Torie asked:
My brother who has no credit history, needs a car and is trying to get it with a personal loan for a used car as most banks won’t finance a used car more than 6 years old. Can this be done by opening a credit card as a start?
P.J. below isn’t reading the question properly. My brother doesn’t have a loan on a used car. He is trying to get one. Bank don’t do financing on used cars over 6 years old. Hello P.J.?
Sell Your Scrap Gold For CASH!
My brother who has no credit history, needs a car and is trying to get it with a personal loan for a used car as most banks won’t finance a used car more than 6 years old. Can this be done by opening a credit card as a start?
P.J. below isn’t reading the question properly. My brother doesn’t have a loan on a used car. He is trying to get one. Bank don’t do financing on used cars over 6 years old. Hello P.J.?
Sell Your Scrap Gold For CASH!
Todays Cure For Bad Breath
If your brother can not pay off a used car in 6 years he does not need to be buying any car!
Credit does not necessarily build overnight and with no credit he will find it hard to get a credit card.
Todays Cure For Bad Breath
Your brother should stick to buying cars he can afford to buy with cash for now. In the meantime, he should open up a credit card, use it sometimes, once in a while carry a balance for a month or two, and always pay at least the minimum ON TIME WITHOUT FAIL. He will soon get his limit increased and other offers of credit.
If he can’t get any other card, he should start with a secured credit card.
This applies to the USA – no clue on other countries.
Add a cheap water fountain to your home or garden
prepaid card scores over credit cards especially if the owner has a not so perfect credit history.
The rejection is non existent in case of prepaid credit cards, there are no credit checks, no employment verification, and approval is guaranteed.
With a bit of dilligent shopping and comparision of various prepaid credit card offers, it is not difficult to find a prepaid card with no annual fees, no late payment fees, no repayments, and no penalties whatsoever. So, the ownership costs of a prepaid card can be negligible.
With prepaid cards it is very easy to promote financial discipline. Since you can only spend what you have, there is no overspending, and hence no debts.
Some prepaid cards do report their use to major credit bureaus and hence are a good instrument to rebuild credit history.
Prepaid cards have wide acceptablility, and in some cases they are even more readily accepted than credit cards. Apply online at:
Help for housing debt
the old saying bad credit is better than no credit is basically true. the best thing is to establish SOME type of credit. If he can not get approved for a credit card on his own they have secured credit cards. Orchardbank.com has those. Also depending on how much you want to get involved and if you have some credit cards in good standing you can add him to your accounts. Just add him as an authorized user, you do not have to order him a card and he after 30 days or so should start showing on his credit report your credit card. You can cancel and take him off at any time. hope that helps?
Clear Your Bankrupsy
You’ll be surprise but there are many adults who still have no or little credit history to work with. Without credit, you won’t be able to obtain the necessary track record to obtain financing for major purchases down the line – mortgages, car loans, educational loans, vacations, and for some, a generous line of credit for new business ventures.
The group that is most afflicted with the “no credit history” dilemma is generally college students and newly arrived immigrants from other countries. For others, they should be more focused on maintaining or rebuilding their credit. The strategy outlined here is therefore, for people with no credit history.
Step One: Get a Secured Credit Card. There are several major banks that offer a terrific secured credit card to get you going.
* Reduce Total Balances 40-60%
* One Simple, Low Monthly Payment
* Avoid Bankruptcy
* No Credit Checks
* Home Ownership Not Required
* Consolidate Debt Payments
* Get Out of Debt in 12-36 Months
Step Two: Get a Secured Loan. Similar to a secured credit card, a secured loan requires a deposit (typically a $500 minimum) where they then will float you back the same amount in the form of a secured loan. All you really paying for is interest (at a $500 deposit, it shouldn’t be a lot). Its well worth it at the end since this is used to build up a credit history.
Step Three: Become an Authorized User. If you know some one close to you who has terrific credit and is willing to add you as an Authorized User, then request to do so. Basically, you’re “borrowing” their credit history to build up yours.
Any three of these time-tested strategies will work – either by themselves or altogether. Within a year and half, you’ll have a very good credit history to work with. One important note though, you should have a good job as well. A stable job will ensure that you could pay off your credit balances while improving your chances of getting better credit cards in the future.
debtreliefoftheusa.com
yes, is a good election. I found interesting information about your answer & credit card options here. luck!
Cheap Earth-Friendly Products
Secured credit cards are a great way to rebuild your credit. Most secured credit card companies require a deposit equal to the credit line your are seeking. Make sure they report your payment monthly to the major credit bureaus. Making your payments on time monthly will increase your credit rating. You will also get you deposit returned to you after one year, turning your secured credit card into a unsecured credit card.