Quote:
Originally Posted by FFMaro
I am 18, work at the fire dept as a FF/EMT making $29,000 a year, I have no credit history, I was just put on as a joint card user on one of my parents credit cards. The credit card company says this will help me to start building credit history. My question is that how long will it take me with this 1 credit card to build enough credit history/ credit score to be able to qualify for a $22,000 auto loan with an $8,000 down payment? Also, what kind of APR might the camaro be offered with? I have no expenses, so I plan to pay this car off as quickly as I can.
Thanks
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FFmaro, that credit card and any future credit cards make absolutely NO bearing when applying for large loans. When applying for a large loan such as the $22k for the Camaro, the banks ONLY look at the following, a) previous large loans b) how long ago it was that you got the loan and c) time it took you to pay off the loan. They do not look at credit cards that you've owned for less then 5 years UNLESS you made a large purchase with it (like a car).
I also highly recommend that you do not apply for anymore credit cards then the one you already have. It is a proven fact that all cards after the first one actually hurt you in the long run rather then help you.
As for the book "Debt Cures", trash it. It's a steaming pile of horse s*** that's not even worth letting my dog piss on. Look up some of the other books he wrote and you'll see how big of a fraud he really is. He evens tells you to commit a federal crime to get out of debt that is punishable by life in prison. You're really better off trashing that book and forgetting everything you read in it before he screws over the rest of your life.