Building credit is an m f'er - Page 4

cbrchick · 08-09-2010, 03:26 PM

So she has cell phone bills, utilities, and stuff as well that she pays on schedule right?

Does she have a decent income and a low debt? You don't need a lot of credit cards as well to get good credit. I have one and it's secured. Does she have any savings that she can use to secure a credit card?

Does she have a savings account that she contributes to? Investments? A little contribution goes a long way.... At least, it does here. Banks want good security for their money. ..

Kaneman · 08-09-2010, 03:35 PM

Yea we do have all that...but they only look at the report from one of the 3 bureaus, and things like cell phones, utilities, etc. don't report to those.

We got approved today at DriveTime for the car we want. Its $4k down, $400 a month. The total cost of the vehicle is about $4,000 over what its worth, and of course the interest is high. It does come with a warranty, and its in good shape, and low miles compared to what we were looking at.

We went to some other places too, trying to check on first time buyers programs. There's just nothing out there other than buy here pay here places.

We just have to decide if we want to bite the bullet and basically pay to start building her credit.

Tommy, PM me your full name so I can get you the reference credit.

Kaneman · 08-09-2010, 06:11 PM

Holy shit. DriveTime has the worst web reviews I've ever read. Granted, some of them are people whining because they couldn't make their payments, but most of it seems to be people who bought lemons and DT wouldn't honor the warranty, shady stuff with the payments, stuff like that.

I might have to pass on those guys.

Rangerscott · 08-09-2010, 07:35 PM

I had no credit history and got my dad to help co-sign a $2k loan. I paid it off way to fast so it didn't help my credit score. Found the VFR and had him co-sign a $4k loan. I think half way through that loan I got one of those $500 tire loans and used that. By just paying the monthly payments on both of those, my credit went from 3xx to high 600's. I found that out when I went in the first time to see if I could get approved for a mortgage. I was good to go for a mortgage, but I sat for 6 months. I went to another bank and they did a lot better on the mortgage and my credit was almost 750. The guy told me with that I'm approved for any amount. Of course I have a set price on what I can do for my first home.

I now owe $4k on a loan I took out for my ER-6N. I just pay monthly and I can still get a mortgage any time I find a house to buy. Also I have NO credit cards. Basically I doubled my credit score by one little $4k loan. Sure I pay a little more with loans, but it sure feels nice to walk into a place and they say pick out what ever you want.

It really is mind bottling that some people just can't build credit. It really does suck that one screw up and you get a frowny face stamped for a long time.

defector · 08-09-2010, 08:29 PM

Quote:

Originally Posted by Kaneman

Holy shit. DriveTime has the worst web reviews I've ever read. Granted, some of them are people whining because they couldn't make their payments, but most of it seems to be people who bought lemons and DT wouldn't honor the warranty, shady stuff with the payments, stuff like that.

I might have to pass on those guys.

FWIW, I never had a problem with them. Vehicle wise or otherwise. I could have went to any other lot, but I am lazy, and they were right around the corner.

Kaneman · 08-09-2010, 09:08 PM

Quote:

Originally Posted by Rangerscott

I had no credit history and got my dad to help co-sign a $2k loan. I paid it off way to fast so it didn't help my credit score. Found the VFR and had him co-sign a $4k loan. I think half way through that loan I got one of those $500 tire loans and used that. By just paying the monthly payments on both of those, my credit went from 3xx to high 600's. I found that out when I went in the first time to see if I could get approved for a mortgage. I was good to go for a mortgage, but I sat for 6 months. I went to another bank and they did a lot better on the mortgage and my credit was almost 750. The guy told me with that I'm approved for any amount. Of course I have a set price on what I can do for my first home.

I now owe $4k on a loan I took out for my ER-6N. I just pay monthly and I can still get a mortgage any time I find a house to buy. Also I have NO credit cards. Basically I doubled my credit score by one little $4k loan. Sure I pay a little more with loans, but it sure feels nice to walk into a place and they say pick out what ever you want.

It really is mind bottling that some people just can't build credit. It really does suck that one screw up and you get a frowny face stamped for a long time.

Its not mind boggling dude, some people just don't have anyone that will co-sign for them. This would be simple if we had a co-signer.

Quote:

Originally Posted by defector

FWIW, I never had a problem with them. Vehicle wise or otherwise. I could have went to any other lot, but I am lazy, and they were right around the corner.

Man I want it to work out, but the fraud investigator in me is screaming red alert right now...

VatorMan · 08-09-2010, 09:30 PM

www.prosper.com

I am a lender there. It works out OK-not great as there is a 25% loss rate-but give it a try.

TommyHotWheel · 08-09-2010, 11:30 PM

Go with your gut Josh, I took the truck I bought to a shop and had it checked and then had a title search done on it, I seem to be another of the guys that had no problem, cuz I didnt let a problem happen. If you are not sure of it, dont, unless you are in a bad situation like I was. You have to trust your gut, or do a lot of homework.

