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Old 01-09-2006, 06:38 PM   #21
KiNG $h!T
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Quote:
Originally Posted by RACER X
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
who ever said i owned a house??? i said i have my own place... A APARTMENT. I dont have any credit cards though or anything like that.
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Old 01-09-2006, 06:59 PM   #22
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<-- credit score 740 mwahah

i think it's my cell phone bill that built me up though

same company for 8 years never missed a payment. i use my credit card to pay it automatically every month, and i use my checking account to pay my credit card automatically every month.

it works great, never have to worry about paying them. online banking is the too.

but in regards to you chris... they all have good advice, the only way to build credit is to spend money, and usually you spend more than you need to but that's basically the idea. they want to ensure you can make the payments for desired time. good luck, hope you get what you want.
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Old 01-09-2006, 07:36 PM   #23
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Quote:
Originally Posted by RACER X
...financing bike is for suckers. IMO
i'm gonna have to agree
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Old 01-09-2006, 07:41 PM   #24
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Quote:
Originally Posted by fuknrobert
<-- credit score 740 mwahah

i think it's my cell phone bill that built me up though

same company for 8 years never missed a payment. i use my credit card to pay it automatically every month, and i use my checking account to pay my credit card automatically every month.

it works great, never have to worry about paying them. online banking is the too.

but in regards to you chris... they all have good advice, the only way to build credit is to spend money, and usually you spend more than you need to but that's basically the idea. they want to ensure you can make the payments for desired time. good luck, hope you get what you want.
koo koo yea im gunna go about seein ghow to get a student credit card... joey told me about some so im gunna do that and then set it up to pay my bills as you did. thanx for the advice and as financing a bike is for suckers what ever... i dont mind financing a bike as more then likely i will pay it off a of alot sooner and it will just help my credit out.
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Old 01-09-2006, 07:50 PM   #25
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Bank of America has the best Student credit card program. They approve almost everyone. You should be in if you have no credit history. You can apply online. Try them first, next is Wells Fargo. Also a credit union is a good place to build a relationship with for future purchases (car,home etc.). Easier Lending Standards...
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Old 01-09-2006, 11:00 PM   #26
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Smile

I bought my bike as my first MAJOR loan/line of credit.

The only thing I had on my credit before that was a $800 TV on a Best Buy line of credit that I got with unestablished credit.

Trust me SOMEONE will give you a line of credit. I would just wait untill your 100% sure you can make all the needed payments + insurance.

Good luck though. This thread just goes to show that Credit is a squirelly thing man. Everyone thinks they have it figured out, but nobody really does.

There are 3 major credit reporting agencies (Equifax, Esperian, TransUnion). Get your credit report! That is my number one piece of advise. If you have been denied credit there is a VERY good chance you have old outdated information on your credit profile that is setting off fraud alerts when you put your new information down on an application. I had this problem, they had my primary address as my dorm room my freshman year of college in california. . because I got my first CC from a fundraiser there. Screwed me a few times till I sent in all the corrections.

Another benefit of getting your reports is that you will be able to get a handle on where your Score is and that can give you some bargaining leverage.

I use ConsumerInfo.com. And I run a lot off my credit and am currently starting a business using my excellent credit as a tool. I actually pay for the whole credit alert service so I know when someone Inquires on my credit, who they inquired with, and what information they recieved. The service also has LOTS of REAL information on it for how to properly build credit and many other topics.

I hope this helps. I have cultivated excellent credit in a remarkably short amount of time.

GOOD LUCK FINANCIAL INSTITUTIONS ARE BASTARDS! :BangHead:
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Old 01-10-2006, 12:56 AM   #27
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hehe credit is fun.

Just be careful, you can get yourself into a lot of .
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Old 01-10-2006, 03:05 AM   #28
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Quote:
Originally Posted by CarbonR1
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.

