Thanks for all the replies.

I tried getting a loan first and got turned down by everyone stating that I had insufficiant credit history. Im 23 have a great position at my job and have had manager positions for the last 5 years. My renting history is also about as good as it could be.

I have applied for every credit card under the sun and got turned down for all of them as well. The last option there would be to get a secured credit card. OR get a car financed. I need to get some credit established either way. This has really been a nightmare. I shouldnt have any problem making the payments as long as I dont lose my job or something terrible like that.

 

So its pretty obvious that this is not the right thing to do in my situation. I'm really bummmed that I never established credit.

hsl350; I havent seen any deals like that at dealerships around here. I would like to go private party but NO one will approve a loan. I got turned down for any amount of money. They wouldnt loan me $500!

 

Good luck to you man. It's a slow process that wont fix itself over night but if you are patient and be responsible then you'll get into good standing in a few year.

 

make sure you are getting a loan through an institution that will report to the 3 major bureaus. Join a credit union now. get 10-12 months into the loan and refinance it. You will probably pay close to 2k in interest during the first year(im too lazy to figure it out so that is a rough guess)

 

I belong to a credit union already and they turned me down quicker than I could apply it seemed, even with a cosigner. Im dead in the water. It sounds like I need to focus on building credit so that I can get my Z in a few years

 

If my investments go right in the near future I'll probably just end up buying something cash from one of you guys.

 

The price of the vehicle has absolutely nothing to do with his credit worthiness. Someone with a 300 FICO can pay the same price as a buyer with a 850 FICO.

The interest rate (and other finance charges) are what you pay for borrowing money. And that is almost entirely dependant on your FICO score.

Now one more time, your credit history has absolutely nothing to do with the PRICE you negotiate for a car.

When you buy a car, you 1) negotiate the price of the vehicle, then you 2) make arrangements to pay for it. For most buyers, that means arranging a loan. But that does NOT mean you have to arrange it with teh dealership.

bill

 

+1. Also OP, I think you cleared up the confusion on your credit. Having no credit history is much better in general than having bad credit, IE failing on prior commitments. Do not say your credit score is 0. It is saying you are the worst type of loser. Simply say you don't have much credit history.

If you have the income to show the lender you can make the payments, you can buy a house if you don't have BAD credit. Your rent history is a form of credit history and lenders usually will look at that.
Good luck.

 

consumerist.com tips on credit

 

17% APR??? holy crap.

 

A friend of mine financed a used Dodge Dakota at 19% lol

 

man, you gotta find a way to build that credit. get your name in a bill or something: cell phone, credit card, etc...

 

is 6.55% for 60 months a good rate?

 

Great Link! If you want to be one of the "haves" versus the "have nots" in life, this is a good simple guide.

With good credit doors open up. With bad credit, doors not only shut down, it becomes increasingly difficult to catch up.

 

Man I've had a cell phone since 9th grade! None of that counts for some reason. I've had plenty of bills in my name thats what I dont understand I thought that that stuff helped at least a little.

 

Man I can't believe that in todays age you get turned down for a credit card because of no history. I remember being in college and them begging me to take a card like every day.

Since your credit union turned you down, if I remember correctly you can get a copy of your credit history from them for free so you can check it just to be sure theres nothing bad on it.

As far as getting some credit, don't go crazy apply for credit cards as that affects your score as well but try to get a department card at somewhere you like to shop like best buy or target as those seem to be the easiest to get. Use it a some and pay it off. That will start your history. Then get a "real card"

Don't go crazy on the cards or put too much on them.

Good luck.. it takes time to get good credit.

 

You need a cosigner....

You should never ever pay 17% APR....thats just insane!!!!

 

Join Date: Oct 2006
Location: California
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I am sorry buddy but after 9 months maybe you should give up this idea.

 

JC Penny even turned me down!

In this perticular situation is finding a good cosigner worth a shot?

davidv yeah, Ive pretty much given up on financing a Z at the moment. Now its all about building the credit so that someday I can. But I have to buy a car either way. It'll just have to be cheap.

 

Are you sure there's not something that you're not telling us?

I really never knew anyone who couldn't get a car financed.

If I were you I would definitely get copies of my credit reports.

You can get a free copy of all 3 reports once a year.

bill

bill