Getting car loan on no credit?

Could I go to my bank and. They check it? I do need to get a new debit card... Mines wore out.

 

It wasn't actually a job that applied to what I got my Masters for. It was really more of a job to plant roots in Nashville and get me on my feet, sort of. I got a job as a data analyst a few months ago though, much better job all around and applies to my education background.

 

Maybe, I've never tried it. If you have a card through a bigger bank, most of them should be able to give you at least one score for free. At least that's what USAA does, and I think I've seen other folks say that BofA and CapitalOne will give you a free score or two also, usually updates each month.

 

I bank at Wells Fargo, and I must say I am not a fan of them at all... But if they could do this it would be nice of them

 

If you have online banking, you should be able to log in and check your card statement and your credit score should be somewhere on the page.

Keep in mind though that if you are new the to credit "game" (because that's really all it is IMO), a lot of smaller mistakes will cause your score to fluctuate more than someone with a longer history. So the goal is to be as perfect as possible.

 

Even though I have no credit cards with this bank?

 

To my knowledge, most banks don't show you a credit score unless you have a card with them. You may need to go the third-party route. How long have you had the card?

 

September. I have a debit card at Wells Fargo, but my Kauffman tire card is through synchrony bank according to the statements

 

I think the only score you'll be able to see then will be the VantageScore (updates monthly). Most of the "bigger" FICO scores may not show up for a few more months.

 

Even if I don't carry a balance?

 

I just think they only update it a few times a year and it takes a while for the initial scores to "kick in". I would recommend making small purchases each month (like, use your card for a tank of gas once per month), pay it off at the end of the month, and you should be able to see a good score after a while.

Also having a debit card won't matter on your credit score, though I've been told that making overdrafts on the card may affect it. Haven't looked into that though.

 

Yes secured

 

That should not hurt your score. If you had applied for a loan while you had the card maxed out, maybe, but now that you have shown that you can manage the credit, you should be good. Of course there are all kinds of variables in the formula, but I would say don't worry about it.

I am a little older (45) and have made some stupid mistakes in my life. I have spent more on credit cards and auto loans than I should have, and have learned from that. Bottom line advice I can offer here (others might differ from me, and that's okay) is that it is okay to have a credit card to build credit, but never put your regular monthly expenses on it. Use it for emergencies, such as the tires example above, and then pay it off as soon as possible. The problem with putting your monthly groceries etc. on the card is that when you run into an emergency, and have to add it to the card, then all of a sudden you have a huge balance that will be difficult to pay off. My wife did that without saying anything to me, and we ended up with a $7000 credit card debt. Long story, but learn from the bottom line - don't do it.

Best option however is to build up a savings account for the emergencies. That way if you want to add a little to the card just to keep your credit score up (unfortunately the system works that way) you can still pay it off immediately.

 

Well with all this, it only works at Exxon (don't have one near my way) and Kauffman... And I don't really need anything from Kauffman... I mean I am saving for a new suspension, and will need an alignment when I get it ($80-90 balance. For modified suspension alignment). But that's a ways out

 

Not sure how putting regular monthly expenses on your card and paying it off at the end of each month is different from using cash, other than it shows the banks that you can manage credit for an extended period of time and be responsible. That being said, I agree about having 6 months worth of your salary in a savings account in case of job loss, medical emergency, etc. Saving your credit card and using it only for expensive emergencies is a good way to dig yourself into an interest-rate hole that you'll never be able to climb out of.

https://blog.mint.com/credit/how-credit-card-inactivity-impacts-your-credit-scores-042012/

 

I agree with you, if you can handle the situation. The problem was in my case (with my wife) that she put gas and groceries on the card, and then used the cash for something else (clothes for the kids etc.), and then at the end of the month she did not have enough cash to pay the card. Then big medical bills showed up, and the card was the only place to put it. And so on....
So, it's all about discipline. We have learned through it and she got a good scare - won't touch a credit card anymore. That was a while back, we live and learn. I just hope that I can help others through my (our) mistakes. Situations and different for everyone though, and some can handle things better than others. All about discipline...

 

I would say get another card that you can use anywhere, but I'd wait, check your scores after a bit, make sure they're to your liking, and then open up another line. I wouldn't wait TOO long though, because a major factor in your score is the average age of your open lines of credit. So if you have a 10 year old card, and you decide to get another card today, boom now your credit line is only 5 years old. So be perfect now, then in short time you can get a good cash-back card or something and you'll likely never need to apply for another credit card again.

 

Ouch yeah that's understandable. I usually only spend about $300 in gas and groceries each month so I should be okay.

 

Okay, I see what you're saying now. Yes, you can get the money back when you close the account. However I have heard closing your account can hurt your score, too, just because it reduces your available credit. So keep the max limit low if you plan on closing it when you get a better card. However, I've also heard you can call the bank and tell them you want your card "changed" or something, or basically "upgraded", and it won't have any negative effect on your score that way, since you won't technically be closing the account. I'll probably wait a bit and do this with my secured card since it has an annual fee, which is pretty annoying. I've got a better card now, but I don't want to close my secured card, so I'll see if they can "upgrade" it.

 

By the way, I'm by no means claiming to be an expert -- I am far from it. But there are tons of useful bits of information out there on the web. I usually use the following logic for deciding if said information is accurate: If I see it 3-5 times in separate sources, then it is probably factual information.