I'm 19 and I have a little credit...like a cell phone bill, credit card and I rent my own apartment. I tried to get a loan from a bank to get a car but I keep getting declined. Idk what to do. Its so upsetting and aggrivating. idk what to do. any advice?
2006-07-05 09:01:19 · 8 answers · asked by babikates11 2 in Business & Finance ➔ Credit
Like I said Im 19. I have a full time job. I also planned to get a school loan so I could go to night school but I dont see how I could do that if I couldnt even get a loan for 3,500.
2006-07-05 09:11:14 · update #1
this company not only has lenders and banks for people with bad credit but also for people with no or not much credit
http://www.wesayes.com
2006-07-05 09:40:30 · answer #1 · answered by Anonymous · 1⤊ 0⤋
A credit card will yield you little in terms of proving your credit worthiness. cell phone would be considered an alternative form of credit and your rent history will only be applicable is you were planning on buying a house but not for much else. you have one of two options. either get one or two more credit cards and use them sparingly, paying each off in full every month or take out a loan with your parents as a cosigner. Your credit status right now is limited so in order for you to expand that is to get a bigger line of credit. odd isn't it? anyhoo, you;re getting turned down now bcuz your limits are probably small and as far as getting a 3500 dollar loan might be a bit out of your league from the banks point of view. I'm assuming you've never had any real big ticket items in your history do you? Taking the loan out with your parents as cosigners will A) get you the loan and B) build up your credit worthiness and expand your tradelines making it easier for you to get these loans in the future.
2006-07-05 16:57:32 · answer #2 · answered by DIE BEEYOTCH!!! 4 · 0⤊ 0⤋
You're in a tough situation, but you already know that. Other alternatives involve asking a parent for the loan, but it could strain a relationship if something goes wrong with your ability to make timely payments on it. Your choice of car may also be a thing of influence when asking someone else to fund you the money - few will desire to make a private loan on a fancy car or vehicle too large and insensible in today's economy, but you may have more selling power if the vehicle you choose considered by the economy conscious as a good buy.
2006-07-05 16:18:53 · answer #3 · answered by nothing 6 · 0⤊ 0⤋
Do you work? Unless you have a job, full time with a regular pay check, they will not extend any credit. What is your credit score? If its above 650 and you have a job you should be fine. If its below that then you need to pay your bills to bring it up. Cell phone bills and payments do not get reported on your credit so that doesn't count. Rent doesn't get reported either- its rent not mortgage. Your best bet is to get someone with good credit and job to co-sign for you until you build up some credit.
2006-07-05 16:11:42 · answer #4 · answered by fasb123r 4 · 0⤊ 0⤋
Credit Unions are for the little guy. They are owned by their members and you have a better chance of a loan through them them with a bank.
2006-07-05 16:08:47 · answer #5 · answered by John H 4 · 0⤊ 0⤋
Well, you might try another bank. Do you have friends your age that have gotten loans? What institution did they get it from? I went to four banks before I found one to get my house loan. And I've never had credit problems. It wouldn't hurt any to ask around.
that might help for a car loan. For a school loan, look around here:
https://www.hesaa.org/oNJCLASS/html/index.htm
2006-07-06 21:52:30 · answer #6 · answered by Chaz 2 · 0⤊ 0⤋
What is your credit score? How much are you trying to borrow? Do you have a job?
2006-07-05 16:04:30 · answer #7 · answered by Kryzchek 4 · 0⤊ 0⤋
Lots of info here.
2006-07-05 17:19:25 · answer #8 · answered by Anonymous · 0⤊ 1⤋