Ok, Can I Get A Car Or House Loan?

1. going_fo Says

   You have a good handle on your credit history already. You have some good beginnings, and no negative issues, but a bit thin on the positive stuff. Buying a cell phone is good, but unless the phone company reports this as a “credit” item, it doesn’t count. Having debt isn’t all bad- a credit card with a small outstanding balance will help. The $300 loan you took out will help, but, again, only if the lender reports it to the credit agencies. (If your roommate loaned you three $100 bills and you paid the money back, that wouldn’t count for your credit history, would it?) Working six months is good, but a few years would be much better.
   A car loan is a secured loan- you borrow money secured by your interest in a car. It’s easier to get one if you borrow a lot less than the car is worth. If you put $2500 down on a car worth $10,000, that’s much better than if you only put $100 down on that car- the lender’s liability is small enough that he might agree to the loan. If you can put $5,000 down on that car, it’ll be even easier.
   Keep working, save as much as you can, and try for that car loan when you have a good down payment. … Take care!!

2. mccoyblu Says

   You don’t earn enough income for a car loan.
   You only make $300 a week. That isn’t enough income to support a car loan unless you only want to borrow $2500.
   How do you pay for food, rent and your electric bill on that small income?
   You are a decade away from a home loan.

3. ♥hearts♥ Says

   Probably.
   But if you’re that worried about it, why don’t you get a credit card and make some of your regular purchases on it, never more than you can pay off within a month or two to help build some credit?

4. Fred F Says

   Just be care full with the car loan. The interest payments could keep you in debt for a long time.
   If your partner co-signs with you, you could no doubt work a better deal.

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