OK YOU HAVE HAD LOADS OF ADVICE BUT TRUST ME COZ I'VE JUST SPENT 5 YEARS ON THIS AND LEARNED EXCATLY WHAT WORKS AND WHAT DOESN'T!!! CARBON R1 HAS GIVEN YOU THE BEST ADVICE THUS FAR, TO BUILD CREDIT YOU NEED TO PROVE YOU ARE STABLE/RELIABLE AND THE ONLY WAY TO DO THIS IS OVER EXTENDED PERIODS OF TIME. FORGET ABOUT STORE CARDS - THEY WONT APPROVE YOU COZ ONCE YOU PURCHASE ITEMS ON THEM THE GOODS CAN'T BE REPO'D LIKE A CAR. SO THE STORE WONT WANT TO APPROVE YOU BUT EVERYTIME YOU APPLY FOR A NEW LINE OF CREDIT IF YOU ARE APPROVED OR REJECTED IT HURTS YOUR SCORE!!! REMEMBER THIS WHEN BUYING A CAR FROM A DEALERSHIP AND THEY TRY YOU FOR CREDIT TO 10 LENDERS AT ONCE TO SEE WHO BRINGS THE BEST DEAL!!! THAT'S 10 HITS ON YOUR RECORD AND IN MY CASE IT WAS TEN REJECTIONS AND THAT WAS ONLY ONE DEALERSHIP - I HAD TRIED 4 OR 5 THAT WEEK!!!

HONESTLY, THE VERY FIRST THING YOU DO IS CONTACT YOUR BANK (OR SOMEBODY DIFFERENT)AND APPLY FOR A SECURED CREDIT CARD. IT WILL SOUND STUPID COZ YOU GOTTA PAY MONEY TO THEN BORROW MONEY TO THEN PAY BACK WITH INTEREST BUT JUST LOOK AT IT AS IF YOUR STASHING SOME MONEY AWAY COZ YOU'LL GET IT ALL BACK WHEN YOU CLOSE OUT!!! I STARTED WITH $750 THAT WAS IT. ALWAYS, IF YOU CAN, PAY OFF MORE THAN THE MINIMUM BALANCE BUT NEVER PAY IT ALL OFF AT ONCE. IN THE CREDIT WORLD IT'S LOOKED AT LIKE YOU WERE JUST LUCKY WITH MONEY THAT MONTH, LIKE YOU HAD A RARE WIN IN VEGAS (I KNOW IT'S STUPID BUT TRUE) IF YOUR MIN PAYMENT IS $15 EVERY MONTH TRY CONSISTENTLY PAYING $50 EVERY TIME.
AFTER 12 MONTHS OR SO YOU'LL BE APPROVED FOR A FULL CREDIT CARD. IT MAY ONLY HAVE $1000 LIMIT BUT IT'S A START AND AGAIN DO THE SAME WITH THE PAYMENTS - MORE THAN YOUR MIN!
TRY FIND A CO-SIGNER FOR A CAR, THIS WILL HELP AND MAKING GOOD MONEY DOESN'T HURT!

BUT LISTEN - ELECTRIC BILLS, CELL PHONE BILLS WATER OR INTERNET EVENT RENTAL HISTORY DO ALL FOR YOU TO IMPROVE CREDIT. DONT BELIEVE ME??? CALL YOUR ELECTRIC PROVIDER AND ASK THEM IF THEY REPORT ON TIME PAYMENTS. THEY'LL TELL YOU NO BUT IF YOU ARE LATE PAST 60 OR 90 DAYS YOU'RE RIGHT THEY'LL CUT YOU OFF AND SEND YOUR HAPPY TO A DEBT COLLECTOR AND THAT IS REPORTED TO THE CREDIT BOARDS.

A BIKE IS ABSOLUTELY ONE OF THE HARDEST THINGS TO BE APPROVED FOR BECAUSE IT IS CONSIDERED A LUXURY ITEM. IT IS HARDER THAT FINDING A $150,000 MORTGAGE - SERIOUSLY!!!

THE KEY IS TO BE PATIENT AND ON TOP OF THINGS. MY TRUCK IS CO-SIGNED BY MY WIFE BUT IT'S WHERE I STARTED. 1 YEAR LATER MY CREDIT WAS STILL SO I DID THE SECURED CC JUST IN MY NAME. 1 YEAR LATER I (AT A VERY NEAR MISS) WAS APPROVED FOR A BIKE AGAIN WITH MY WIFE AS CO-SIGNER AND A OUTRAGOUS INTEREST RATE. 6 MONTHS LATER I HAD IN 3 YEARS RAN FROM NO CREDIT SCORE AT ALL TO A 540 TO WHAT I AM NOW A 725 APPROX
- 3 MONTHS AFTER THE BIKE I WAS APPROVED FOR 100% FINANCING ON A $170,000 MORTGAGE!!! IT'S A SHAME I JUST CAN'T AFFORD IT!!

