First Time Credit

[-Cain-]

The way i like to see it is your credit report/file is building, but FICO likes 6 months in order for it to make its first assessment of the type of risk you'll be to creditors.

Sort of like college football, where the BCS polls/computers do not publicize their rankings right away, they'll start at some point into the season to factor in more numbers.

[-Cain-]

I was pre-approved for a $15k loan on a $19k purchase at 8% APR. American Honda offered something like 16.25% to me. I did have some history with my CU already though. Again, this was my personal experience, so YMMV. Just letting you know it is possible.

[Anonymous]

I have a credit card with CAP ONE and they have auto loan programs too. I might give it a try. But i read some bad reviews about it

[-Cain-]

I have no experience with Cap1 auto loans, but just do research on it. I'm sure you'll find plenty of reviews and you'll get a good idea of them from what the majority of people feel. I don't think everyone will please 100% of people all the time, so you'll have to read that review and form your opinion of what happened and decide if it's good for you.

[-Cain-]

Another possibility is going through Cap1 to get your loan, then 6 months-1 year down the line go shopping for a refi at a better rate with your bank or CU.

[Anonymous]

Thank you so much for your responses/advices and helpful informations.

[Anonymous]

Well bad news. I got denied.

[Revelate]

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@Anonymous wrote:
Well bad news. I got denied.

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I'm not surprised: cap 1 auto is not nearly as "subprime" as they used to be, and nowhere close to what their cards are.  I wouldn't sweat it that much, I don't know anyone that has any interaction with cap 1 and comes away smiling.  

If you have a decent downpayment, you can absolutely find someone to give you a loan.  Just make sure it reports, and go open another card as well somewhere, secured or otherwise.  

[Anonymous]

This sucks. I already have 8 hard inquiries coz i had no idea that everytime you apply for a cc autoloan etc affects you credit report and score. I just established 3 months and i already have a bad record

[Revelate]

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@Anonymous wrote:
This sucks. I already have 8 hard inquiries coz i had no idea that everytime you apply for a cc autoloan etc affects you credit report and score. I just established 3 months and i already have a bad record

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Well if you just pulled the auto one on Cap 1, I can pretty much guaruntee you they pulled all three bureaus: so you now have a 13ish day clock starting basically tomorrow morning - go shop for auto loans and it won't impact your score any further as though auto loan inquiries will roll up into one score wise.

Beyond that, you're doing fine, you know far more at your current stage of life than I did at that time.  You'll be OK, inquiries don't kill you, and they fade off the scoring faster than anything other thing which actually gets on the report.