Financing help

plato · 01-22-2011, 01:42 AM

Quote:

Originally Posted by Isozaki

I just reg to make this post because I saw some people giving bad credit advise.

I am not saying this is the only way to build credit but this worked for me being 30 years old now I will pass it on.

1. what ever credit cards you get make sure they have auto deduct from your banking account.
2. Get a credit card. does not matter what the % is. They all suck. Put 100$ on the card. have the bank auto payment 25$
6. 6 months later get another card do the same thing and don't go over $100
3. Apply for a 1000$ loan from your bank and pay it off over 12 months anything less then 6 shows jack its after 6 months that do you good.

Keep those 2 cards and a loan going after 12 months pull another and you will get about 30 points a year doing just that. I have 3 credit cards and a loan going at all times and I am rolling a 742. I work offshore and I also want not only a good score but then they look at my history they can see different accounts and all green marks so i have good score and i have the history to back it up. What ever you choose try to keep the cards at 35% or lower and remember you will keep these for your whole life never cancel as the length of the card is super important you lose 20+ points for canceling a card if you have had it for a while.

Note that if you put 50 bux on the card pay it off in full each month does next to jack. Hold a small balance see above and make on time payments. and never use the card for anything remember your emergency fund is the money you have saved in your chk account not credit cards.

I also want to note that CC have high rates regardless now but if you keep it at 100$ its not a problem the same with the loan you will pay like $100 bux in int over 12 months not bad if your trying to build A+ credit.

NCSUPACK09 · 01-22-2011, 08:01 AM

I'll give you some advise being young (23 yo) and having a pretty good credit score (mid score - 741).

Here are the things that you can do now:
1. Get 1 or 2 credit cards (you'll take a small hit on your score because of the number of inquiries on your account due to your new loan and the CCs, but it will give you some amount of available credit). Just try not to get any new accounts for at least a year after you opened your last account.
2. Keep your total available credit utilization below 20% (if you only have 1 card, keep it below 20%, if you have 2 or more try to keep the % on each card pretty equal). This is a big part of your score.
3. I know that people say that its better to not pay your bill in full every month, but I think that its just BS that the CC companies want you to do so they can make more money. You can have a really good score paying in full every month
4. Make sure you pay your bills on time every month...its not tough to do, but it can really hurt your score if you don't.
5. Don't open several accounts at once. There are 2 reasons this is bad...1) You will take a hit on number of recent inquiries on your credit and 2) Your average age of your credit will decrease.

Here are the things that you will have to wait on:
1. Part of your score relates to the amount of accounts you have opened and closed in your lifetime. Right now you are young so you just haven't had a lot of chances to get credit and pay it off. One thing you should keep in mind is that a good mix of credit is always a good thing (revolving, charge cards, installment, and mortgage).
2. You need to keep your revolving accounts for a long time (don't close them even if you don't use them often). This will increase the age of your credit history and will help your score.

01-22-2011, 08:01 AM	#2 (permalink)
NCSUPACK09 Enthusiast Member Join Date: Jan 2010 Location: Somewhere Posts: 407 Drives: '10 370Z MB 6MT SP Rep Power: 17	I'll give you some advise being young (23 yo) and having a pretty good credit score (mid score - 741). Here are the things that you can do now: 1. Get 1 or 2 credit cards (you'll take a small hit on your score because of the number of inquiries on your account due to your new loan and the CCs, but it will give you some amount of available credit). Just try not to get any new accounts for at least a year after you opened your last account. 2. Keep your total available credit utilization below 20% (if you only have 1 card, keep it below 20%, if you have 2 or more try to keep the % on each card pretty equal). This is a big part of your score. 3. I know that people say that its better to not pay your bill in full every month, but I think that its just BS that the CC companies want you to do so they can make more money. You can have a really good score paying in full every month 4. Make sure you pay your bills on time every month...its not tough to do, but it can really hurt your score if you don't. 5. Don't open several accounts at once. There are 2 reasons this is bad...1) You will take a hit on number of recent inquiries on your credit and 2) Your average age of your credit will decrease. Here are the things that you will have to wait on: 1. Part of your score relates to the amount of accounts you have opened and closed in your lifetime. Right now you are young so you just haven't had a lot of chances to get credit and pay it off. One thing you should keep in mind is that a good mix of credit is always a good thing (revolving, charge cards, installment, and mortgage). 2. You need to keep your revolving accounts for a long time (don't close them even if you don't use them often). This will increase the age of your credit history and will help your score. __________________ 2010 Base 370z Magnetic Black 6MT SP Mods: Bone Stock

Similar Threads
Thread	Thread Starter	Forum	Replies	Last Post
Special Financing	Threev8s	Nissan 370Z Pricing / Ordering Discussions	22	08-19-2009 10:15 AM
About the PenFed Financing.......!	khsysh	Nissan 370Z Pricing / Ordering Discussions	23	05-27-2009 07:03 PM
Financing	AshburnZ	Nissan 370Z Pricing / Ordering Discussions	6	05-22-2009 10:00 PM
3.75% APR financing	g96818	Nissan 370Z Pricing / Ordering Discussions	3	05-17-2009 07:54 PM
How I also scored 3.99% financing......	G RAM	Nissan 370Z Pricing / Ordering Discussions	14	03-30-2009 08:58 PM