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tyler143637 Posts:1 2006-04-09 20:00:59 |
Credit Length? |
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| OK I recently got my first credit card, unsecured (I got a co signer) I have about 4 months of credit history on this card...I applied for another credit card (Department Store) and got denyed...How long do I need to pay payments on my unsecured card to get an auto loan or more credit cards or even raise my credit limit...Im confused because I thought it only took a short period of time and I would be approved. Im more interested in when I can apply for an auto loan and get approved. What length of time of paying off this credit card? Thanks
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| theamishboy Posts:3 2006-04-09 22:02:36 |
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| you can get a great card on www.entrustsystems.com/wow without a credit check or bank account. this card will help you establish credit or help you repair current bad credit, guaranteed!. All the information you need will be found on this website. good luck |
| Credit Guru Posts:6 2006-04-09 22:55:01 |
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| Disregard Theamishboy. Hopefully Yahoo will knock him off since he is promoting crap on this board.
Generally you will need to have your credit reports show 6-12 months of on time payments before your credit score will rise significantly. As far as an car loan, I would work with a reputable dealer. Your first car loan might be at a high interest rate because you have very little credit. But after 12 months of reported on time payments you will probably have a good enough credit score to get "normal" interest rates. The big automakers and especially Ford Motor Credit are a little more lenient as far as credit standards. Good Luck |
| Buddy Posts:1 2006-04-17 21:49:18 |
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| a good tip is to have someone who has good credit ! add your name onto 2 or 3 of their credit cards as a additional user. When they get the new cards in your name don't use tem just cut them up because their credit score will move over to your with out you using them and it will make the other oerson fell better about helping you knowing that you wont be charging on their accounts. Then after about six months have your name taken off their accounts that will help a lot. a second tip is to check your credit card balance online and pay the balance off in full before your statement closing date. Example if you have a 500 limit and you charge 400 on it then you wait to get your bill and then pay it in full well the credit card bank will report to the credit bureau that your balance was 400 with a limit of 500 that's not good because you want you balance to limit ratio to be low and you want to show lots large payments so if you make sure you always have a really low balance and large payments you will find they will increase your limit faster and other banks will want to lend you money. |
| buckeye45694 Posts:1 2006-04-18 08:05:20 |
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| Loan officers will look for about 18 months of credit history. Also the length of employment amount of income and also the amount they wish to borrow. If you have a monthly income of only lets say 1800 per month, you will not want them to have a large auto payment. Most lending agents will not let you be over 36 percent of your income for housing and other consumer debts. |
| boredomestrikes Posts:1 2006-04-18 14:47:46 |
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| It usually takes 6 months to a year for anyone to take you even half way seriously when it comes to credit. Sometimes, even three years of vcedit history isn't enough.
I suggest going to a bank and applying for a small signature loan and pay it on time. A bank loan will build good credit history faster than a revolving credit line with a credit card company. Of, course, this is only my opinion based on my own experience as a young lendee. |
| grandm Posts:6 2006-04-18 21:21:16 |
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| That depends on who your credit card is with; generally it does take longer than 4 months. I would say more like 9 months to prove your credit worthiness. |
| OO Posts:1 2006-04-20 09:14:50 |
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| You neglected to inform us of how long you have been on your job. This will affect your borrowing power. Less than a year or two at the same employer will not help you. |
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