Not sure about that....

 

yeah my bike loan was 7.35% from my bank, i was approved at like 10% but my mom has immaculate credit so i had her cosign with me. thats the lowest reate my bank has to offer.

off topic: when i was going to get a gsx-r600 last august i tried to get approved by myself...no go. so i had my mom cosign there to see if i could get approved and we were approved up to $18,000...for a bike! the guy said that he was shocked since they cap the credit at $15,000. she backed out though cause she thought i was going to kill myself, plus i couldnt find affordable insurance at the time.

 

Not too brag...but my loan is at 1% fixed......hehe gotta love USAA!!!

-Adam

 

Yeah I wouldn't want to keep track of 30 or 40 cards either, just saying that's what he does. I do have about five, of which I only use two, one for work which gets double payments every month from the company, and the other I use only for gas/emergencies and that also gets double payments every month. My credit score shot up in no time. Now if I could just get rid of my student loans.........

 

I work for Chase bank, I've been through the cards and loan things a few times. Here, we look to see if you are actually using the lines of credit you have. If you have 8 cards and only use two, it would look better (to us at least) if you used three or four and had around a 50% balance in there. You don't want to never use the card, but you don't want to show that you are surviving by maxing it out every month.

The way to start out would be cosigners or small limit credit cards ($300 or so). Bank of America has a $99 secured credit card. (In Oklahoma, not sure about other states) You Credit it $99 to start and you have a limit of $500 or so. Pretty much everyone gets approved for that.

Also, everyone knows hopefully, when you get your bike loan: Don't pay it off early. It shows as "Paid", not effecting your credit positively or negitively. Be sure to pay it off at the scheduled end of the loan.

 

great advice Black. good to have another banker on board!

 

I try to give people simple advice when I can to help them save money. People can save thousands if they know different options and how to do things right.

 

so what is it supposed to be showed as, if "Paid" isnt a good thing? Do you mean it will note on your credit report "Account Closed: Paid Satisfactorly" and what else would it show if you didnt pay it off early.

 

wow this thread blow up in size!

thanks for all the info.

yeah i never had to get loans or anything before, always just bought things with cash.

the only loan i did do was a school loan, but even before i graduated i paid it off in full which aparently didnt do anything for my credit

I basically dont exist to the credit card companies and I cant even get te same cards my friends have and I make alitle more than they do.

I'll check with my bank to see my options. Right now I just need to keep saving, and get my full liscense in the next few weeks.

 

Really? I should give the companies your address instead of mine, I get like three unsolicited offers a week.