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01 frontier , 89 Shelby CSX vnt
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Discussion Starter #1
hey im posting this for our younger guys , a year ago i tried to get a car loan on a 95 talon awd turbo , they claimed i didnt have credit (even tho i had 3 store credit cards and 2 car loans that i had paid off) and told em the rate would be 18%....long story short i waited till i got home to florida to worry about building up my credit as i figured my one late payment on a card hurt me pretty bad

so last week i went down to the bank to ask if they knew a away to build up credit , they said they had a 500 dollar limit card that just about anyone could get so i took them up on the offer and at 22 i have my first major credit card for emergencies . also turns out i did have credit and it was actuly pretty good and was only marred by that late payment

moral of the story here is be careful with credit cards and when you go out to get a new car it would be helpful for you to get the loan thru the bank as they wont lie about your credit rateing to jack up your interest rates
 

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1995 FTS
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Yeah, if there is one thing I have learned while working in the mortgage business is that credit is everything! I got a credit card for target and a Capital One platinum card. It only has a $500 limit as well so I'm starting off early and hoping to build up my credit fast. Since the Spec V is still in my name I'm getting all the credit for the car being paid so I checked my credit rating back in september and at the time I was at 695 credit rating and a perfect score is a 900. So it would be interesting to see what it would be now. Hopefully I've broken into the 700's since I have yet to pay off anything late.
 

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Watching the Watchers
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All i see today are young people with crap credit, nobody is responsible anymore....yes you do actually have to make those payments you agreed too....i've owned a mortgage company for 8 years and i've never seen the credit situation in this country worse.
 

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Watching the Watchers
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5,959 Posts
Heres a tip, when you have a new baby, get him a credit card on your account. Dont tell him/her about it, just throw it in a drawer. The reason for this is besides bad credit another problem for young people is no credit. And even once you get some credit cards they wont have been established long enough. Id be willing to bet if Stoneage looked at the credit factors on his report that the top one would be "length of time reporting". By doing what ive said, by the time your child starts to really care about credit in his late teens or early twenties he will already have a 20 yr history. Now remember to pay your payments and dont screw up your kids credit ;)

Also for the best scores never have any cards maxed out. 2 cards with 5k limits that each have 2500 on them is better for your score than 1 5k credit limit card maxed out.


Any questions? Feel free to PM me
 

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01 frontier , 89 Shelby CSX vnt
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Discussion Starter #6
yup , your right brett , also there is such thing as too good of a credit , that perfect 900 score will get your arse denied too !!!!

from what i was told 600-750 pts is where you want to be

morgage company eh brett ? wondered how you were driving the new lexus ....one day ill be pimpin like that
 

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Watching the Watchers
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720 plus is ideal, A+, perfect credit. 620+ should qualify you for most anything other than some of the VERY best mortgage and credit card rates.

Never saw anyone with high credit have a problem, in all my years and thousands of reports the highest ive seen is 825.

The top score is only theoretically obtainable since the scoring works on an asymptotic line, thus the highest and the lowest scores will never be seen in reality.

My experience is almost wholly in mortgages, what type of credit is required for car loans or credit cards is not my speciality. THough i will say this, about a month ago I applied for a new credit card that was offering a free HP laptop if you transefered a balance to them, i figured why not....well with my years of perfect credit and 787 score, i was denied...lol....go figure. im not sure what they're looking for but damn, i hadnt been turned down for anything in years
 

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01 frontier , 89 Shelby CSX vnt
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Discussion Starter #8
my buddy was turned down as it was a "too much potential for debt" thing , maybe that was your case ? the guy had everything paid off and wanted to buy a new rubicon wrangler
 

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91 Allante (gone), 06 SRX (gone)
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One of my co-workers, had a hard time getting a home loan at age 32 because she had no credit history. With a 10+ year professional career, she always paid cash for everything - including two cars.
 

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I'm a Cadillac Fanatic!
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Having too much credit is bad because if you've got cards with $100,000 combined and unused - and you go to buy a house or car - the bank is going to wonder what might happen if you suddenly max-out those cards and owe $100,000 besides what you now owe them...
 

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Watching the Watchers
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Your basically right Sal. Except Banks dont typically make those decisions anymore, its all computerized. Having too much available credit will definitely lower your score.
 

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The things Brett posted about credit ratings being worse today than ever are probably true. But it's also true that as a result lenders have had to lower their standards to a certain degree to compensate.

A guy I work with just sold his house. In order to close the deal and help the buyer qualify, they worked out a deal where the buyer paid the asking price of the house, but the seller rebated $5000 to the buyer which was in turn used as the buyer's downpayment.

The deal wouldn't have gone through if the seller had just lowered the price by $5000--no, he had to play stupid paperwork games with the mortgage company. It all seemed dishonest and unethical to me, because not only was the mortgage company duped, but the real estate agent got paid commission on that amount, too.

I'm glad that my lesson with credit cards wasn't too expensive, and glad that it was a long time ago. The best advice I could give is to establish a relationship with a banker. Don't be afraid to go in and just ask for advice. Let them know what your plans are and ask for their help. Banks don't make money unless they make loans.
 

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I'm a Cadillac Fanatic!
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Good people sometimes have bad credit. In the mid-90s, the house I was living in (rented) burned-down. Something wasn't right with the home-owner's insurance and it took two years to get compensated for my losses. During that time (my early 20s) I was living paycheck to paycheck and needed loans and credit cards to buy what I needed. After the fire, all I had left was what I was wearing that night (New Year's Eve). I maxed out all my credit cards to buy clothes, furniture, electronics and everything else you need to live - thinking I'd be compensated sometime soon. Needless to say, the money came long after all my bills were long over-due...
 

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Quite right Elvis. Banks and credit card companies deserve a tremendous amount of the blame, as they extend WAY to much credit to people that in lots of cases cant pay it back for years and years. Nobody should really have a credit card with a limit over $5,000. But that is just the start. I have 2 credit Cards at 25k and one at 50k limits!!! Ridiculous? yep. These are unsecured loans, and if i chose to transfer my mortgage onto my credit cards and declare bankruptcy there is very little they could do about it. These companies in the search for more and more profits have turned to lower and lower qualifications. We as consumers must be responsible. But the big guys dont make it easy.
 
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