You might just have to have pops help get you started. Or someone else
Establishing credit
- Thread starter josmoloco
- Start date
Do you want to explain that one to me. You can pay cash for pretty much everything except a house.
We buy houses for cash all the time.
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your not litterly walking into a place with 150,000.00 cash and buying anything from a financial institution with raising all kinds of questions and eyebrows
James
Staff member
You cut out the first part of my quote. Most people his age won't have the funds (cash) on hand to pay for a house in full, ergo credit is needed. However buying a $3-6k car with cash is doable.Do you want to explain that one to me
We buy all of our houses with "cash", heck that's pretty much a requirement at Sheriff Sale auctions (need payment same day). BTW I said "cash" because we don't walk in with $100 bills but instead with a cashier's check or wire transfer.
James
Staff member
You referring to this one?
http://www.amazon.com/gp/cobrandcard/marketing.html
That one looks fine as it's also a visa card which can be used anywhere. Never get a store card where you can only use it at that store chain.
Can you get a co-signer? I did for my my oldest daughters when they got jobs and wanted cars. I co-signed, that was years ago when they tuned about 20. They both have great credit and the loan on their newer cars are in their name only. Ages 25, 24 now.
get a new bank if they wont let you have a small cap credit card
Co sign for a card?
I got approved for 300... should I try and get another out just roll with this
I would just roll with it, but your bank works for you and if they wont work then fire them
James
Staff member
I'd just have the one card for now. It's best to have multiple types of credit; revolving (credit card), installment (car), and mortgage.
James
Staff member
That's the best way to do it.
However even getting a car loan for one year won't cost you much in interest. For example a $10,000 loan at 5% (very high) paid off in one year is only $300 in interest.
Make it a $6,000 at a more respectable 3.5% and we're talking only $115 in interest for the year. Depending on your credit score/interest rate when you go buy a house, you could be paying that much extra a month in interest.