Thread: need some advice

1. Yes. Multiple inquiries look bad and each one can cause your score to drop several points.

2. I'm not sure how the scoring algorithms will treat you after 8 months of on-time payments, and I don't think the dealer can make any accurate statement about it, either. There are just way too many factors that play in. But, the bottom line is that the longer you continue making on-time payments on your loans, the better it works out for you in scoring.

3. 800+. A score over 800 is somewhat unusual.

4. No. You have to have the income to be able to pay for all your loans and expenses, in addition to qualifying based on credit history. With some home loan programs, you don't even necessarily need credit scores.

5. Most lenders won't lend again to a person if said person has investment loans on 10 properties.


You kind of sound like you have stars in your eyes and might be thinking that just buying things on credit will help your credit. This isn't the case. I'm glad you are out trying to gather information and I suggest you continue gathering information before taking out more loans or applying for more credit so that you do it smart from the get go. Not knowing what you are doing is a quick and sure way to getting over-extended and getting in big trouble, which is exactly the opposite of trying to build up your credit like you are trying to do.

Good luck!

1. Yes. Multiple inquiries look bad and each one can cause your score to drop several points.

2. There are just way too many point that play in. But, the bottom line is that the longer you continue making ontime payments on your loans, the it is better works out for you in scoring.

3. 900+. A score over 800 is good

4. With some home loan programs, you don't even necessarily need credit scores.

5. Most lenders won't lend again to a person if said person has investment loans on different plans.

You will need to make a substantial downpayment on any real estate property you buy from this point forward. The days of zero down, no income verification are over. Also a cell phone does nothing to improve your credit. It is not reported as a trade line. You will need multiple trade lines of credit for you to be able to even qualify for a home loan. Just having one car payment isnt going to do you any good. They look at your credit history and different types of loans. A credit history of 8 months isnt good, but it is a start. You might go to your bank and try to take out a personal loan. Say for 1000$ for a year. You will probably have to secure this loan with a bank cd. It would also be smart to get a couple credit cards. They do have secured cards or card specifically for credit building purposes (first premier and orchard are two). Or wait six month of good payment on the car loan and apply for a real credit card. You want diversity on your credit report. However in the end no matter what your score is, you will probably have to put down between 10-20%. Good Luck

You are on the right track, I highly recommend you get more information about credit, if you have the knowledge you can easily have a great credit score pretty quickly! There is ton's of great free credit information, that will help you!

1. Inquires do have a negative impact on your credit, but if they are bunced together within a couple day period then usually they are compacted as 1 inquirey, ussally this can drop your score 5 points per major inquiry.

2.That guy who told you that doesn't know what he is talking about, credit score isn't just payment history, but credit time line, debt ratio, collections , and credit diversification. To get in 800's you need to have credit for at least a couple years

3.There is no official number but I have hard low 800's

4.When buying property it is not just your credit score, but debt to credit ratio. In most cases they say 30% of your income can go to a payment. So the more income the better. As long as you are above 620 credit score you can find a loan, of course with higher interest rate. Remember if you are first time buyer you can get even a better deal and get great tax breaks!

5. If you are looking to get into buying a lot of properties, look into a LLC, which will reduce your liability and will give you a lot more options in establishing a portfolio of real estate. LLC are very cheap and simple to create, majority of work can be done on Internet.

Good Luck
Cage Stevens
Easycreditinformation.com

5. If you are looking at

I was in your situation at one point...young and no credit.
The dealership told me that the car loan would give me excellent credit after six months of on time payments..NOT TRUE!!!!!! and when I called my financial company to find out why my credit wasn't being reported (had no credit to start)they said the frst three months they don't even report to the credit agency for one reason or another( this was 3 years ago so I don't remember exactly the reason they gave me)
Also cell phones aren't reported. They will only report if you don't pay( which I think is totally unfair)
You have to STOP applying for credit..Once you have started you fianancing with your car trust me the offers for credit cards will start pouring in ( after about six months after I took out my car loan I would recieve about 15 offers a week) Read through the terms and conditions very carefully before deciding on which one to get.

and lastly I don't know too much about the real estate thing...but good luck with that:0)