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My credit report says I have 9 months of credit history and they say thats bad, so that means I need to wait till one of my accounts gets a year old before I should apply for and autoloan? and have a downpayment.
All it means is that a short history is a negative factor. Having an account hit one year may help but it's really your AAoA that matters versus the age of a single account.
Where did you get the report and which CRA is it from? Does it list all of your accounts -- both open and closed? Is it your AAoA that is 9 months or your oldest account?
From Fico.com I open my first secured credit card last December.
If you have the down payment and the income to afford a car, I think you can buy a car. Longer history might help you get a better rate, but you can re-fi later if needed.
If you are 21 or have enough income, it might also be time to get an unsecured CC. Something like the Discover IT for students or another student card. Just be sure to always pay all of your CC's in full each month.
If you go this route, try to get the auto loan and the CC at about the same time. Your score will drop once either report to the CRA's. Your score will rebuild over time, but in the mean time, it will make getting anything else more difficult.
I have a $2000 credit limit unsecured Best Buy card. I am 31.
@CJIII29 wrote:I have a $2000 credit limit unsecured Best Buy card. I am 31.
Sorry I just assumed since your credit history is new, you might still be in school. Before you turn 21, it is difficult to get a CC unless you have substantial income. Or a co-signer.
My advice for a third card still stands. Just not one of the student cards. FICO likes to see 3 CC's. Moreover, some CCC's ignore store CC's when evaluating your credit worthiness. Once you have 6 months of credit history, you should be able to find a starter unsecured CC.
In any case, with your scores, you should be able to get a good autoloan.
I will wait till tax time to try for a auto loan once I have a downpayment.
i only have 1 year of credit history but i went nuts applying for credit just 3 months ago when i had 9 months of credit and it has worked out for me, you should try getting The CapOne Journey Visa or QuickSilverOne MC or Discover it for Students, They are very easy to get and you Don't have to be a Student...
Do I really need another credit card.
@CJIII29 wrote:Do I really need another credit card.
for best scoring its best to have 2-3 or more cards.
if your card is lost or stollen or is otherwise comprimised, see Home Depot and/or target, and they issue a new card,you could be without your card for 5-7 bussiness days.
If there is any issue with the card you are stuck without access to credit.