I'd recommend getting a good credit card through a reputable bank. We have several and they are all "free" (i.e. no annual fee) but we really only use two. One gives us 1-4% cash back quarterly and the other is a straight 1%, which can be redeemed any time. I use my CC everywhere it's accepted/same price as cash. Between but cards this usually amounts to around $600/year in free money.
The Ohio Random Thread... aka We Should Probably Be Working
- Thread starter THE Phen
- Start date
Good point. Thankfully Tessa paid for her schooling as she went so the only debt she has in her stupid Audi which should be paid off in a couple months anyway.
I'm not buying a house for another year anyway so all of this is a little premature but I will get cracking on a small credit card to build credit in preparation for it.
I'm not buying a house for another year anyway so all of this is a little premature but I will get cracking on a small credit card to build credit in preparation for it.
princess peach
Member
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- '92 Miata, '06 MS6
Yeah, that really pissed me off when I was trying to get a car. Even though my payment was going to be lower than what it currently was (and I knew I could make it), and I had a better job than last time, I had a hard time getting approved because of my credit
Definitely get a credit card and use it for bills and purchases that you can pay off at once. I was in the same boat when i bought my ms3. The only credit history i had was from verizon and at&t running my credit to start service. Unfortunately it never affected my credit score as the cell providers usually only report to the creditors if you are delinquent. I had to takeout a credit card witg a low limit and use it for 6 minths before i had enough credit to take out a loan with a co-signer with a reasonable interest rate.
Fiji Mazda3
Member
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- 2014 Ford Focus ST
I got my awesome credit with just two car loans and two credit cards. Just be smart about it and don't over-extend yourself. People start out to build credit but buy s*** they don't need and get into a huge issue with cards/auto loans, etc.
I got the 0% mazda loan for the 2 (16k) without any previous loans. I had been at my (contract) job for not even a year. All I had previously done to establish credit was use my MasterCard (through BFG Credit Union @ 8% APR) for gas and miscellaneous purchases under the $1k limit (it started out at $500, now the limit is $5k).
I PAID OFF EVERY MASTERCARD BILL. I never had a balance continuing to the next month.
I've seen people say paying them off establishes credit, and then others say if you carry a balance it establishes credit. Well whatever, I paid it off every month and had enough credit to get a loan, WITHOUT a cosigner.
I have no bills in my name besides my car payment thru PNC and the MasterCard. Not even my phone bill.
Perro del Sol
Member
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- 2003 MSP, Spicy Orange, 2004 Mazda 6 Hatch, 2004 Mazda 6 Wagon
Perro del Sol
Member
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- 2003 MSP, Spicy Orange, 2004 Mazda 6 Hatch, 2004 Mazda 6 Wagon
WNhenever any of you are ready to purchase a home, let me know and I will teach how credit works and what underwriters look for. Also, if you go FHA/VA and you do not have a lot of credit, you can use non-traditional credit such as utility bills, rent/lease payments or car insurance to qualify for a loan. I have a lot of information available to me, it all depends on what you want to do and how you want to go about it.
Fiji Mazda3
Member
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- 2014 Ford Focus ST
Trying to win that GT500?
Student loans have always scared me. I've been paying for school 2-3 classes a semester to do it debt free. Yeah, I'm a month away from turning 25 and still have 12 classes left before I get my bachelors degree,but I figured I'd rather not owe 50k right out of school and take my sweet time with actual work experience than have to worry about not having a decent job right out of college and having to pay ridiculous amounts to pay a loan back.
My parents think I'm crazy. Then again, my dad has a PhD and doesn't use it for anything so maybe my mind works the way it does because of that, Haha.
that doesn't start until thursday
Me!
Congrats! Hatch or sedan?
Cool. Now get the speed3 sold and you are golden. Right?
Sedan.
Yep, I'm hoping that I take delivery of the STi after I finalize the sale of the Speed3 on Friday. I'll find out tomorrow I suppose.
