I’m going to start college soon, and I’m being told by many people that I should get a credit card and "establish my credit" by making payments on things on time. People have tried to scare me by telling me that if I don’t buy a new car or a credit card via a store in the mall, I won’t be able to purchase a house in the future, because I "won’t have established good credit" and "won’t be able to get a loan". My initial reaction is that they’re lying to me in order to sell me credit cards, but is there something to their arguments? Is it possible to get home loans without a history of good, or any credit? What’s the best option in a case like this?
Why would I need a credit card if I don’t plan on having credit in the future? I don’t need credit, and I feel we’ve been brainwashed into thinking it’s necessary.
Are there home loans that are given based on proof of income or something other than credit history?
It really seems as though people assume credit has to be a part of their lives; I’m not sure that’s true.
I just bought a new car with a 711 credit last march. my credit is 650 now. I would like to refinance.. my current apr is 6.99% should i refinance or let it be…when is the best time for me refinance.. this is my first car and first loan….
thanks!
Ok, so I have a ,000 auto loan, and the trade-in value for my vehicle currently sits at ,500… I’m "upside down" in the loan as it would be referred to. I’m doing my best paying at this loan to get it down, but I wanted to know how long I need to wait to try and refinance the loan for a better interest rate? My current loan is a 7.05% rate for my new car, and my credit score is about 730. I’ve had the new vehicle for about 9 months. Also, will refinancing hurt my credit?
I took out an auto loan for my new car back in December 2008 for about ,000. My credit score at the time was about 610 and my interest rate is 9.55% for 60months. My score is now around 665 and I’d like to see if I can get a lower interest rate to cut a little bit off of my monthly payments. Would it be a good idea to auto refinance or would the interest rate not go down that much? Would I be approved? If so, any suggestions for lendors?
Side note…There is ,080 left on the loan.
I mean lowest rate I can have to buy a new car (RAV 4).
Thanks
