Re:Ask HN: Building Credit
by run4yourlives on Monday September 15, 2008 @02:44PM
(#304929)
>I didn't get approved because, well, my credit is too clean.
Are you sure about this? I remember when I was just getting started, it wasn't the fact that my credit was clean but more the fact that I didn't have enough of a history of borrowing money that hurt me. (Why this is the case is completely mind numbing in today's economy, but I digress)
Do you know what your FICO score is? You should find that out first. Second, everything I've seen seems to point to a "credit start" being achieved only after a co-signer is brought into the picture.
Suffice it to say, the alternatives are to wait a few years until you are older, buy a used, less valuable car, or take on a nearly criminal interest rate from one of those high risk lenders.
You can always do things the old fashioned way and save up for your car in cash too, but that won't help your credit any.
Are you sure about this? I remember when I was just getting started, it wasn't the fact that my credit was clean but more the fact that I didn't have enough of a history of borrowing money that hurt me. (Why this is the case is completely mind numbing in today's economy, but I digress)
Do you know what your FICO score is? You should find that out first. Second, everything I've seen seems to point to a "credit start" being achieved only after a co-signer is brought into the picture.
Suffice it to say, the alternatives are to wait a few years until you are older, buy a used, less valuable car, or take on a nearly criminal interest rate from one of those high risk lenders.
You can always do things the old fashioned way and save up for your car in cash too, but that won't help your credit any.