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Perhaps only if someone will cosign on the loan.
The way to build up your credit history is to always pay your utility bills and rent on time. One little black mark will affect your history for up to 7 years. With the economy in trouble as it is, it now becomes harder than ever for first time buyers to get credit, and even if they do, it is usually at an obnoxious high rate.
Credit history also looks at your assets as well as your liabilities - if there is an extreme off balance, meaning you owe more than you could ever pay off in your lifetime, then your credit rating will remain very low and you could be considered being a extreme risk for any loans or credit.
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What bad things go on your credit history if a vehicle is repossessed?
Slow pay, repo, and it gets worse from there.
I wish to have my own credit card Is it possible to obtain one though I don't have credit history?
Yes you can. Everyone starts off at some point without a credit history, and there are options available for people who would like to get a credit card without any history of having one. They can start to build their credit history by applying for a secured credit card or applying for a joint credit card with someone who has an established credit history. The third option available to someone who has no credit history is to find a credit card issuer catering to first-time customers and offer student credit cards or bad credit credit cards or just plain and simple credit cards that are able to be approved for with little or no credit history.
What is the average online interest rate for auto loans?
There is no one average interest rate for auto loans, as rates vary greatly by lender, the consumer's credit history and the type of vehicle being financed. Online banks may charge as little as 3.5% to qualified buyers with good credit on a new or late model passenger vehicle. Bad credit loans through financing companies can run as high as 24%.
Where can one get a car loan with no credit history or credit card?
Not having a credit history or credit card is not the same thing as having bad credit history. By having a larger down payment, the amount of risk to the lender is decreased. Some banks specialize on loans for people with no credit history, and it is always a good idea to approach these first. Some lenders may impose certain vehicle choices on the borrower, as certain cars are a more solid investment than others.
What is the limit of credit history on a credit report?
Seven to Ten years. Any bad marks on your credit history can and most likely will remain with you for 7 to 10 years before they are wiped off you record. This is why it is so very important to keep a clean credit history, pay all you bills on time, etc. One little late payment will mar your credit history for many years.
What are bad credit reports?
Bad credit reports are those that show negative aspects of your credit history. The types of issues that cause bad credit are missed payments, too much credit, too little income, etc.
How does one get auto credit quickly?
One of the fastest ways to get auto credit quickly is through the car dealership from which one is purchasing a vehicle. Dealerships have employees whose specific job is to finance the purchase of their customer's vehicle directly with banks and credit unions. Depending on one's credit history, approval can be done almost immediately or within a 24 hour period.
Albert Einstein invented the hovercraft?
'Fraid not. The air-cushion vehicle has a long history, but it as not until after WW2 that Cockroft developed a practical, commercial version. But it would be wrong to credit him alone for this vehicle.
Why score goes down after paying a charge off?
I know it sounds a little goofy but, your credit score is based on your credit history. Once you pay something off your credit history is completed for that particular account so your score drops a little. Having said that, I certainly don't recommend that you keep a lot of bills open just to keep your credit score high. A credit card where you maintain a small balance with most of the credit line available and paying your utilility, phone and rent or house payment on time or a little early will keep your credit score pretty healthy.
Should you apply for a credit increase before or after applying for a vehicle loan?
For a better chance at getting the vehicle loan, increase your credit after the vehicle loan. Increasing your credit before may reduce the your vehicle loan amount.
Can you get a home loan with only one line of credit?
A home loan is dependent on many things. Down payment, credit score, etc. So yes but if you have little credit history it will be more difficult.
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