Getting car loan on no credit?

unless you live with your parents or otherwise rent free paying that much with only making 28 k per year is too expensive. You will have to finance either 5 years or more to lower payment. Buy a beater until you save some cash.

 

I made a post on the previous page regarding my updates.

 

ok dude...Good luck!

 

In my opinion OP, there is no way you need 2 vehicles. One vehicle is fine. Your heart is overruling your head here I think.

Just because you may be offered a loan now with your new, young credit, doesn't mean you can 'afford' it.

Good luck OP. The adult life will cost you more than you think.

 

In what field does a masters have an entry pay of 28k?

Getting a good credit score is largely history, so that's something that takes time. Having a credit card with a low limit is good enough even if you don't put a ton through it. I got a credit card in my name at 18 mainly for gas, but it built up a good credit score by the time I graduated. I was approved for a home loan at 22 being in my post-graduation job for 8 months. 5 months later I bought a brand new car at 23 qualifying for the lowest APR they offered. Home loans are trickier so I didn't want an existing auto-loan while trying to buy my house. This was all only ~3 years ago so not much has changed besides PMI being a lot worse on FHA loans.

 

I have No credit too and I can't get a cc..,how does that secured card work ?

 

You have to put money down against your max limit. For me it was $250. Since you're not supposed to go over 30% utilization, my "max" limit was at $75. Needless to say I had to get a better card after my credit score permitted me to do so. Even gas purchases for the month were higher than that.

 

Try getting a citi card. I was able to get one when i was 19/20 without any credit.

 

Why not go over 30% ? I probably spend 100 ish in gas per month

 

Most experts say 25-30% of your credit score has to do with how much of your available credit you use. If you use less than 30% of your max, you won't be considered a risk, and therefore will have a higher score. So if you have a $1000 limit, you should try to keep your usage to less than $300 a month.

The model basically scores you on how you are perceived as a risk. If you get close to maxing out your card all the time, the bureaus typically consider you more of a threat.

 

What if like for my tires, you almost max it, but pay it fast

 

I don't really know. Most of the time people tell me not to carry a balance, just pay it off at the end of every month. Which is what I have done since day one. Maybe someone else can help you there.

I would imagine that your average credit utilization ratio would go down to 30% if you don't put anything on the card for a few months after paying it off, but I'm not sure that's how the models work. I've tried to look up how they score their models (I'm assuming some type of logistic regression) but of course they're all trade secrets.

 

So you pay your max up front.... Then do you ever get that money back ?

 

Well, I put $720ishh on a $800 max, first month paid 600, and two months later it was paid off. And I haven't put a balance on it since....no matter how much they beg me too.

 

Not sure I understand what you're asking. When you pay off a balance you're spending your money to do so. The only card I know that gives you money back for using the card is a cash-back card. That's what I got as my second card after my credit got built up some.

 

Have you checked your score? I would recommend getting on www.myfico.com and checking it there. Pretty useful info. Some banks can show you your equifax (or experian? can't remember) for free every month.

 

Is. It a free site?

 

Isn't the max you put down kind of like a deposit ? Like when you rent a apt.

 

Nope, but it's pretty damn comprehensive. If you really want to see almost ALL of the credit scores that are out there on you. A free one would be creditkarma. Though I have heard that one can be very inaccurate (scores much lower than they really are), so I decided to go to FICO and get my scores straight from the horse's mouth.

 

Are we talking about a secured card?