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Old 10-16-2008, 02:33 AM   #1
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Default Wercome to Shitty Bank

Market is crap. Job doesn't pay enough for my addiction (buying cars and car parts). And due to recent radiator related problems... I'm back where I was before my last paycheck.

Still saving money, because I want to have a little more in savings before I dip in and buy the Miata (provided the guy still wants to sell). I just don't know what its going to take. I don't have any credit to speak of. Not that its shitty. I've just never had anything to pay for, beyond regular bills and insurance. I'm just wondering, what do you think it would take right now, for someone in my situation, to get a small loan. I'm talking, about $5-5.5k. I can afford it. I know that. I just don't know whether or not I'll get approved.

Talk to a bank or credit union, you say. I would, but I have to wait till the weekend. Too busy till then, to make time for anything. So, I just want to know what I can do when I go in to help my situation. Maybe some advice (how to present the situation). I am with and have been with a credit union since I had an account to my name. I know a couple people there, but it hasn't seemed to help. I applied for a signature loan about a year ago, but due to my cosigner backing out (no real reason) I didn't get approved. I had no money to put down, nor did I have much time with the job I was at. My situation has improved, so I stand a better chance, but as my friend stated last night, its hard for anyone to get a loan right now.

P.S. I was wanting to actually borrow the money on a loan so that I could use it to build credit. Sure, I could just save the money and pay outright, but that still leaves me with the same credit I had before. I'm thinking that this loan, plus a gas card and a possible rent house (buddy wants to go halvsies on a nice college campus-side house) will net me a good score. I'm also looking at some credit card options with my credit union. Low-*******-limit-credit cards. I don't spend money much and I don't want something that will make that hard for me.
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Old 10-16-2008, 02:35 AM   #2
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And even with rape-*** rates (around 15% int.) on a $5.5k loan over a 36 month term, I'm still under 200 a month, which is cheap as ****. No doubt I can take that. I can afford 3 times that.
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Old 10-16-2008, 02:40 AM   #3
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The credit cards aren't a bad idea. You will be amazed how quickly that will increase your credit rating. Take out one and just charge gas on it and pay it off every month. BE ON TIME with your payment. Keep the card. You need to start establishing a line of credit and hold on to it. Your oldest line of credit is a factor in your overall credit rating. Doesn't really matter what it is. You just need a history.

I know that doesn't really help you right now though, but it will in time. Increasing your credit score takes strategy over time.

With the market like it is, you will probably need a co-signer if you have a low score. The banks are extra weary these days.
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Old 10-16-2008, 02:59 AM   #4
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BTW. If I could go back in time, to junior year, and tell myself to get a gas card or small credit card I would. I'd also tell myself to stop pussying around with my new girlfriend and hit it already. That's another situation though and probably wouldn't effect my credit score. I would score though. Okay I'm finished.
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Old 10-16-2008, 03:13 AM   #5
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Originally Posted by 944obscene View Post
BTW. If I could go back in time, to junior year, and tell myself to get a gas card or small credit card I would. I'd also tell myself to stop pussying around with my new girlfriend and hit it already. That's another situation though and probably wouldn't effect my credit score. I would score though. Okay I'm finished.
you should totally hit it already. who knows, it might improve your score
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Old 10-16-2008, 10:59 AM   #6
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When I read "shitty bank" in the title, I thought this would be a thread about South Park :(
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Old 10-16-2008, 11:07 AM   #7
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When I read "shitty bank" in the title, I thought this would be a thread about South Park :(
HAHA, I was thinking the EXACT same thing.
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Old 10-16-2008, 11:08 AM   #8
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When I read "shitty bank" in the title, I thought this would be a thread about South Park :(
That's what I had in mind when I wrote it. Parody of today's market and my loan elegibility.
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Old 10-16-2008, 11:21 AM   #9
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Just save man. It sounds like you're young, just finishing up high school I guess. I don't see any way the bank is going to loan you the money, especially right now. Go ahead and try to get that credit card and PAY IT OFF every month. That will definitely help to build credit for later.

If you think you're going to have the money to pay a $200 car loan, plus rent on a house (and everything that goes along with it... power, cable, internet, water, etc.) then without those expenses you should easily be able to put away $700 a month in savings while living at home.

With the current craptastic economy, people can't get loans which means people can't buy cars, which means other people can't sell cars. People are getting desperate and you can really find some amazing deals. Stash away that extra $700 for 4-5 months and you'll be able to pick up a nice car with cash and not have to worry about payments or interest. I know it sucks to wait, but I just don't see the loan coming through for you right now (and honestly, you're probably better off anyway). Good luck.
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Old 10-16-2008, 11:26 AM   #10
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Just save man. It sounds like you're young, just finishing up high school I guess.
3rd year college actually. Business major, but will be moving back to engineering soon.
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Old 10-16-2008, 11:40 AM   #11
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you should totally hit it already. who knows, it might improve your score
...and pay for the condoms with the new credit card!

That's the way to build credit!
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Old 10-16-2008, 12:21 PM   #12
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Originally Posted by supersaiyan93 View Post
Take out one and just charge gas on it and pay it off every month. BE ON TIME with your payment. Keep the card. You need to start establishing a line of credit and hold on to it.

The key is actually establishing credit.

Making one payment on time doesn't increase your score as much as paying off 80% at a time. This way you actually borrow the money (20%) and pay your interest. This is what makes your Fico score skyrocket. Pay for something expensive, but only pay off 80% of it your first month. (hopefully you have a 0% card ) then pay off another 80%, then pay it off after the third month. Doing this proves you are responsible when borrowing money.

This will do more for you then just using it once and paying it off right away. But NEVER be late on a payment, ever!

Never cancel the card, even if you don't use it. Holding onto an inactive credit card helps. Cancelling one hurts.

My credit score when I was only 15 pwn3d your mom.
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Old 10-16-2008, 12:40 PM   #13
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I read Wercome and thought it was Chinese oriented humor.
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Old 10-16-2008, 01:10 PM   #14
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i'm gonna go ahead and promote fool.com for super quick reads on establishing good credit.

in about 15 minutes you'll know what to do.
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Old 10-16-2008, 04:07 PM   #15
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I read Wercome and thought it was Chinese oriented humor.
It was. Thanks for the input thus far. I'm getting a card or two this weekend. I'll be getting a gas card and maybe a weak-*** credit card if I want. I've been with the credit union I'm with forever. I'll be getting the card through them.
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Old 10-16-2008, 05:43 PM   #16
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You get cledit cald and buy rotsa stuff you rike! It buird you cledit leally fast round eye!
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