I am looking for a fast way to build my credit.?
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So here is my story. I need to build my credit to buy a car. I have had a small credit card from a local bank for a year. I have made all my payments on time. I applied for an auto loan and was rejected due to lack of credit. They needed a co signer, but I do not have one. The finance officer of the company I work for told me to get a second credit card to establish "lines of credit". I have done this and have also made the payments on time. I need to boost my credit fast. I am looking into a car that is about $13,000. I plan to sell my current car for $500-1000. I also plan to save $1500-2000 for a down payment. What can I do to build more credit? What is a sufficent down payment? How can I get a loan without a co signer?
I am looking for a fast way to build my credit.?Paying the minimum amount on a credit card will decrease your ability to get more credit. You need pay off the whole balance each month.
Look at it from their view point. They are looking for people who have the best chance of paying the money back. That is not someone with maxed out credit cards.
I am looking for a fast way to build my credit.?Use your credit card for all your living expenses leaving your pay in the bank without using it. Each month or when your credit card payment is due, transfer the money from your account to your card. Remember that you are not charged interest until after 30 days(check terms) so there is no extra costs by using your card instead of cash. REMEMBER THOUGH if you take cash out of your card you WILL be charged interest on the total amount owing, so be aware of this. Using the card and account the right way will show the bank manager that you are aware of how loans cards and cash accounts work and it will also give you interest on the money that you have in your account.
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