Comments on: gimme a little credit

By: Jeremy

Jeremy — Sat, 01 Jun 2002 03:09:24 +0000

I have a fool proof plan to establish credit in very little time. Email me and I will send you the book/document. Start with secured loans and then work from there.

By: john

john — Tue, 14 Aug 2001 18:17:00 +0000

hey jodi–

like above responses–get a credit card (if you don’t already have one) and charge everything on it each month that you would normally pay cash for, then pay it off every month–this is

1. Fiscally prudent-you keep interest earning capital earning for longer periods

2. Delay actual payment–thus reducing the cost of purchase (tiny amounts due to inflation–but rack up over years)

3. Creates credit velocity–basically the more you use the better rating you get.

4. Builds membership rewards (Amex), cash back (Discover) or mileage/other incentives (specialty/corp cards)

By: heather

heather — Tue, 14 Aug 2001 13:29:00 +0000

i don’t know about how it works down there, but i’d suggest going to your bank and sitting down with a loan officer and telling them what you need.

it’s my experience that trying to get financing from the car dealerships or factories is harder than getting an actual bank loan.

you’re more likely to get the bank’s support, especially if you’ve had a relationship with them for a number of years. they’ll look at it as an investement in a mortgage down the line or your next car loan, etc.

By: mkh

mkh — Tue, 14 Aug 2001 12:55:00 +0000

Dara’s hit it on the head. The issue is really that no-one wants to be the *first* person to loan you a bunch of money. If someone else has extended you credit, and you’ve made your payments, then you are a “good credit risk.” Right now you are an unknown quantity.

Hmm, that last sentence is true on so very many levels. 😉

By: Dara

Dara — Tue, 14 Aug 2001 11:44:00 +0000

Jodi, you don’t have to have actual debt. You have to have potential for debt. For example, you need a credit card with a $5,000 credit line (but you can pay the full balance every month… no debt). While debt may beget debt, you don’t have to be in it to get new debt. Didya follow that? Huh?