pray and faith father God will lead you to where you need to be.

There are some god options on raising your credit. Be careful, be wise. Read all you can on the subjects. There are still places that will rent apartments reguardless of no credit bad credit. I did like angels ideaz of taking out a loan and paying it the next monday.

You have my prayers.
 
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