Credit Rating..?
My friend wants to buy a car, but most of the dealerships that she has gone to have told her that because she has NO credit it is worse then having bad credit. So my question is what is the easiest, quickest way to gain some credit? Thanks for he help!
Public Comments
- she can go to a car lot thats "buy here pay here" she will make the payments weekley to them. but if it gets wrecked she still has to pay for it, or too court you go.
- start by opening some small finance companies ..also ask your mom any relative to put as co signer that might help.... and eventually you will start creating a score.. try to limit on inquiries ... since they will affect u a lot,,
- Your friend needs to have some type of revolving account. The quickest and easiest way is to apply and get approved for a credit card. Some good cards can be found at creditcards.com. This has all of the major companies for people with little, bad, good and excellent credit. The downfall is most lenders do want to see a good payment history for about 6 months before increasing any amount or supplying additional credit.
- Start with a credit card go to your local bank or credit union, they have more lax guidelines. If they don't approve it then open a secured credit card. Never charge more than 50% of your credit limit and always pay more than the minimum but do not pay it off completely in order for it to be most beneficial to your credit score. If they need immediate help a co-signer or buy here pay here would help for the car situation. However going to a buy here pay here will not help the credit unless the car lot reports to one or more of the three national credit bureaus. Also, if there is a relative/friend that would allow them to be an authorized user on an already established account, this would help their credit provided the payments are made timely on the given account.
- Credit Score is not all they look at, must meet minimum debt service ratios, your cosigner if you have and they look your job. I found interesting information about your answer & THE BEST car loans with no credit & options here. http://all-debt-consolidation-loan.blogspot.com/2007/08/car-loans.html
