help me with my credit question, please?

I recently paid off a ,600 school loan over a 8 month period…early, never late….

I do not owe anything else now.

I dont think I have any credit though because I paid it on time and i recently found out that bills do not show up on your credit report unless they are late, well mine never are or will be.

so how do i get credit?

my car was given to me so i dont pay on it.

i have student loans racking up but i cant start on them until i am out of school/grad.

i dont want to get a credit card.

one of my friends said the only way she built up her credit score was to take out 0 loans at those fast cash loan places (not banks) and pay them off with the same money, haha..clever.

should I try that too?

the reason i ask is that my car is slowly dying and i want a 2004/2005 mazda3 but i cant even think about getting one with no credit.

Please tell me something, anything will do.

What was your experience getting credit when you had none to begin with?
What credit did you have when you applied for an auto loan?
Do you have to have a 2k/month paying job to get an auto loan?

Just tell me what you know, im stressing here.
And I dont even think I can get a credit card with no credit…so that is out of the picture.

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2 Responses to “help me with my credit question, please?”

Judy:

September 4, 2010 at 4:54 pm

When I was 18 I got top scores.
I got a credit card.
Paid in full each month.
Never paid interest.

Voila! – perfect credit that did not cost me a single penny since I paid in full each month. Plus, since I got a cash back card, I made at least $500 a year in free money.

Who cares about credit card APR’s, just pay in full.
/
My Take on It:

September 4, 2010 at 4:54 pm

First off, your friend getting payday loans and thinking that paying them back was building her score was completely duped or blowing smoke up your…. If she did this thinking it was building her credit file, she was wrong. Payday lenders or fast cash places do NOT report to any credit bureau how you pay back your loan unless you do NOT pay back your loan and they send you to collections or sue you. She was paying 600% interest for nothing. LOL Not too bright. Don’t go that route, it does nothing for your FICO.

You do have to make a certain amount to qualify for an auto loan. If you do not have any credit, and even if you have one credit card or loan, that isn’t going to be enough to get a car financed without a cosigner or if you were to find some lot to finance you, expect to pay through the nose in interest payments.

You can get a credit card with no credit. There are some cards (Capital One) that have plans for those with little to no credit. They will give you a very low limit though to start off. (about $300) As long as you have a job and make a decent income, you should qualify for one of their cards. If you don’t, you can always get a secured credit card with you bank. You would put $200 or more in an account and that would be your credit limit. After about a year or so of using the card and paying if off etc..you can convert it to an unsecured card. All the while, the bank would be reporting how you had used and paid the card.

Instant Cash Payday Loan Resources