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Originally posted by IRingTwyce:
Originally posted by Pienstars:
Originally posted by IRingTwyce:
The easiest would be with a secured loan from your bank. It does require a little cash to do, but it is especially easy to do if your credit is bad to begin with. First, save up for a few months until you have $1000. Go to the bank, open a CD with the thou and a savings account. You then borrow $1000, using the CD as collateral against the loan. Put the $1000 you borrowed into a savings account, then pay the loan off in 6 mos or a year. You're earning money on the original CD used for collateral, and you'll earn a smidgen on the borrowed thou while it's in your savings account.
We're talking about people with no credit, not bad credit. Chances are being that he's a college student, he probably doesn't have any cash to work with.
Have you seen some of the mods in his sig? He's got SOME money from somewhere. All he has to do is save it instead of spend it for a few months. This works regardless of good/bad/no credit. That's because it's a secured loan. Banks LOVE this kind of loan because there's zero risk in it for them.
I don't see any mods in his sig. 
Vinny 2000 T-RED CSVT
MODS: 18" REV model 2 ST200 struts/Roush springs
CTA intake Pipe/K&N Filter
Dtec Heatshield
Optimized TB
True Duals w/ magnaflow mufflers/resonators
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Originally posted by Pienstars:
I don't see any mods in his sig.
 I was reading YOUR mods back when you originally asked me to explain. OK...so YOU have the ability to save the money. 
BrApple-its all in the way it is presented...but everythign on my resume is all me
TexasRealtor-I hope you spelling improves on your resume.
MxRacer-ladies and gentlemen, welcome to ironyville. population, texasrelator.
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Joined: Feb 2002
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Originally posted by IRingTwyce:
Originally posted by Pienstars:
I don't see any mods in his sig.
I was reading YOUR mods back when you originally asked me to explain. OK...so YOU have the ability to save the money.
LOL 
Vinny 2000 T-RED CSVT
MODS: 18" REV model 2 ST200 struts/Roush springs
CTA intake Pipe/K&N Filter
Dtec Heatshield
Optimized TB
True Duals w/ magnaflow mufflers/resonators
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I get Visa Extra points with my Visa debit card from Chase, I love it 
Former owner of a 1995 Ford Contour GL w/ 2.0L ATX
Proud owner of a 2005 Ford Taurus SE 3.0L V6 Vulcan
--Looking for Commodore stuff (Drives, Units, Amiga, games, etc)If anyone has any of this laying around and wants it gone, lemme know --
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Am I going to be the only one to say it? Diner's Club FTW!  Sorry, couldn't resist. Is the Diner's Club card even still in existence?
BrApple-its all in the way it is presented...but everythign on my resume is all me
TexasRealtor-I hope you spelling improves on your resume.
MxRacer-ladies and gentlemen, welcome to ironyville. population, texasrelator.
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You do not need a credit card to build credit. Do you have a car loan? If you are thinking on getting a credit card for money at hand you are better off going to your bank and getting a personal line of credit. THe interest rates are half as much, and you will build credit also, Buidling credit is over rated. We all usually have car loans, this builds your credit, and once you have secured a decent job for a length of time lenders, lend you money based on your income and ability to pay back the loan, not based on if you built credit through a CC.
Unless you can pay the CC balance at the end of every month, don't bother getting one. The interest SUCKS. Get a personal line of credit, likely around 4-5% interest if you are a student compared to 14-19 or more % with CC's..
1999 Mystique Sport 2nd owner bought it in Sept 03
120000km 4 door, leather, loaded pics on cardomain, coatsy
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Originally posted by IRingTwyce:
Am I going to be the only one to say it?
Diner's Club FTW!
Sorry, couldn't resist. Is the Diner's Club card even still in existence?
Looks like they gave in... First Citibank took control, now it's just a "Diner's Club" branded Mastercard.
Wikipedia
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Originally posted by coatsy:
You do not need a credit card to build credit. Do you have a car loan? If you are thinking on getting a credit card for money at hand you are better off going to your bank and getting a personal line of credit. THe interest rates are half as much, and you will build credit also, Buidling credit is over rated. We all usually have car loans, this builds your credit, and once you have secured a decent job for a length of time lenders, lend you money based on your income and ability to pay back the loan, not based on if you built credit through a CC.
Unless you can pay the CC balance at the end of every month, don't bother getting one. The interest SUCKS. Get a personal line of credit, likely around 4-5% interest if you are a student compared to 14-19 or more % with CC's..
I know lots of people with lots of money with mortgages and many car notes over the years whose credit score still sucks. Coworkers who make the same money as I do, have bought as many cars as I have, and own their own homes as I do, will have credit scores as much as two-hundred points lower than mine simply because they have no credit cards. The ability to hold and more importantly, not abuse, revolving debt counts for far more than a simple car note does. Not only that, but for a young person, it can take years and years before you ever display the ability to actually pay off a car note. And the long-term history of paying the note isn't worth nearly as much to your score as actually paying it off.
That 200 points is the difference between a 0% car note and a 12% car note.
All else being equal a person with credit cards will have a higher credit score than someone who doesn't.
And, BTW, ain't no way you're going to get a 4-5% on a signature loan right now. Prime rate alone is 8.25%, and banks are going to charge 2-5% more on top of that. I just took out one yesterday, with a score of 780, and my rate was 11.9% -- not much lower than some of my credit cards.
2003 Mazda6s 3.0L MTX
Webpage
2004 Mazda3s 2.3L ATX
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Originally posted by sigma:
And, BTW, ain't no way you're going to get a 4-5% on a signature loan right now. Prime rate alone is 8.25%, and banks are going to charge 2-5% more on top of that. I just took out one yesterday, with a score of 780, and my rate was 11.9% -- not much lower than some of my credit cards.
I've held a credit card from my Credit Union back in the states for about 2 years now. Never really used it, but maybe it still helped showing that I was never late with payments on it.
Anyhow, the credit union here said I had excellent credit (dunno the score) and gave me a 6% used car loan (best rate they had was 5%, so not too far off). They also refinanced my signature loan at my old credit union. My old rate was ~12% with my new rate at 8% or something. I'll have to look, but I know it's less than 9%.
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Car rates are still pretty low, they always are. I can still get 5-6% at my credit union on cars. But nothing like that on signature loans.
If you can get less than 9% on a signature loan still today, let me know where. You could a few months ago before the prime rate shot up like it has, but not anymore anywhere I've seen.
2003 Mazda6s 3.0L MTX
Webpage
2004 Mazda3s 2.3L ATX
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