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Old 04-25-2008, 04:22 PM   #1
pjloyd
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Default What do I need to do so I won't need a cosigner?

I make around a grand a month. I live with my parents. I'm 21. For you who already made it, don't ask. ^__^
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Old 04-25-2008, 04:24 PM   #2
umscooby
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Put the electric bill in your name, obtain and use a credit card and pay it off every month, etc. Build some credit mang!
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Old 04-25-2008, 04:26 PM   #3
RobE
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its gonna take awhile.


theres a lot of good info on this site www.myfico.com
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Old 04-25-2008, 04:27 PM   #4
rxer311
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Good credit!
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Old 04-25-2008, 04:33 PM   #5
smurfwrx
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Quote:
Originally Posted by umscooby View Post
Put the electric bill in your name, obtain and use a credit card and pay it off every month, etc. Build some credit mang!

what he said.
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Old 04-25-2008, 04:34 PM   #6
subarulz!
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What kind of car are you looking at? I would not put my self in that kind of debt with a $1000 a month income. Especially the way things are with the economy these day's. I would wait a little longer. Cosigner or not you are still screwed if you get your hours cut or even get layed off.
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Old 04-25-2008, 04:37 PM   #7
rkramer
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most electric bills don't report credit so they won't help you much. They only report if you DON'T pay...

Get an account at a credit union and use that for awhile, they will often give you a car loan then if you are a good customer.

short answer is thought that it isn't a quick process. Take subarulz! advice though, you might be taking home $1000 a month, which is about 1/3 to 1/4 of what normally it would take to afford a new RS.
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Old 04-25-2008, 04:40 PM   #8
pjloyd
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i'm looking to get an 07 impreza. there are 4 brand new ones left for 17 grand. i have 5k for down payment. they're asking me for a cosigner still. it wouldn't be hard for me to find a cosigner but i was just thinking maybe it's easy to get myself a good credit. i guess not!~
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Old 04-25-2008, 04:42 PM   #9
pjloyd
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i guess i'll build my credit and then by a used car if i'm still in love with the 07 impreza , say five months from now!~
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Old 04-25-2008, 05:51 PM   #10
wrxguy02
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a good down payment... thats what i did... and expect high interest rates... but wait 6 months and your credit will be great, then get it financed at a lower apr
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Old 04-25-2008, 06:05 PM   #11
Roy Dietsch
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Just pay for what every you need in cash...no cosigner needed!
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Old 04-25-2008, 06:07 PM   #12
RobE
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Quote:
Originally Posted by Roy Dietsch View Post
Just pay for what every you need in cash...no cosigner needed!
but then you will never build your credit score and will have to pay for everything in cash.

how the **** are you going to pay for a house in cash?
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Old 04-25-2008, 06:07 PM   #13
Julian
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Quote:
Originally Posted by pjloyd View Post
i guess i'll build my credit and then by a used car if i'm still in love with the 07 impreza , say five months from now!~
You bring home $250 a week, and you want to add a new car payment, plus insurance, maintenance, and gas?
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Old 04-25-2008, 06:10 PM   #14
Roy Dietsch
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Quote:
Originally Posted by RobE View Post

how the **** are you going to pay for a house in cash?
I am sure you could do a wire or bank transfer...
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Old 04-25-2008, 06:11 PM   #15
pityr
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Quote:
Originally Posted by rkramer View Post
most electric bills don't report credit so they won't help you much. They only report if you DON'T pay...

Get an account at a credit union and use that for awhile, they will often give you a car loan then if you are a good customer.

short answer is thought that it isn't a quick process. Take subarulz! advice though, you might be taking home $1000 a month, which is about 1/3 to 1/4 of what normally it would take to afford a new RS.
Whats that? 1/3 to 1/4? maybe 1/2 if he had his own place.

bah, he could afford it just fine. Just hope his rents to kick him out. Then he won't be able to afford even basic housing.
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Old 04-25-2008, 06:13 PM   #16
Handsdown
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i take in about the same and i can't afford to live with my girlfriend. we are thinking of moving to a less expensive area and in all likelyhood will do it before the year's out, even if it means crashing at my parents house for a while.


a grand a month is nothing.
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Old 04-25-2008, 06:17 PM   #17
setzkell
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Solution: Buy a $5000 car.
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Old 04-25-2008, 06:21 PM   #18
fliz
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Quote:
Originally Posted by setzkell View Post
Solution: Buy a $5000 car.
winn4r!

There's no way you'll be able to afford the payment and full coverage on a 17K car (especially w/ no credit).
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Old 04-25-2008, 06:30 PM   #19
Howl
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Try not to get off on a tangent.
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Old 04-25-2008, 07:04 PM   #20
Qcanfixit
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lie and say you may 85k a year running a private business.
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Old 04-25-2008, 07:04 PM   #21
subaru3169
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op, get a couple ccs and spend a LITTLE.. just so credit agencies can see that you are able to pay your stuff and can build some credit.. it's not gonna help you right away, but it'll help in the long run
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Old 04-25-2008, 07:08 PM   #22
imprezton
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Money, brother, money.
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Old 04-25-2008, 07:11 PM   #23
Roy Dietsch
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I had a 680 by the time I was 19 just by using my $500 limit Capital One card... 21% FTMFW!!!
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Old 04-25-2008, 07:41 PM   #24
subySerb
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get your parents to cosign. your payment will probably be ~$250 so you can afford the car while you live with your parents. then apply for a credit card and build your credit so that you can get a loan on your next car.
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Old 04-25-2008, 07:46 PM   #25
darksc00by
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car payments, but doesn't live on own. 21? you fail.
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