GOOD LUCK AND SORRY FOR THE ESSAY LENGTHED POST!!!

Last edited by Flying Scot; 01-10-2006 at 03:11 AM.
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Old 01-10-2006, 04:24 AM   #29
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thanx for the info guys !!!
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Old 01-10-2006, 02:16 PM   #30
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I wouldn't suggest starting with department store cards. Why bother? Amex, Visa, Mastercard and you can shop wherever you want. Building a credit history is all about time and ABSOLUTELY no late payments, charge offs, collections. Bad credit is easy to get but hard as to get rid off. If you are broke and have no money just make sure that you make the min payment, and you can catch up the following month. Just get 1 or 2 major credit cards and pay them on time, for a year or more. Maybe take out a personal loan or two at the credit union or bank. Pay those off over a one year period and you will have credit good enough to buy what you want. No biggie, just takes time.

Oh yeah Flying_Scot is right. Rental History, Cell phones, Home phones and like that don't improve your credit. Pull your credit report, I do it about every 6 months, and you will not see Reliant Energy, Your apartment, Verizon, etc on there. Utility comps only report on your credit if you are seriously delinquent and they do a charge-off.

After you have your credit is perfect invest in real estate, after your first few houses you can buy whatever bike you want, CASH. I'd give anything to be 20 again and I'm only 25. If you can finance a bike you can finance a house. It's hard to to buy a bike for 4k and sell it for 10k. But its super easy to buy a home for 45k and sell it for 80k. Actually theres more to it than that but you get my drift. <------ Bro, this last piece of advice is gold. An older guy at my job tried to introduce me to real estate investing when I was 19 or 20 and I really wasn't trying to hear it. I ran into him about a year ago and he quit that job and his 15 rent houses make his money for him. I finally saw the light when I was 24 and bought my first home. Wish I would have listened 5 years ago.

Good Luck.

Last edited by andre3k; 01-10-2006 at 02:30 PM.
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Old 01-10-2006, 03:03 PM   #31
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Try moving out of mommys and daddys house! :laughing6

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Old 01-10-2006, 04:47 PM   #32
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Quote:
Originally Posted by Jester
Try moving out of mommys and daddys house! :laughing6

JZ
already done that... try knowing what you are talking about before you run your mouth.:laughing6
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Old 01-10-2006, 06:01 PM   #33
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apply for a few credit cards buy small stuff and pay them off. do it for liek a year.
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Old 01-10-2006, 08:33 PM   #34
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Save your money and pay cash! Even if your approved your going to get a intrest rate 12% +! You need to own your own home first, so you dont get screwed! How old are you?

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Old 01-10-2006, 08:33 PM   #35
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Quote:
Originally Posted by Jester
Save your money and pay cash! Even if your approved your going to get a intrest rate 12% +! You need to own your own home first, so you dont get screwed!

JZ
koo thanx for the helpful info.
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Old 01-10-2006, 08:57 PM   #36
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12% is ok. jsut buy cheap stuff things under liek 50$ and pay for it the same month. It helps.
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Old 01-10-2006, 10:26 PM   #37
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Quote:
Originally Posted by Jester
Save your money and pay cash! Even if your approved your going to get a intrest rate 12% +! You need to own your own home first, so you dont get screwed! How old are you?

JZ
this is probably the worst advice ive ever heard. the topic of this thread was how do i build my credit. not how do i spend my money. :BangHead: how is he gonna build his credit if he pays verything in cash? and the type of loans that help out are called secured loans. for example: car, house..... like that. thats the kind of credit that will show the most responsibility. i know this cuz im a loan officer for one of the biggest companies in the world. and carbonr1 is definately right. it doesnt help to pay them off every month.
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Old 01-10-2006, 10:34 PM   #38
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damm pro loan officers now.
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Old 01-10-2006, 10:36 PM   #39
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Quote:
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damm pro loan officers now.

for life
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Old 01-10-2006, 10:36 PM   #40
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There has been some good advice given here. FWIW, here's my first bike experience.

I was 19 or 20. Everyone wanted a cosigner. I didn't want to get anyone to cosign anything. I was out on my own. I had just opened a new savings account with a credit union. They agreed to give me the loan, with no cosigner, if I started a checking account and moved my direct deposit over there.

After I paid off that bike, I seemed to get more attention from loaners.
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