08-09-2010, 03:35 PM	#32
Kaneman AMA Supersport Join Date: Nov 2008 Location: Odessa, TX Moto: 2000 Honda CBR1100XX Blackbird Posts: 4,931	Yea we do have all that...but they only look at the report from one of the 3 bureaus, and things like cell phones, utilities, etc. don't report to those. We got approved today at DriveTime for the car we want. Its $4k down, $400 a month. The total cost of the vehicle is about $4,000 over what its worth, and of course the interest is high. It does come with a warranty, and its in good shape, and low miles compared to what we were looking at. We went to some other places too, trying to check on first time buyers programs. There's just nothing out there other than buy here pay here places. We just have to decide if we want to bite the bullet and basically pay to start building her credit. Tommy, PM me your full name so I can get you the reference credit. __________________ 1982 Honda XR80 - blown motor, 1993 Kawasaki ZX6D - sold, 2001 Suzuki Bandit 1200S - sold, 1984 Honda Magna - sold, 2001 Kawasaki ZRX1200R - blown motor, 2007 Suzuki DL1000 V-Strom - totalled, 2003 Yamaha FZ1 - sold, 1994 Honda Magna - sold, 2001 Honda CBR600F4i - sold, 1998 Suzuki DR350 - stolen, 1989 Honda Super Magna - sold, 2007 Yamaha Stratoliner, 2000 Honda CBR 1100XX Blackbird

08-09-2010, 06:11 PM	#33
Kaneman AMA Supersport Join Date: Nov 2008 Location: Odessa, TX Moto: 2000 Honda CBR1100XX Blackbird Posts: 4,931	Holy shit. DriveTime has the worst web reviews I've ever read. Granted, some of them are people whining because they couldn't make their payments, but most of it seems to be people who bought lemons and DT wouldn't honor the warranty, shady stuff with the payments, stuff like that. I might have to pass on those guys. __________________ 1982 Honda XR80 - blown motor, 1993 Kawasaki ZX6D - sold, 2001 Suzuki Bandit 1200S - sold, 1984 Honda Magna - sold, 2001 Kawasaki ZRX1200R - blown motor, 2007 Suzuki DL1000 V-Strom - totalled, 2003 Yamaha FZ1 - sold, 1994 Honda Magna - sold, 2001 Honda CBR600F4i - sold, 1998 Suzuki DR350 - stolen, 1989 Honda Super Magna - sold, 2007 Yamaha Stratoliner, 2000 Honda CBR 1100XX Blackbird

08-09-2010, 07:35 PM	#34
Rangerscott Viff6N Mutated Warrior Join Date: Mar 2009 Location: Texas Moto: '01 Honda VFR 800 & '09 ER-6N Posts: 8,704	I had no credit history and got my dad to help co-sign a $2k loan. I paid it off way to fast so it didn't help my credit score. Found the VFR and had him co-sign a $4k loan. I think half way through that loan I got one of those $500 tire loans and used that. By just paying the monthly payments on both of those, my credit went from 3xx to high 600's. I found that out when I went in the first time to see if I could get approved for a mortgage. I was good to go for a mortgage, but I sat for 6 months. I went to another bank and they did a lot better on the mortgage and my credit was almost 750. The guy told me with that I'm approved for any amount. Of course I have a set price on what I can do for my first home. I now owe $4k on a loan I took out for my ER-6N. I just pay monthly and I can still get a mortgage any time I find a house to buy. Also I have NO credit cards. Basically I doubled my credit score by one little $4k loan. Sure I pay a little more with loans, but it sure feels nice to walk into a place and they say pick out what ever you want. It really is mind bottling that some people just can't build credit. It really does suck that one screw up and you get a frowny face stamped for a long time. Last edited by Rangerscott; 08-09-2010 at 07:38 PM..

08-09-2010, 11:30 PM	#38
TommyHotWheel Imported from Detroit Join Date: Nov 2008 Location: Michigan Moto: 2001 Suzuki TL1000R Posts: 989	Go with your gut Josh, I took the truck I bought to a shop and had it checked and then had a title search done on it, I seem to be another of the guys that had no problem, cuz I didnt let a problem happen. If you are not sure of it, dont, unless you are in a bad situation like I was. You have to trust your gut, or do a lot of homework. __________________ Cry Havok! And let slip the hogs of war!

08-09-2010, 03:26 PM	#31
cbrchick Canyon Carver Join Date: Nov 2008 Location: Halifax, Nova Scotia, Canada Moto: Honda CBR 600, Yamaha Zuma 50, Suzuki SV1000 Posts: 395	So she has cell phone bills, utilities, and stuff as well that she pays on schedule right? Does she have a decent income and a low debt? You don't need a lot of credit cards as well to get good credit. I have one and it's secured. Does she have any savings that she can use to secure a credit card? Does she have a savings account that she contributes to? Investments? A little contribution goes a long way.... At least, it does here. Banks want good security for their money. ..

08-09-2010, 09:30 PM	#37
VatorMan Wrap Yo Ass in Fiberglass Join Date: Feb 2008 Moto: Feet Posts: 1,605	www.prosper.com I am a lender there. It works out OK-not great as there is a 25% loss rate-but give it a try.