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Old 01-09-2006, 01:52 AM   #1
KiNG $h!T
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Building credit????

How did you build your credit??? Been trying to get a new bike, but not having a credit history sucks.... how did you go about building your credit in the begining?
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Old 01-09-2006, 01:56 AM   #2
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im trying to build mine. i have a credit card
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Old 01-09-2006, 01:57 AM   #3
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so what you just had a cosigner for your bike?
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Old 01-09-2006, 02:06 AM   #4
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get some oen to co sign your bike if you cant do that get a credit card strart buying a little bit of stuff on it and paying it off like 30 bucks a month dosnt matter, if you do that you got to have credit cards for 2 years before you will be able to get a bike on your own

only other thing you could do to help speed it along is get yourself small personal loans and just pay back the money after a month

its a to get financed on a bike tho
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Old 01-09-2006, 02:18 AM   #5
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start with credit cards, cell phones, electricity bill, cable bill, starts u off good, and get a cosigner to get some car buyers credit. i heard getting a bike is harder than getting a car, i dunno i might be wrong?
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Old 01-09-2006, 07:27 AM   #6
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i htought you owned a house?

yes, getting financed for a bike is harder then a car, and don't fall intoit the trap of financing a bike and getting liability only.

as for buiilding credit, start w/ smaller cards: target, gas cards. and it's gonna take a while to build it up enough to get a bike financed.

financing bike is for suckers. IMO
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Old 01-09-2006, 08:45 AM   #7
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credit card/ car payments/ department store cards etc...
Pay early payments and pay stuff off early.
Call for credit limit increases and dont max them out.
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Old 01-09-2006, 08:59 AM   #8
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The reason why itís harder to get financed on a bike, is because it is not an necessity item. It is listed as a luxury item, everything stated above will help build credit.
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Old 01-09-2006, 09:04 AM   #9
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Quote:
Originally Posted by zero4o3
only other thing you could do to help speed it along is get yourself small personal loans and just pay back the money after a month

its a to get financed on a bike tho


I dont think you know how the credit world works but, the above will do absolutely NOTHING for your credit...

The GOOD credit is the long term payments ( i forget the proper term for this ) such as a Car payment or a House payment,, CC's dont do a whole lot for your credit..
And dont get a loan this month and pay it all back next month and expect to have good credit b/c that'll never happen. Credit is reported once every Quarter, not once a month.

Trust me, when i bought my house I learned alot about how the credit world works, and the above suggestion will not do anything for you..

A bike is considered Recreational basically, and creditors look at it like this,

if you have Rent,( assuming you have to also pay for electric, food and the other things that go along with a place to live) Car, Credit Cards and a bike note, when you get into financial trouble what is the first thing you wont pay??

The thing that you dont need the most, in general, if you dont have really good credit you're screwed as far as getting credit on a bike..

But, good luck
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Old 01-09-2006, 09:25 AM   #10
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what ever you do I would not get a couple of cards and start using them unless you can be responsible enough not to max them out!!! I have been there and it sucks took me for ever to get them paid off!!! They also look at debt to income ratio and if you have a bunch of revolving accounts that will not help, I do know that about six months after I bought my house I had everybody wanting to give me credit!!! They also look at job history to see if you are stable or not!!!! GOOD LUCK!
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Old 01-09-2006, 11:18 AM   #11
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^^ what all they said ^^
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im not a midget , i was actually born with a type of dwarfism, but i took medication for 12 yrs to reach just 5'6"
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Old 01-09-2006, 11:25 AM   #12
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man... i cant even get credit cards to start building my credit? what are real easy ones to get? i have absolutely no credit... and im already 20 yrs old
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Old 01-09-2006, 11:26 AM   #13
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Go ahead and get a first-time-buyer loan (which is typically high-interest) then, in six months of on-time (over-pay each month is even better) payments, refinance your rig.
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Old 01-09-2006, 11:35 AM   #14
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The first cc I ever got was a circuit city card!!! Bought TV car stereo paid for it never maxed it out!! Bank loan small took it for a year paid off!!! Start small and go from there if you can get a co sighner that will help but what ever you do make sure you pay on time and more than the min late payments will screw your credit up and not paying and the cc company puts a judgement on you that will stay with you a long time!!! People are very hesitant to co sighn just my experience I co sighned for my brother on a car and he totally me!!!! Never even made a payment as soon as he got the car he lost his job and said it so I was and I said it called the lien holder and told them to come get it that was back in 95 and it was off my credit report by 2001 that sucked !!! So if you can get a co sighner make sure you pay the bill!!! Oh yeah I barley speak to my brother he never said sorry nothing acts like it never happened!!!! Even had the nerve a couple of years ago to ask me for a loan told him NO!!!!!!!
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Old 01-09-2006, 11:47 AM   #15
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and that's why you never help family members
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im not a midget , i was actually born with a type of dwarfism, but i took medication for 12 yrs to reach just 5'6"
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Old 01-09-2006, 11:53 AM   #16
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Quote:
Originally Posted by TxVrod
Go ahead and get a first-time-buyer loan (which is typically high-interest) then, in six months of on-time (over-pay each month is even better) payments, refinance your rig.

they give these loans to 20 yr olds w/ no credit? where do i sign up?
i need a truck!
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We must use terror, assassination, intimidation, land confiscation, and the cutting of all social services to rid Galilee of its Arab population.
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Old 01-09-2006, 03:27 PM   #17
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one way is to get like a Foley's card, or something along those lines.. that way it builds yuor credit...
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Old 01-09-2006, 03:28 PM   #18
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your best bet would be to start off with a gas card, they are easy to get...when your bill comes in make a payment, but don't pay it off...like carbon said payin it off every month does almost nothing, if anything. i would say the best way is to have a credit card with a balance or a small loan and make your payments and then after the 1 year mark pay it off...if you can make a bigger payment do it. in fact try to always make a bigger than minimum payment cuz chances are the interest alone is more than the minimum. dont be late on your payments. thats all i can come up with right now.

and if you really need it, i know a guy that can actually help you fix/build your credit...just send me a pm and i will look for his card
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Old 01-09-2006, 03:28 PM   #19
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i got my first ever credit card ($5k limit) at the age of 18 and got my 01 zx6r (slavaged). having a bank account and job is the 1st step.

building up credit will take about 1-3 years. my credit score is 736 as of november and one reason is the proportion of balances to credit limit on my revolving/charge accounts is not high.
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Old 01-09-2006, 05:57 PM   #20
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ok u can either listen to everyone here is guessing on how they built their credit or u can go to freecreditreport.com. for a one time $30 payment they will give u three scores from three diff companies and on top of that they will tell u WHY you have that score and WHAT u can do to raise it. i did mine while i was deployed and they told me how to raise my score 50 points in 2 months
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