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If you have just moved to the USA from the UK and do not have a credit record can you establish credit with a car loan?
Wiki User
∙ 13y ago
Just remember the lender may want a $700.00 down payment and that over here people drive on the RIGHT side of the road versus back home.
What I suggest you do is open a bank account and take out a small loan...$500 or so. Put that money in a savings account and use it to pay the loan off (so you only pay interest out-of-pocket). Do this a few times, then get a credit card- any major credit card. Keep a small running balance on it for a few months but make your monthly payments on time. As long as you don't miss any payments on the card and loans, in a year your credit rating will be sky-high and you will have a much easier time getting a car loan, and may be able to get a better interest rate as well.
Wiki User
∙ 13y ago
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You have just moved from another country you have no credit record and just got hired in a new job can you apply for a car loan if so what are the requirementsI don't have money for downpayment?
If you have no credit record and no money for a down payment, it is not likely that you will be given a car loan. There are places that offer 'buy here and pay here' options that are not picky about credit checks.
How do you become Credit card issuer?
You need LOTS of money, a clean credit history, clean criminal record and a team of guarantors... and that's just for starters.
Where can one with bad credit obtain auto loan financing?
Someone with bad credit can get an auto loan financed by either getting a co-signer that has better credit than they do, or going to a buy here pay here type of place that helps you rebuild your bad credit or establish your credit if you are just starting out.
How long does it take to build credit?
There’s no quick fix for building credit. The only way to build credit is to manage your credit responsibly over time: Make timely payments on your credit accounts and outstanding debts to establish a positive track record of handling credit. Pay all bills on time; stay current on all payments; keep balances low on credit cards. Like getting in shape, building credit can only happen with time and effort.For someone just starting out, the best advice is to establish spending habits that will help you to make and keep your credit strong. Your credit score, which is a grade of how well you handle credit and loans, depends on two things: 1) The length of your credit history i.e. Do you have a track record that lets people see how well you handle credit? 2) The quality of your credit history i.e. During the time that you’ve had a credit history, have you created a pattern of making payments on time and following the terms of your loan or credit agreements?The best way to build a credit history and then to get good credit, is to own a line of credit through a financial tool like a credit card. Keep your credit balance in good standing by making charges and then making monthly credit payments on time. But make sure never to spend more money than you can handle.FYI: The credit reporting agency Equifax provides a helpful website with information on credit. It’s written for the general public, so it's very easy to read.http://learn.equifax.com/
Can you keep items you purchased on credit cards if you file bankruptcy in tn?
Yes, you do. Credit card purchases are not secured by the purchases. Please be advised that if you file and have all debts discharged by bankruptcy court, it stays on your credit record for 7 years. You will not be able to get any credit for anything for 7 years. Get used to the cash or check only for 7 years if you file. Even then it will be hard to re-establish credit. If you do get credit cards etc after that, you will be paying the highest interest rates, and may even have to have a co-signer for a loan on something like a car and for sure on a home. My next 2 car loans after I filed required co-signers. Just so you know.
You have just moved from another country you have no credit record and just got hired in a new job can you apply for a car loan if so what are the requirementsI don't have money for downpayment?
If you have no credit record and no money for a down payment, it is not likely that you will be given a car loan. There are places that offer 'buy here and pay here' options that are not picky about credit checks.
What happens if you just cannot or do not want to pay for a car any more that you have a loan on?
You wreck your credit. Even if you "give the car back", that is called "voluntary repossession" and it ruins your credit. Protect your credit rating. It's hard to establish, and even harder to re-establish... That's why insurance is so important. Wouldn't you just love to be making monthly notes on a totalled out car??
How do you become Credit card issuer?
You need LOTS of money, a clean credit history, clean criminal record and a team of guarantors... and that's just for starters.
Which president went to the Netherlands to borrow money for the US?
John Adams, just after the Revolution was sent to Europe to establish credit for the new nation.
Where can one with bad credit obtain auto loan financing?
Someone with bad credit can get an auto loan financed by either getting a co-signer that has better credit than they do, or going to a buy here pay here type of place that helps you rebuild your bad credit or establish your credit if you are just starting out.
How long does it take to build credit?
