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well i got my first check today a whoping 700 dollars woohoo, not really to much since i just got 4g last weel for selling some...land!! well i am going to open a checkings acount, i also want to see about getting a loan, when should i try to get one from the bank(to build credit) maybe like 400 bucks or something, should i wait a while or what, and if i do get a loan should i spend it and just pay the 50-75 bucks however much it is on time to build up my credit, if thats the case i could by my bird some toys!!! and just pay the small monthly fees!! or i could get it hang on to it and pay the notes!! but my question is how long should i wait to try to get a loan?
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how about getting a loan when you actually need it?
want to build credit? get a credit union card, and use it sparingly, paying it off each month.1978 Formula 461 in progress of being built :rock:
2013 Ram 1500 Big Horn
former owner of 85 bird w/ 2.8 - 3.4 - 3800 II - 5.0
94 comero 3.4 -
if your going to get a loan go bigger than 400 go like $1000.
or just get a credit union card like nate said.
current car- 95 Trans am- bolt ons, parked and collecting dust. why? because **** it
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Loans don't do **** for building your credit, they help, but nothing like a Credit card will. If you want to build credit, get a credit card with a $500 limit. Keep a small balance on it, like $10-15 and and make payments on it every month.<a href=\"http://pics.projectpredator.com/thumbnails.php?album=16\" target=\"_blank\">2003 Zinc Yellow Mustang GT</a> 1 of 701<br />ET : TBD<br />But our shenanigans are cheeky and fun! Yeah, and his shenanigans are cruel and tragic. Which... makes tComment
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you're better off paying it off every month than keeping a balance, but don't spend anywhere near your credit limit, one of the things they check is how much of your credit you use.Originally posted by camaro_speedemon:
Loans don't do **** for building your credit, they help, but nothing like a Credit card will. If you want to build credit, get a credit card with a $500 limit. Keep a small balance on it, like $10-15 and and make payments on it every month.<a href=\"http://www.cardomain.com/id/briansr\" target=\"_blank\">97 White Pontiac Firebird 3.8 A4</a><br />Mods- 2.75\" exhaust, Dynomax muffler, magnaflow cat, SLP CAI, Hypertech 160* thermo, Fan switch<br />Suspension-Kumho Ecsta 712\'s, 32mm/19mm sway bars<br /><br />Our Lady of Blessed Acceleration, don\'t fail us now. <br />-Elwood BluesComment
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get a card with a big balance put everything on it. And pay it off every month.-Eric<br /><a href=\"http://www.cardomain.com/id/mustangeater82\" target=\"_blank\">2000 NBM V6 Camaro 5-speed</a> T-top <i>converted</i><br /><b>14.467@95.45mph</b> <i>$0 in mods</i><br /><i>The member formerly known as MustangEater8251</i>Comment
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I have heard you should maintain a balance on your credit card. Pay a little every month.... however, I have been paying mine off completely within a day or two for years now.... and I have SMOKIN credit. [img]smile.gif[/img]Comment
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I got my first credit card when I crashed into the wall and had to pay for the repairs...it was a 14.9% rate on it.. after a while of that plus my car loan making my payments every month, I got a offer in the mail for a zero percent interest rate card so I took that and dumped my car loan and other credit card to it. Now I get zero percent offers in the mail almost every day I just signed up and got a new card the other day and I moved everything off the old card to the new one (before the zero percent ran out on the old one). Now I have a card with a $5000 dollar limit and zero percent on purchases and balence transers till feb. 2007.\'96 A4 Camaro 3800<br />Nothing but... <br />Flowmaster 40 seriesComment
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an aspect some people dont realize is that how long you have an account with someone also affects your credit. the longer the better with paying on time. when you have some credit cards you want to get ride of, get ride of the newest ones. also, just transfering your debt from place to place doesnt help your credit. it can even hurt itComment
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Maintaining higher balances on major credit cards, Visa or Mastercards, raises your credit score. The key word is maintaining not over-drawing.
Also, I highly doubt you will get a loan of any amount having no credit at all. You would need some major collateral to back the loan and the bank would still consider it risky and rape you with interest rates.1998 A4 Pontiac FirebirdComment
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that's why you check out a credit union first1978 Formula 461 in progress of being built :rock:
2013 Ram 1500 Big Horn
former owner of 85 bird w/ 2.8 - 3.4 - 3800 II - 5.0
94 comero 3.4Comment
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creit score goes up if u leave a ballance..... doesnt matter how much.. just leave at least like 10 bux at the end of the month that creates interest....... paying it off each month doesnt hurt, but it doesnt help...
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Maintaining a high balance won't help as much as a lower balance. You want to have a nice cushion between your balance and your limit, atleast 50%.Originally posted by Th3 RiCk:
Maintaining higher balances on major credit cards, Visa or Mastercards, raises your credit score. The key word is maintaining not over-drawing.
Also, I highly doubt you will get a loan of any amount having no credit at all. You would need some major collateral to back the loan and the bank would still consider it risky and rape you with interest rates.<a href=\"http://pics.projectpredator.com/thumbnails.php?album=16\" target=\"_blank\">2003 Zinc Yellow Mustang GT</a> 1 of 701<br />ET : TBD<br />But our shenanigans are cheeky and fun! Yeah, and his shenanigans are cruel and tragic. Which... makes tComment
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I am 27 years old, my first cards were a couple of store credit cards I got when I was 18 that I used I think 3 times total.
The first major credit card I got was when I was 24, it was jan of 2002. I have NEVER carried a balance on it. When I went to get preapproved for my house (January 2004), my mortgage officer said my credit was excellent. I saw my scores they averaged 780.
As far as using the card during that 2 year period I mentioned I had a limit of 2500 then went to 3500. My bill averaged 200/month, so its not like I was using the card a whole lot. I do know using close to your limit, whether you pay it off or not can negatively affect you.
I am not a believer of leaving balances on cards to help build credit. You will pay interest for no reason at all.What\'s her last name? I\'ll look it up.<br />You know I don\'t recall. Swim, Swammy, Slippy, Slappy, Simmons, Sommons, Swenson, Swanson?<br />Maybe it\'s on the briefcase.<br />Oh yeah! It\'s right here, Samsonite! I was way off! I knew it started with an S though!Comment
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I am 23... my credit scores averaged 810.Originally posted by WSU77:
I am 27 years old, my first cards were a couple of store credit cards I got when I was 18 that I used I think 3 times total.
The first major credit card I got was when I was 24, it was jan of 2002. I have NEVER carried a balance on it. When I went to get preapproved for my house (January 2004), my mortgage officer said my credit was excellent. I saw my scores they averaged 780.
As far as using the card during that 2 year period I mentioned I had a limit of 2500 then went to 3500. My bill averaged 200/month, so its not like I was using the card a whole lot. I do know using close to your limit, whether you pay it off or not can negatively affect you.
I am not a believer of leaving balances on cards to help build credit. You will pay interest for no reason at all.
3 cards (had 2 more but canceled)
1 has higher balance 2 others I keep ok balances on.
I have only paid interest once ever on my cards... that was a mail error since then switced to online banking.-Eric<br /><a href=\"http://www.cardomain.com/id/mustangeater82\" target=\"_blank\">2000 NBM V6 Camaro 5-speed</a> T-top <i>converted</i><br /><b>14.467@95.45mph</b> <i>$0 in mods</i><br /><i>The member formerly known as MustangEater8251</i>Comment
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Still trying to find oil leak on my Camaro, it’s a tough one. I think it is the oil pressure sender myself. Leaking when raving and going into boost....3 days ago
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