Question
How do i build up my credit?
I am trying to build up my credit so that i can be approved to purchase and make payments on a car within the next year. How might i be able to build my credit up quickly, and what do dealerships look for when they decide if i qualify? Also: would i be more likely to be approved for a used car vs. a new car? Ok, some general info. Student, Im 19, I have two jobs, one credit card, and havent had any late payments. I have a credit card with Wells Fargo, does that count as a secured credit card? What exactly is a cosinger? I know it is someone that i know that signs on with their credit also, but what exactly do they do?
3 weeks ago - 6 answers
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by Mario
3 weeks ago
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Other Answers
Get a secured credit card to start building a credit history,, Other than that, it's likely you'll need a co-signer for either new or used ...
by drive_55_not- 3 weeks ago
This question's answer depends on your age, length of credit history, history of on time payments, amount of existing credit, and a number of other factors. One thing you don't want to do is apply for too much credit. Pay what you have on time and try not to keep a balance. When you finally decide to apply for loans, try to keep it within a 1 week time frame, as too many inquiries will make your score go down which will make your interest and payments go up
by Yolanda T- 3 weeks ago
You must have a job. Has a saving account and a balance to pay for the down payment for the car.
by Eddy T- 3 weeks ago
You could get a secured credit card to build your credit history. Pay your balance in full each month. Dealerships don't directly approve your credit. They have networks of lenders they deal with. They can help you find financing but may not get you the best rate. Some dealerships even make money off of giving you a higher rate. Best to avoid that route. It would be best if you establish a relationship with a local bank or credit union(apply for your secured card and keep a checking account with them). You will need to save up a large down payment (20%-40%) if you don't want to have a co-signer.
by timothy p- 3 weeks ago
To raise credit score 1. Always pay on time or ahead of time. 2. maintain low balances on credit cards 3.To boost your score: Don't charge anything for at least 60 days before applying for a loan 4. keep your total potential debt to earnings load low - If you have a card with a $15000 credit line, you may ask them to reduce it to something more realistic, like $5000. 5. You should have a recent history of both installment or term (Car or house loans) and revolving credit. 6.To boost your score: Don't close unused accounts when you transfer debt. 7.To boost your score: Consider opening another credit-card account or two, or taking out a car loan or small bank loan. ------------------------------ www ...
by Dsad- 3 weeks ago