to build credit to be approved for a decent sized home owners loan, loan for acreage or a vehicle loan? I got my first credit card when back in February and I was just wondering. Couple years? More than that? Any way to get a better credit score quicker?

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Posted by Quidam65

Q Continuum

Member since Jun 2010

19315 posts

Posted on 8/16/10 at 1:46 pm to jrholdman

On vehicle loans if you can show steady employment, some are willing to give you a loan right then.

Mortgages and similar, if you can show timely rent payments for 12 months, you can qualify under some programs. (If you have a decent landlord s/he may even be willing to substantiate your timely payments.)

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Posted by jrholdman

Baton Rouge

Member since Jul 2010

140 posts

Posted on 8/16/10 at 1:50 pm to Quidam65

Awesome. I was just wondering. I'd like to buy some land in the next year or so and start paying on it so when I get out of school I'll be closer to building a house but I don't know if my credit will get me enough of a loan to do so in a year.

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Posted by kfizzle85

Member since Dec 2005

22022 posts

Posted on 8/16/10 at 1:54 pm to jrholdman

I'm about to lease a car. I've had a credit card for a little over a year and a half, but other than that, no real credit history. I'll let you know how that works out for me.

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Posted by cadn0327

covington

Member since Aug 2010

22 posts

Posted on 8/17/10 at 6:02 am to jrholdman

I suggest 2 things....

1. if your parents have good credit, become an authorized user on one of their credit cards - there score will help increase your score

2. get a secured loan with a local bank (put your own funds down and borrow against it)

Just an FYI - mortgage companies use your mid credit score and need it to be at least 620

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Posted by jrholdman

Baton Rouge

Member since Jul 2010

140 posts

Posted on 8/17/10 at 10:05 am to cadn0327

Alright and do most banks do secured loans?