how do i establish credit to g

Discussion in 'Credit Talk' started by mdaniels, Feb 23, 2001.

  1. mdaniels

    mdaniels Guest

    I have no credit,but i do have checking and savings account and a check card.
    What exactly do I need to be able to get a new car loan, I have been at my job 5 years and make good money so the payments are no problem,I want a 23000 car and i make 37500
  2. roni

    roni Well-Known Member

    RE: how do i establish credit

    Sounds like you could get a car loan with what you have now. Have you tried? Why dont you apply online at or They will approve you probably. If you really want to establish some credit to up your scores, you can do a secured card with capital one for 6 months and then you would probably do just fine.

  3. sam

    sam Well-Known Member

    RE: nop

    1st time buyers program. No credit needed. decent (11%) rates or less.

    requires a lot of things, and about $2500-3500 down on a $20K car.
  4. Michael

    Michael Guest


    I would recommend First Consumers Bank long before Cap One.

    Cap One is a cheap rip off that will keep you branded (due to your lousy credit limit) as a dead beat or new fish.

    Go with FCNB (or any other company like Chase or even Net First) and get a limit of $500.00 this will really increase your FICO score compared to a $200.00 Cap One Card.

    I posted a few weeks ago what a difference in credit limits one gets when starting with a $300.00 card and a $500.00 card

    Look W/ $300.00 secured Card & Six Months:
    $250.00 Mobil and $250-$500.00 Aria, with $89.00 fee.

    $500.00 and 6 Months:
    Mobil offers you $500.00 Card and Aria $1000.00 with only $49.00 fee

    Now which person do you think will have an easier time applying for a car loan, or an Amex Card???
  5. roni

    roni Well-Known Member

    Gee Thanks

    for the bold print. I had FCNB and Capital one secured. I have clearly suggested FCNB on this board before several times, just not tonight. I guess you just like putting my name in bold letters.

  6. roni

    roni Well-Known Member


    Also, I suggested capital one for a quick fix. They report very quickly to all three bureaus. FCNB took 2 billing cycles to show on my reports and they dont update every month.

  7. Michael

    Michael Guest

    RE: FYI:

    O.K. Cap One may report quicker but that's the only benefit. I have found Net First to report very quickly also, and frankly I would get a Net First before a Cap One.

    Sorry for disagreeing with you Roni, but I feel strongly on this, Cap One does nothing for it's clients, look at all the negetive posts regarding them.

    One of my clients got a Citibank Visa W/ $2,500.00 and an Amex Blue with $2K. She took a CAP ONE Pre Approved Sucker offer. When she activated the card they gave her $200.00 credit, they tried to keep her by waiving the fee one time and uping her to $500.00, good for her she told them what to do with the card!

    I've said it before and will say it again the difference between a $300.00 card and a $500.00 card is like night and day!
  8. roni

    roni Well-Known Member

    RE: FYI:

    You obviously didnot get my point either. You are not disagreeing with me. You are just taking one of my statements and RUNNING wild with it. I Hate Capital one. I say it at least once a week on this board. BUT they have a reasonable and easy to get secured card~$99 for $500 which is needed for a score boost. That is not a bad deal at all. After you use Capital one you should diss them. They also have a low annual fee $29 for me. LIKE I SAID BEFORE ....I HATE CAPITAL ONE. But in mdaniels case, they may be the easiest option for some quick credit. But if you disagree, that is ok. I just wanted my point to be clear. I dont like capital one at all.

  9. Michael

    Michael Guest

    RE: FYI:

    I guess I just didn't understand recomending them when other options are available.

    I think Net First is even a better option, cancleing after 6-7 months!
  10. marvin

    marvin Well-Known Member


    Don't they charge a minimum of $150 in fees for a $200 card. I just don't see the point in paying that when you can pay the same for a secured card, and get you're money back in a year or so.
  11. roni

    roni Well-Known Member


    I agree with you on that Marvin. But arguing with Michael is a losing battle. I couldnot even make a simple suggestion that has been made 100 times on this board without being picked apart. NetFirst is a high fees card. But I sometimes get Netfirst and the other cards mixed up. I know that were not even a consideration when I started building credit.


  12. Momof3

    Momof3 Well-Known Member


    I agree this card is HORRIBLE, I wouldn't recommend it to anyone.

  13. Michael

    Michael Guest


    O.K. let me defend my reason for liking this card.

    One, you can get the card for about $110.00 for 2 applicants. So a husband and wife now can "BUY" a $500.00 trade line, for about $55.00 each.

    You don't have to keep the card for longer than 8-9 months, by that time you should have a Mobil or Exxon for $500.00, a Citibank for $2,500.00 plus an Aria for $1,000.00!

    Now look at the fees $8.00 per month I think even if its $10.00 that's $80.00 for the 8 months you keep it so TOTAL COST for two people is about $100.00 each!

    Also when your done with the account transfer your built up available credit to another card or an account with C2IT, and no waiting for a refund cheque (5 months for First Premier Bank).

    And RONI you will like this, trade lines for BOTH applicants are posted within 1-2 months after opening the account.

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