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post #1 of 25 (permalink) Old 04-29-2007, 02:49 AM Thread Starter
 
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credit

Well im 20. Just bought a gsxr 600 new. Had to get my mom to cosign because i have not had a chance to establish credit. Any idea when or if i can get some credit out of this. I'm making the payments after all. It's terribly annoying not even being able to get a 200 dollar credit card. And being denied instantly for anything that involves credit. Any idea on how long it takes until i can reap the benefits? thanks
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post #2 of 25 (permalink) Old 04-29-2007, 02:55 AM
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Well im 20. Just bought a gsxr 600 new. Had to get my mom to cosign because i have not had a chance to establish credit. Any idea when or if i can get some credit out of this. I'm making the payments after all. It's terribly annoying not even being able to get a 200 dollar credit card. And being denied instantly for anything that involves credit. Any idea on how long it takes until i can reap the benefits? thanks
Depends on what you want with credit... Having a bike loan will help you in a year or so if you were to get an auto loan or something similar... As far as credit cards... They are looking for people with no credit. In their eyes, no credit means no debt, no debt means likely to start incurring debt... Are you sure that your credit isn't bad?
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post #3 of 25 (permalink) Old 04-29-2007, 03:38 AM Thread Starter
 
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Yes im sure. I have not even established credit yet. I have no credit history at all. Hopefully i will have one now from this bike. It sucks, I've tried for a chase card, hsbc, best buy, and a few others, All denied.
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post #4 of 25 (permalink) Old 04-29-2007, 06:15 AM
 
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Yes im sure. I have not even established credit yet. I have no credit history at all. Hopefully i will have one now from this bike. It sucks, I've tried for a chase card, hsbc, best buy, and a few others, All denied.
Here is a tip to fast credit
Get Job and keep job, Open direct deposit into an active cheking acount. use the checks and dont over draw.When you can show high check no# on your checks then it shows you can manage money. And a quick tip to doing that is when you open a checking acount aske for the checks to start at 500 or higher it is no problem to do that.
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post #5 of 25 (permalink) Old 04-29-2007, 07:04 AM
 
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Cc

Hey man If you got a bank account get one of there credit cards. When I was 16 I got a navy federal credit card, I had that for like a year then I got a car. But the car didnt help my credit for like a year. It acctually messed it up. But after a year Of payments like that, If you dont miss any payments you will have excelent credit. Once you can get another card get that to. Even if you dont want to use it. Hell After a while banks will let you buy anyhting, Im 19 and I just bought a house Be carful with that **** dude, It can get outa hand pretty quickly.
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post #6 of 25 (permalink) Old 04-29-2007, 12:43 PM
 
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Originally Posted by mgs251 View Post
Yes im sure. I have not even established credit yet. I have no credit history at all. Hopefully i will have one now from this bike. It sucks, I've tried for a chase card, hsbc, best buy, and a few others, All denied.
all these companies will bang you over the head with a 12 to 20% apr like the guys said get a checking account and get your card from them and as long as you pay everything on time and double up payments your on your way
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post #7 of 25 (permalink) Old 04-29-2007, 12:48 PM
 
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Have you tried to get a secured credit card? I believe that's the term for it but the idea is that when you open the credit card you also open an account which you can't touch. In that account you put like $500 and however much you put in there is your limit. You cannot use that money but it acts as colateral so it may be easier for you to get one of those. Also, if you're trying to build credit, secured lines of credit are supposed to be the best for some reason.

With the loan you have on the bike, I'd give it a year. Make all the payments on time, and I believe it's better if you don't pay it off early since the longer you make payments the longer it helps your credit.

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post #8 of 25 (permalink) Old 04-29-2007, 01:10 PM
 
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Originally Posted by Earlzach View Post
Here is a tip to fast credit
Get Job and keep job, Open direct deposit into an active cheking acount. use the checks and dont over draw.When you can show high check no# on your checks then it shows you can manage money. And a quick tip to doing that is when you open a checking acount aske for the checks to start at 500 or higher it is no problem to do that.
High check number really doesn't matter. All you have to do is order checks from some check company (not the bank) and indicate that you want your checks to start at # 3200 or something stupid like that. Check number has nothing to do with your credit. Some merchants use to look at check number to determine whether or not they would accept your check, but I don't think that's the case anymore.

I agree with Brie. Get a secured credit card and NEVER overspend it. The other key is that you should always bring it back up to the amount that you secured it with. In other words, get use to paying your bill in full every month. Then when you get an unsecured credit card (and the offers will roll in faster than you can blink), continue to pay that beyotch off in full EVERY month. Don't let yourself get into bad debt. If you can't afford to pay cash, then you can't afford to buy it with the plastic. Got it?
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post #9 of 25 (permalink) Old 04-29-2007, 02:10 PM
 
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im 20, and i got my capitalone card when i was 18, try them.. they might only give you a 300.00 limit. but thats fine im 20 now, my score is around 680 or somthing. close to that
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post #10 of 25 (permalink) Old 04-29-2007, 03:42 PM
 
