Thread: How do I build my credit without loan?

Originally Posted by cbergeron

Also, as for Consumer Reports - They've been known to review 2 identical cars and rate them completely differently. The ratings in there are subjective and different reviewers, etc. can bias a rating.

Besides, buying a car should be done with a bit more research/emotion than buying a toaster or vacuum.

(Before you ask - Yes, I do subscribe to Consumer Reports)

I understand that. But the thing is, ALL CARS have thier problems, Even the cars they say are the best on earth. My fiance asked me if were capable of going to the moon, how come we can't build a PERFECT car. Meaning something that wont break, get perfect gas mileage, and have power, looks and luxury. Like I told her, we are not capable of doing that because Everything is capable of breaking. Until we find out how to use our minds to move us around wherever we need to go, we are screwed with driving automobiles that at any time, can break down or fail you. It all depends on luck and how much you take care of it. I know people who baby thier car's and they still fail them.

Originally Posted by cbergeron

Young grasshopper - It takes self-discipline to build great credit.

Ah, you mean glasshopper?

Originally Posted by Laidback

Dude, you have 30 friends that own the same gen car as you?? Are you sure you're not 'overexagurate'-ing?

Actualy I'm not. I'm in one of the biggest clubs for 3rd Gen Accords. Were called 3Geez. That number is just the ammount of people I talk to on a regular basis...Thats not the number of people I'm aquainted with who own the same car.

Originally Posted by cbergeron

Young grasshopper - It takes self-discipline to build great credit.

I did a great job at building the credit to 720 points. Ask any dealership, they would finance you instantly for any car with 720...but I just didn't know that it dies with inactivity. Which gives me more reason to continuously work to build my credit.

Originally Posted by ChaCha

Okay. Do you see the inherent flaw in your statement. There is a very good reason why you can't get financed and that is because lenders do not believe you can EASILY afford a $35K car on your current salary. Neither do I, by the way. At least not yet. I'm not trying to bring you down but to offer you some good advice...if you want it.

Building up credit takes years. YEARS! It doesn't happen overnight. You need to establish lines of credit (credit cards, mortgages, loans, revolving lines of credit, etc.) then you have to use those lines of credit, then you will be evaluated on how you managed the credit.

You mentioned you don't have any credit cards. I suggest you get a credit card immediately and start using it. Shop around and get a card with a great rate. Then use it a lot. But don't max it out or even get near your limit. And the most important advice anyone can ever give you re: credit cards is only charge what you can afford to pay off each month. The credit card company of course would prefer that you charge you card up to the limit, that you can't pay the entire balance off, that you can only make your minimum required payments so they can squeeze 5-30% in interest out of you over years. Your credit score will also increase from this type of usage, however it will cost you a lot more in the long run. A LOT more.

You may be bummed about it, but not being able to put that financial noose around your neck (in the form of a new car loan) was a HUGE blessing in disguise. I'm happy that you decided to buy a used vehicle instead. A much smarter choice based on where you're at in life. Congratulations!

I would rather get the Evolution...but its out of my hands. I have a Old Navy card...I wonder if that will work... suposedly it works as a credit card, and I have it but I never thought I would use it. I just signed up to help a cute girl at old navy get good reviews or somethin like that.

And its not that they dont belive I can afford a 35k car, is that they dont trust me. If they wanted, they could have approved me, but they see that my credit is low so it looks like I dont really care about my credit. But I didn't know it dropped. credit means more to me then anything.

Originally Posted by nFiniteTuning

And its not that they dont belive I can afford a 35k car, is that they dont trust me.

Really!!! Is that how they work?

again, tell me how you had a credit rating of 720 when you were 17? How's that work exactly?

Never said my car was perfect, just that it's PAID FOR!

Originally Posted by wizardPC

again, tell me how you had a credit rating of 720 when you were 17? How's that work exactly?

It's easy! Use a keyboard or similar implement to input these characters - I <SPACE> H A V E <SPACE> A <SPACE> C R E D I T <SPACE> R A T I N G <SPACE> O F <SPACE> 7 2 0 . No problem, I too now have a credit rating of 720!! Umm, why won't they give me money?