There’s no quick fix for building credit. The only way to build credit is to manage your credit responsibly over time: Make timely payments on your credit accounts and outstanding debts to establish a positive track record of handling credit. Pay all bills on time; stay current on all payments; keep balances low on credit cards. Like getting in shape, building credit can only happen with time and effort.For someone just starting out, the best advice is to establish spending habits that will help you to make and keep your credit strong. Your credit score, which is a grade of how well you handle credit and loans, depends on two things: 1) The length of your credit history i.e. Do you have a track record that lets people see how well you handle credit? 2) The quality of your credit history i.e. During the time that you’ve had a credit history, have you created a pattern of making payments on time and following the terms of your loan or credit agreements?The best way to build a credit history and then to get good credit, is to own a line of credit through a financial tool like a credit card. Keep your credit balance in good standing by making charges and then making monthly credit payments on time. But make sure never to spend more money than you can handle.FYI: The credit reporting agency Equifax provides a helpful website with information on credit. It’s written for the general public, so it's very easy to read.http://learn.equifax.com/
Has Harry Houdini set world records?
On August 5, 1926, just months before his death, Houdini added another record to his credit. Harry was able to stay underwater for 1 hour and 31 minutes as opposed to the existing record at that time, 19 minutes On August 5, 1926, just months before his death, Houdini added another record to his credit. Harry was able to stay underwater for 1 hour and 31 minutes as opposed to the existing record at that time, 19 minutes On August 5, 1926, just months before his death, Houdini added another record to his credit. Harry was able to stay underwater for 1 hour and 31 minutes as opposed to the existing record at that time, 19 minutes On August 5, 1926, just months before his death, Houdini added another record to his credit. Harry was able to stay underwater for 1 hour and 31 minutes as opposed to the existing record at that time, 19 minutes
Can i finance or lease after repossession?
In many cases yes. While the repossession will negatively affect your credit rating, your record still indicates you have had credit. It is actually easier for those with bad creidt to get a loan than those with no credit. It will just cost you more in interest.
Can you keep items you purchased on credit cards if you file bankruptcy in tn?
Yes, you do. Credit card purchases are not secured by the purchases. Please be advised that if you file and have all debts discharged by bankruptcy court, it stays on your credit record for 7 years. You will not be able to get any credit for anything for 7 years. Get used to the cash or check only for 7 years if you file. Even then it will be hard to re-establish credit. If you do get credit cards etc after that, you will be paying the highest interest rates, and may even have to have a co-signer for a loan on something like a car and for sure on a home. My next 2 car loans after I filed required co-signers. Just so you know.
Can a credit card raise your credit score?
Having a credit card is a great step to starting your credit score. However, just having the card and not doing anything with it have very little impact. The best way to take advantage of it is to periodically use and payoff the card to establish yourself in the world of credit. Your credit score is based on your credit to debt ratio. Get a couple of cards open and keep balances low or zero (but use them from time to time) and you will find yourself enroute to a great credit outlook!
How do you start credit?
For someone just starting out, the best advice is to establish spending habits that will help you to make and keep your credit strong. Your credit score, which is a grade of how well you handle credit and loans, depends on two things: 1) The length of your credit history i.e. Do you have a track record that lets people see how well you handle credit? 2) The quality of your credit history i.e. During the time that you’ve had a credit history, have you created a pattern of making payments on time and according to the terms of your loan or credit agreements?The best way to build a credit history and then to get good credit, is to own a line of credit through a financial tool like a credit card. Keep your credit balance in good standing by making charges and then making monthly credit payments on time. But make sure never to spend more money than you can handle.FYI: The credit reporting agency Equifax provides a helpful website with information on credit. It’s written for the general public, so it's very easy to read.http://learn.equifax.com/
If you do not have a credit history is it harder for you to apply for a credit card?
Of course. Your credit report is a history of how you have managed debt. If there is no history recorded on you, how can a lender use that ordinary way to assess your level of risk as a borrower? Many lenders prefer to see bad credit over non-existent credit. It's unfortunate, because credit=debt. But in modern financial life, you have to have a credit record to get future credit, so we all need to get credit and manage it properly. Good luck to you! You would think so, wouldn't you? But my first credit card was a gold card with a $5000 limit. I got the application in the mail, filled it out and in no time I had my first card. Fortunately, I had the sense not to use it. I was married and just wanted a card to establish my own credit in case I ever ended up on my own. I was 19, had no job or income of any kind, and no one co-signed for me. I don't understand how CCC can get away with giving cards to people with no income.
