How many got their new camaro finance without a co sign?

[iyam_lorne]

When i went to inquire about financing a 1Lt camaro they said i couldnt without a co sign and ive had a credit card for years and pay it off every month. how many of you got the car without needing a co sign? probably just me cause im only 24

[ssump29]

well your age shouldn't have been the problem. If all you have is one credit card and nothing else that goes on your credit report, I take it that you just don't have enough credit history to warrant such a purchase.

[5thGenCamaroChick]

I've actually been told that it's better for your credit score to leave a small balance on your card rather than pay it off each month, although I can't remember exactly why. Ask around. No co-signer here though.

[chrisinlittlerock]

810 credit score thanks to my wife. When I married her I couldn't finance bubble gum. Thanks babe!!!!

[JeffreyRyansGirl]

Could be that you dont have ENOUGH lines of credit ie mortgage, other car loans, school loans....they want to see a mix of various types of credit as well as a high overall limit. Also it could be your income. I can only get approved to a certain amount based on my income so that is probably a factor as well.

[cab2g]

You shouldn't need a co-signer if you have a low enough documented debt to income ratio and there are no negative marks on your credit report. If you have only had a credit card with a low limit (under 5,000) and no other larger loans that were on your report, some creditors may also want a co-signer. A credit history of under 7 years will lower your score, but I wouldn't think enough to require a co-signer.

[WySS]

I bought my first car at 18 without a co signer, I'm now 26 and on my 6th financed car and didnt require a cosigner for any of them.

[ssump29]

Originally Posted by 5thGenCamaroChick

I've actually been told that it's better for your credit score to leave a small balance on your card rather than pay it off each month, although I can't remember exactly why. Ask around. No co-signer here though.

Yeah thats not exactly true, what you want to do is leave your credit card or any account OPEN whether you have a balance or not. What that does is establish a credit history age. Leaving a small balance or any balance won't help you but depending on how much of the balance is used against the credit approved could hurt you.

[ahart04]

im 23 and i got up to 36000 @ 5.7% for 72mos.
i've got a few lines of credit all with successful histories. i had a credit score of 721.

what's best for your credit score is this: on-time payments.

thats why it's good to have a balance rather than 0$ on your credit card-->so you can make another on-time payment at the end of the next month. if you have 0$ on it, you can't make a payment. the more payments you have, the better.

edit- btw i'm a first time buyer. no hassle from University Federal Credit Union.

[Chevyrocker]

It's because you're a first time buyer. They have first time buyer programs, but they require 2+ years at the same job, a stellar debt to income ratio, 2+ years at teh same address and a significant down payment. Most of the time, they want it to be on cars like the Cobalt or Aveo, or something under $18,000 unless you have a huge down payment. Banks are still pretty tight right now, so just save up some money, and go back and get your car.

[cab2g]

Originally Posted by ssump29

Yeah thats not exactly true, what you want to do is leave your credit card or any account OPEN whether you have a balance or not. What that does is establish a credit history age. Leaving a small balance or any balance won't help you but depending on how much of the balance is used against the credit approved could hurt you.

But you have to use your credit card at least once a year or else the creditor may decide to close your account due to inactivity. That happened to me a few months ago on my first CC I got when I was 18 :( I was so sad to see it go. Not really.

Originally Posted by ahart04

what's best for your credit score is this: on-time payments.

thats why it's good to have a balance rather than 0$ on your credit card-->so you can make another on-time payment at the end of the next month. if you have 0$ on it, you can't make a payment. the more payments you have, the better.

This actually is not true. I'm not trying to butt heads here, but if you pull your credit report, whether or not you have a balance each month or make a payment is not important. It will show "OK" for each month that was paid on time or there was $0 balance. I have a few CCs:
one I used to pay for necessary home repairs, this one has a monthly balance being paid off
one I use for the dividend rewards that I pay off completely every month
and another for no really good reason, maybe emergencies, I guess which has a $0 balance (it stays in a safe)

I pulled my credit report and for all 3 cards it showed "OK" for every month. Even the one without a balance. There is no differentiation between the three. The only negative factor that showed up was a high balance to credit ratio on my dividend card because It was using up 40% of the available credit that particular month.

[Iwantone2]

I didn't need a co-signer, first-time buyer, 25 yrs old. All that shows up on my reports are two cc's (which had a balance of 14K on them last year but were paid off this year ). My credit score was 828 when i bought my car

[Rikarus]

if it's your only card, and you don't have any other types of loans or credit history to follow they are gonna say you have enough of a established credit history.

[ahart04]

Originally Posted by cab2g

But you have to use your credit card at least once a year or else the creditor may decide to close your account due to inactivity. That happened to me a few months ago on my first CC I got when I was 18 :( I was so sad to see it go. Not really.

This actually is not true. I'm not trying to butt heads here, but if you pull your credit report, whether or not you have a balance each month or make a payment is not important. It will show "OK" for each month that was paid on time or there was $0 balance. I have a few CCs:
one I used to pay for necessary home repairs, this one has a monthly balance being paid off
one I use for the dividend rewards that I pay off completely every month
and another for no really good reason, maybe emergencies, I guess which has a $0 balance (it stays in a safe)

I pulled my credit report and for all 3 cards it showed "OK" for every month. Even the one without a balance. There is no differentiation between the three. The only negative factor that showed up was a high balance to credit ratio on my dividend card because It was using up 40% of the available credit that particular month.

what's good for your credit isn't necessarily going to show up on your 'report'.
and just because it doesn't, that doesn't mean that it's untrue. it is true that when a bank evaluates you for a loan, they take a wide array of things under consideration. what i stated, was one of them. sure it may not be differentiated on your credit report. but the thousands of credit report companies aren't banks, and they're not loaning you the money.