19 years old and a credit score of 796, you have to be lying? I'm 23, started my credit right when I turned 18 with a new car and credit card and have been paying on time for over 6 years on 3 different cars and a few credit cards. I now have a house I bought when I was 21 along with my Wife and havent missed a payment in almost 3 years and I have great credit, and my credit score is only 750. My Wife is in the same position I am, except she is 27 years old and her score is alittle over 800. I dont see how a 19 year old can have a credit score of almost 800 already.

 

15% is not enough now a days. Say you get the car for 22k that is only $3300 which is ok but a $6600 down payment will make the credit companies decision a lot easier. I would say your credit score isn't being affected for 2 reasons.

1. To much debt to credit
2. minimum payments on credit card

Number 2 is an assumption because credit card companies think it's in best interest to only use 25% of the maximum credit limit and pay double or more to what you owe every month on your cards. That is how credit companies work as far as reporting good standing borrowers. It will make life very much easier if you pay off your credit card debt as fast as possible and then start working on your car. It will save you money in interest and in principle. Look, you have a great opportunity here. You could be debt free and put an awesome down payment on a great looking cobalt putting out hellish power. You could have low payments for a 2-3 year term. That would make me nut if I wasn't saving so much.

Don't sacrifice a better future with your cobalt later because you want something NOW. That is what screws up the "I want it and I want it now!" generation. They are willing to sacrifice the greater good of their lives because they want something right then and there. These people remind me of that red faced kid in the toy section screaming his head off because his mom wont buy him a toy. You have a great oppertunity...don't blow it away because you want something now. You will risk a large payment and be in debt with your credit cards if you do. If you are willing to wait it out for just a little longer you will be debt free and have low payments.

Wait it out....

P.S. Now a days with the economy credit companies don't care about whether your in good standing, now they care about what is your income. The more you make the more credit they'll allow. They also look at how long you've been with your job (2+years FTW) and down payment.

 

fyi i am 23 as well.

i have a credit score in the low 700's

just financed a brand new 09 ss tc. no cosigner.

it can be done. just expect a high apr.

btw the usb radio is a total waste of money.

 

thats like shoving a pine cone up your ass

 

Hmm!! I'm 23 aswell with a credit score in the mid 700's and my APR was 4.5% on my 08 SS/TC back in August.

 

You know you don't need credit to have nice things . When you pay for things in cash you don't need credit

 

True!! But that means you gotta make lots of cash and not have many bills to pay. Other than that you gotta finance stuff, most commonly, a house and car. And when you dont have credit, and go and try to finance a house or car, and they see you dont have credit, then you get f*cked by high interest rates.

 

....yeah, may for a pack of gum. Let see you buy a 160K in one single cash payment. . Well, may be you are a multi billionaire who happens to like cobalt and like buying everything with cash in full payment.

You credit is probably the 3rd most important thing in your life after your health and your source of income.

 

I am not a multi billionaire but I do have 20k in assets that can be easily liquidated. If you are financially savvy and SMART with your money you can buy almost anything in cash. People like YOU are whats wrong with America. You buy **** you cant afford and live from paycheck to paycheck. You are a slave to lenders and credit companies

FAIL

You have a new PM.

Not the case. I used to think you needed debt in order to have good credit. But then I did some research looked at some books and started saving like you wouldn't believe. I could have had a cobalt ss or better but i didn't. I opted for a base model cobalt because I am looking at the bigger picture. I'm living like no one else now so I can live like no one else later.

Savings account>Credit

My goal is to be completely debt free for the rest of my life. I am saving for a 21% down payment on a house with a 15 year fixed mortgage and my mortgage payments are going to equal 25% of my total income. My only payments will be my mortgage, utilities, food, gas ect ect... the rest will go to savings and eventually I'm hoping to become self insured with $700,000+ in easily liquidated assets. It's going to take a lot of sacrifices, like owning a base model cobalt, to get there but my future is more important than the present.

Who knows, maybe i will waste my money on a 160k car instead of investing it or buying a house

What sucks is my investments went from a 6-8% return to a 2% or less return cause of the economy. But I'm doing pretty well so far. It'll take a little longer to get there but once the economy pics up it'll speed up.

 

Well after 2 hrs of discussion, here is what we concluded. We will not be buying a brand new Cobalt. We will first sell mine then Buy a slightly used 08/09 SS. I have seen a few of the wind damaged cars going for about 15.5 to 17.5, this will get my payments to close what I already pay, plus I may finance for 3 years and get it over with. So as some of you may think it's not my best option, it is better than buying a brand new car.

 

If you do buy used them make sure you ask the dealership for the service report they made when the car was traded in. This will tell you what they had to do to it to make sure it was qualified to sell. If there is a long list of services that were done look for another cobalt. If it was just an oil change, spray down of the engine and tire pressure than your good to go.

Just be very cautious of buying a used sports car because you know it was driven hard and the person before you most likely beat the hell out of it.

 

how are you planning to buy your house?

 

That is the only thing you should ever have financed. If you look at my earlier post you would have read that I said

"I am saving for a 21% down payment on a house with a 15 year fixed mortgage and my mortgage payments are going to equal 25% of my total income

With that I will get the lowest interest rate and double up on my payments if my situation calls for it. But what I was referring to was people who finance audio systems, rims, tv's, and other such items. Like those scams at rent to own or 90 days same as cash rip off places.

 

I said CREDIT, not DEBT. I save monthly, I don't carry balance on my cc and my only debt is my car payment. There are times when the market is favorable for saving and a time favorable for borrowing, and it all depends on how the interested rate is being adjusted; but you wouldn't know or care anyway cause you pay everything with cash, right?

Show me one legal business in America that did not need a line of credit.

Instead of having a 30 year mortgage, he would instead rent a house and save for 30 years and then buy a house with one single cash payment at age 60.

Thats how he rolls....

 

Businesses are not the same as individual income. Again you are a moron.

Do you want to show me where I said I rented. I never said I would buy a house in full. If your ******* would have read where i said I'm saving for a 21% down payment on a 15 year mortgage you wouldn't make yourself sound like a fucktard. It's been done plenty of times instead of over paying on a 30 year term. Don't be a douche bag and ruin this guys thread. I'm not going to argue with you on what financial success is. All i'm going to say is your going to be the guy washing my car or cutting my grass.