credit question?

Question

I have two credit cards I have only had for a few months and with one of them I get a credit report every month and it says it is not available for me to show I have any credit til 6 months.

I want to try to lease a car next summer so it will be over 6 months but does it take a long time for me to be in the "good" credit stance? I am using around 30% available credit and paying it off every month

Answer 1

If you pay off the balance every month that is good for your score. Your accounts being open for a short amount of time isn't so good for your score. Other things go into factoring the score though- if you have any other loans and if they are in good standing, length of history of accounts, how many inquries by businesses, et cetera.

If you only have two credit cards and you pay the balance off every month you should be fine though.

Answer 2

To be honest, it is a very bad idea to lease a car, because it is the biggest rip off ever. Once you have your good credit for few months (till next summer), if you have good income you should be able to get an auto loan. The interest rate might be a little high, but obtaining a loan is a way to build more credit too. It does not matter how many percent of available credit that you use on your credit card account, just pay on time and keep paying it off every month. Re-think the car lease and do more research on it, it is really not a good idea (financial wise).

Answer 3

A lease contract is designed to focus your attention on the monthly payment and distract you from all the other things in the contract. It doesn't matter what your credit history is. Car leases have so many hidden costs that you can't avoid being ripped off. That's why car dealers push them. Example: the most important number is the capitalized cost, which they don't tell you is negotiable (it's the leasing company's cost of the car from the dealer), yet most dealers don't mention it and leave it buried in the fine print.