05-01-2013 01:24 AM
I was in your shoes at one point. When I was 20, (almost 23 now), I had great credit. My income wasn't too bad either for my age. I tried to finance a 2011 Hyundai Sonata, and they wouldn't allow me to. Not because of my credit score, but because I had only established credit for two years. I was even going to do a down payment of 4k, and that still wasn't enough. They said I'd need around 7k or 8k in order to be approved on my own.
Unfortunately for me, I have the best credit in my family, so a cosigner wasn't going to be able to work for me.
Now that i'm almost 23 (in july), I'm actually currently in the process of getting a car. To this day, I have yet to have a car loan on my credit. So when I apply, I'm still a little worried wondering if 5 years makes a bigger difference than just 2 years of credit history. I have 6 credit cards (two of which I just got in march) and 1 unsecured personal loan (which I got in October 12'). I'm HOPING this is enough credit history to finance a car. WE WILL SEE!
For your age, I'd just stick to some super cheap. If you have the luxury of a cosigner, then by all means, DEFINITELY use that as a resource.
05-01-2013 06:40 AM
05-01-2013 07:36 AM
I think you'll be happier down the road with the decision. Believe me, I know I was there when I was young! Had a 1990 Volvo 240 for a while, then a rust bucket 94 Isuzu Rodeo before I had my job and had credit to get a used 05 Acura TL back in '09!
05-01-2013 09:12 AM
Be careful with having so many from what I've learned so far between 2-4 cards are good I believe. And thanks everyone fir your input Ill just save and get the 87 Monte Carlo I originally wanted. After that ill be able to get another job and get in a dealership.
Oh, I am. I'm very meticulous when it comes to my credit.
but really?? I've heard 3-5...I'm already pretty much at my limit. I was stopping at 5, but then I heard about the rewards combo with the CSP and the Freedom. I had gotten the CSP, so I HAD to get the freedom. Now that i'm at 6, I'm pretty much set. No need for any other cards. I don't wanna have a lot of credit cards anyways. Even now, I don't even carry all my cards with me. I only carry 3 out of the 6 that I have. lol. CSP, Freedom, and my AMEX.
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