New to credit and am looking for a few suggestions

[Josh611]

Hello Everyone

Been reading the boards for a little while now and decided to make an account tonight

As of sunday I will have 6 months of history under my belt

I currently have 2 cards of my own and one that I am an AU on

I have the following cards

Cap One Secured $401 (6 months old as of Sunday)

Kohls Charge $400

BoA Rewards $5000 (AU, first month being on the card. I am the only one using it and will PIF every month)

My inquiries are as follows

EQ 7, EX 4, TU 6

Most of my inquiries were due to me not knowing what I was doing. Have not had a single one after I did some research and learned more.

I will be 21 in September and only make ~$12k a year

Will be going to school Full-Time in the fall again, but  this time I will be taking out studnet loans (only $3k at the most a semester). I would like to purchase a car as mine does not have much life left but not sure if I would actually qualify for a loan. Would probably be around a $8k-$10k loan. Any input on that?

I have always PIF every month and under 30% util. I was also looking into getting the Discover IT Student card but not sure if that would be a good idea as I don't want another inquiry. Have read a few places that having 3 cards helps but not too sure on that. Would it be beneficial adding a 3rd card?

Just looking for any helpful suggestions

If this is not in th correct subforum, please feel free to move the the proper section.

Thanks,

Josh

[firesoul453]

When I was 21 I made about the same and looked into selling my car and buying one at a car place.  I have more credit history but seemed like most places I talked to expected a Co signer for my age anyway.  Also most said financing under $15k would be hard to do.  

On top of that you still want a down payment for a new car.  Do you have any savings? 

[Josh611]

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@firesoul453 wrote:

When I was 21 I made about the same and looked into selling my car and buying one at a car place.  I have more credit history but seemed like most places I talked to expected a Co signer for my age anyway.  Also most said financing under $15k would be hard to do.  

On top of that you still want a down payment for a new car.  Do you have any savings? 

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Have $2-3k I was thinking about using for a down payment. Preferably more around $2k. I don't have any real expenses other than paying for things I want. Still living at home so no big expenses. I've thought about selling mine too but really don't think I could get more than $1k for it. Proably more around $700ish. THe car is leaking oil and I believe the trans is about to go.

Was thinking about having my grandma cosign for me. She has around an 800 score but is in her 70's so not sure if that would work.

[firesoul453]

I was basically in your exact same position when I was 19.  You can  always get more for your car from selling it personally and not to a dealer.  My car stopped going into reverse most the time and I really  needed a new one.  I was hoping to finance one and get a pretty nice car but it didn't happen.  I ended up wreaking it and selling it as junk and buying a car from a guy.  I'm still driving it.  

My current plan is to get a new one once I get my first job out of college.  (so hopefully next year).   That way I can put a ton down and they will be more likely to finance it.  If yours can last you till after college,  that might be your best bet. 

[Josh611]

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@firesoul453 wrote:

I was basically in your exact same position when I was 19.  You can  always get more for your car from selling it personally and not to a dealer.  My car stopped going into reverse most the time and I really  needed a new one.  I was hoping to finance one and get a pretty nice car but it didn't happen.  I ended up wreaking it and selling it as junk and buying a car from a guy.  I'm still driving it.  

My current plan is to get a new one once I get my first job out of college.  (so hopefully next year).   That way I can put a ton down and they will be more likely to finance it.  If yours can last you till after college,  that might be your best bet. 

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That is what I would like to do. Unfortunately, I don't think It will last that long. I will hopefully be finished with school in 3 years. Have gone full/part time the past 2 years to a local community college to save money. Regret not taking more courses while there. If I have to may just look for another used car for around $2k. Just don't want to have my car die in the middle of the weak and have to miss a class or work.

[09Lexie]

Welcome to the forum.  As you are looking for a car soon, adding a cc should wait.  It is widely suggested to have 2-3 cc's which you have now. I would get the car and perhaps add another cc in 4-6 mos.

Regarding qualifying for a loan, feel free to post in our Auto Forum for assitance with loans/financing. 

[notfancy]

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@09Lexie wrote:

Welcome to the forum.  As you are looking for a car soon, adding a cc should wait.  It is widely suggested to have 2-3 cc's which you have now. I would get the car and perhaps add another cc in 4-6 mos.

Regarding qualifying for a loan, feel free to post in our Auto Forum for assitance with loans/financing. 

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adding to what Lexie posted, also look into your local credit unions. They tend to offer really good rates on auto loans and they can sit and talk with you about what you can afford loan wise, and what they'll approve. (hopefully with out a co-signer) Your income is on the lower end, so that could be hard for you to get a loan as many places seem to want a borrower to have 1800-2000/ month income minimum for an auto loan.

[Jerry45]

Welcome to the Forum!

[Josh611]

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@notfancy wrote:

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@09Lexie wrote:

Welcome to the forum.  As you are looking for a car soon, adding a cc should wait.  It is widely suggested to have 2-3 cc's which you have now. I would get the car and perhaps add another cc in 4-6 mos.

Regarding qualifying for a loan, feel free to post in our Auto Forum for assitance with loans/financing. 

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adding to what Lexie posted, also look into your local credit unions. They tend to offer really good rates on auto loans and they can sit and talk with you about what you can afford loan wise, and what they'll approve. (hopefully with out a co-signer) Your income is on the lower end, so that could be hard for you to get a loan as many places seem to want a borrower to have 1800-2000/ month income minimum for an auto loan.

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I had planned on going to a local CU. I have heard from a few people that they are generally easier to work with

Thanks for all the tips everyone