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I agree with Brie. Get a secured credit card and NEVER overspend it. The other key is that you should always bring it back up to the amount that you secured it with. In other words, get use to paying your bill in full every month. Then when you get an unsecured credit card (and the offers will roll in faster than you can blink), continue to pay that beyotch off in full EVERY month. Don't let yourself get into bad debt. If you can't afford to pay cash, then you can't afford to buy it with the plastic. Got it?
Yep, that's very true. Another thing is that the less you spend with it the better, as long as you're using it. Meaning, it's better to buy gas every so often with it than go out and buy a tv or something like that because the highest amount you spend is recorded and if you are consistently maxing out your card it is bad for your credit.
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post #11 of 25 (permalink) Old 04-29-2007, 04:03 PM
 
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Yep, that's very true. Another thing is that the less you spend with it the better, as long as you're using it. Meaning, it's better to buy gas every so often with it than go out and buy a tv or something like that because the highest amount you spend is recorded and if you are consistently maxing out your card it is bad for your credit.
and NEVER go over the limit and ALWAYS pay your bill on time. The farther below your limit, the better, too. But that doesn't mean get a high limit card just so you can stay well below the limit. You really don't want to go over 75% of your limit, preferably staying below 50% if you can. But always pay the bill every month.
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post #12 of 25 (permalink) Old 04-29-2007, 06:49 PM
 
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and NEVER go over the limit and ALWAYS pay your bill on time. The farther below your limit, the better, too. But that doesn't mean get a high limit card just so you can stay well below the limit. You really don't want to go over 75% of your limit, preferably staying below 50% if you can. But always pay the bill every month.
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post #13 of 25 (permalink) Old 04-29-2007, 06:52 PM
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Stop applying for credit. Spend about a year and a half of paying on you gixxer on time. Then try again for a gas credit card. Purchase all your gas with it and pay it off each month. Then after awhile you will be set up to do whatever you want.

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post #14 of 25 (permalink) Old 04-29-2007, 07:12 PM
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Originally Posted by cloner_357 View Post
im 20, and i got my capitalone card when i was 18, try them.. they might only give you a 300.00 limit. but thats fine im 20 now, my score is around 680 or somthing. close to that
i still got my capitalone had a 200 limit now its more than i need. i keep mine paid up so they dont make intrest $ on me but still boosts credit

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post #15 of 25 (permalink) Old 04-30-2007, 12:58 AM
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i still got my capitalone had a 200 limit now its more than i need. i keep mine paid up so they dont make intrest $ on me but still boosts credit
My credit card started at $800 limit. I almost always paid it in full. Every time I left even the smallest ballance on it, they upped my credit limit. So whenever I feel I need a higher limit, I just leave a little balance on it.
It's too the point now I could almost buy a new bike with it... And that would be at a lower interest rate than the 18-22% the stealerships are offering!

But I think i'll just go to a bank...

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they make the one i posted in a strap on version
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post #16 of 25 (permalink) Old 04-30-2007, 01:39 AM
 
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My credit card started at $800 limit. I almost always paid it in full. Every time I left even the smallest ballance on it, they upped my credit limit. So whenever I feel I need a higher limit, I just leave a little balance on it.
It's too the point now I could almost buy a new bike with it... And that would be at a lower interest rate than the 18-22% the stealerships are offering!

But I think i'll just go to a bank...

18-22% at a dealership??? Should be 7 or 8 for a new bike.
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post #17 of 25 (permalink) Old 04-30-2007, 01:41 AM
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18-22% at a dealership??? Should be 7 or 8 for a new bike.
I want your stealerships...
If you get a special maybe you could see that... the gf got 6.9% on her 250. when i was in there the other day, the best i could do on any new Suzuki was 16.9% and my credit is immaculate, and i don't have much debt right now either.

Guess they just don't work too hard on gettin low rates... Like I said, I'd just go to a bank and get 5% or so.

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they make the one i posted in a strap on version
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post #18 of 25 (permalink) Old 04-30-2007, 02:12 AM
 
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I want your stealerships...
If you get a special maybe you could see that... the gf got 6.9% on her 250. when i was in there the other day, the best i could do on any new Suzuki was 16.9% and my credit is immaculate, and i don't have much debt right now either.

Guess they just don't work too hard on gettin low rates... Like I said, I'd just go to a bank and get 5% or so.
I got 6.2% with that's through wellsfargo... I'm sure now I could get a new bike for less... but i'm not gonna find out anytime soon... I've got about 30,000 miles to go on my bike before I'll be even thinking of upgrade'n...
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post #19 of 25 (permalink) Old 04-30-2007, 09:06 AM
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Two words- "School Loan"
You get one, your mailbox will be flooded with credit card offers.

Also- having your name on cell phone bill, internet, cable, whatever- should help build credit.
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post #20 of 25 (permalink) Old 04-30-2007, 10:20 AM
 
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Peep game this is the best and quickest way to get credit it takes about 45 days go to about 3 banks and open a savings account using $100 or more for each wait at least 3 days then take out a loan at each for the amount in your savings using it as collateral make sure you get a nice little chunk of time about 9 months to pay them off then use the loans to pay each other off one by one in much less than 9 months then with in a 45day period of the start of this process you will have AAA+ credit with the best creditors in the world Banks then all you have to do is maintain it don't worry its legal play boy. Stay roll'n!!!
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