Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
Banks say I have a limited Credit History when getting loans even as low as $2500. I leased a car for 10 months and thats the only credit I had. How long do you think I need to wait before I can start getting loans like this?
Funny how people get things they cant afford when I cant even get a $2500 but they let me get a $15,000 car.
You to start building a credit history in order to get that loan. This can take anywhere from 6 months to several years. The main methods I've heard to build a credit history when you can't get a credit card are to borrow from a credit union or get a secured credit card from that same credit union. The borrowing from a credit union entails say borrowing $500 and putting it into a restricted savings account. After making payments on it for 6 months to a year, close it out. The secured credit card, entails placing say $500 in an account. The credit union will then issue you a card with a $500 limit, and will use that account if you don't pay it off. Use it off and on for 6 months to a year and then see if they'll change it to an unsecured credit card.
These items will show up on your credit report, starting your history. At some point you'll be able to apply and get credit cards and it should be easier to get loans. The main thing is that it takes time to build a credit history.
I had a Credit Card from Capitol one to use during emergencies and I never used it. And then I get a statement saying I'm behind 2 months for $40. I never even used it, I was angered so I cancelled it. I'm scared now to use Credit Cards.
Will paying a $100 month loan balance build my credit as well? Last I looked my score was 736
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
