Credit Union and Financing

cheshirecat

People are taking time out of their day to help you. The last thing you need to do is give them a hard time.

As others have said, you need to get yourself a credit card and use it to buy some random crap for six months. Keep a balance of approx 15% on the card and pay off the rest.

Lenders fear "ghosts" (people with no credit) more than they do people with bad credit.

Get yourself on the books, then check out credit unions around your area. You won't be eligible for membership in most of them, as many are tied to your place of employment, but you may find a few that accept members based on where you live.

Credit Unions differ from banks in two ways: they're non profit, and any account holder who deposits money is an "owner" of the credit union rather than just a customer.

As a result of these things, rates on both deposits and loans tend to be better. The customer service is also usually better, and loan officers are more likely to take into account the content of your character along with your financial status when considering a loan.

In my opinion, take that money you've saved and put it into something that is going to make money rather than lose it, but that's not going to happen, so get yourself a credit rating and save yourself some money.

Going from 8-10% to 3-4% will make a huge difference in your monthly payment.