Notices
General Discussion and Debate Discuss, Debate, and Converse with other Honda-Tech members in a mature, intelligent manner.
Sponsored by:
Sponsored by:

How Important is Credit Rating?

 
Old 06-15-2006, 11:25 AM
  #1  
Junior Member
Thread Starter
 
kyrie_eleison's Avatar
 
Join Date: Sep 2005
Location: Berkeley, CA, USA
Posts: 111
Likes: 0
Received 0 Likes on 0 Posts
Default How Important is Credit Rating?

Hey guys, background of myself: im 20 years old, work part time at a stable job making ~$14/hr (full time over this summer), full time student in the fall/spring...

The question is: Should i start building up my credit score? Or is it still too early? Soon im buying a motorcycle (hopefully an R1 or R3) in the next 2-3 weeks so should i just try to get a bank of america car loan and pay that off really fast (in like 4-5 months)? I wont have enough money to pay for one upfront ($4k-6k) but i will have enough money in about 4-5 months. Im not even sure they will provide a loan to someone who has no credit...

I have the funds to pay off the loan easily. But i know the interest rate will be pretty high, so should i just get a credit card, and build credit by just buying little things, like food and groceries?


kyrie_eleison is offline  
Old 06-15-2006, 11:27 AM
  #2  
 
SpoOoLin EK's Avatar
 
Join Date: Dec 2004
Location: 714, SoCal
Posts: 1,174
Likes: 0
Received 0 Likes on 0 Posts
Default Re: How Important is Credit Rating? (ilikecheese)

in this life, credit is everything. Unless you like paying out the ***, or have alot of money
SpoOoLin EK is offline  
Old 06-15-2006, 11:27 AM
  #3  
B*a*n*n*e*d
 
Join Date: Oct 2003
Location: Omar and Musone, USA
Posts: 6,112
Likes: 0
Received 0 Likes on 0 Posts
Default

how important is your dick?
theSQad is offline  
Old 06-15-2006, 11:28 AM
  #4  
I'm here for the gangbang!
 
Lewie's Avatar
 
Join Date: Nov 2002
Location: St Petersburg, FL
Posts: 5,125
Likes: 0
Received 0 Likes on 0 Posts
Default Re: How Important is Credit Rating? (SpoOoLin EK)

<TABLE WIDTH="90%" CELLSPACING=0 CELLPADDING=0 ALIGN=CENTER><TR><TD>Quote, originally posted by SpoOoLin EK &raquo;</TD></TR><TR><TD CLASS="quote">in this life, credit is everything. Unless you like paying out the ***, or have alot of money</TD></TR></TABLE>

hit it on the head.
Lewie is offline  
Old 06-15-2006, 11:29 AM
  #5  
Honda-Tech Member
 
Dacalac's Avatar
 
Join Date: Jan 2003
Location: watching you fap in the bathroom
Posts: 5,172
Likes: 0
Received 0 Likes on 0 Posts
Default Re: How Important is Credit Rating? (Lewie)

if you have no credit then you'd need a cosigner right now.
Dacalac is offline  
Old 06-15-2006, 11:29 AM
  #6  
 
SpoOoLin EK's Avatar
 
Join Date: Dec 2004
Location: 714, SoCal
Posts: 1,174
Likes: 0
Received 0 Likes on 0 Posts
Default Re: How Important is Credit Rating? (Lewie)

bottom line, build credit now. keep building it. just get a small credit card and buy inexpensive items ie gas/food. pay it in full whenever the bill comes. everytime you pay it off, your credit will go up.

its a lifelong thing you will have to do.
SpoOoLin EK is offline  
Old 06-15-2006, 11:33 AM
  #7  
El Chico
 
Knightsport's Avatar
 
Join Date: Dec 1999
Location: The Deep Web
Posts: 100,687
Likes: 0
Received 0 Likes on 0 Posts
Default Re: How Important is Credit Rating? (SpoOoLin EK)

<TABLE WIDTH="90%" CELLSPACING=0 CELLPADDING=0 ALIGN=CENTER><TR><TD>Quote, originally posted by SpoOoLin EK &raquo;</TD></TR><TR><TD CLASS="quote">bottom line, build credit now. keep building it. just get a small credit card and buy inexpensive items ie gas/food. pay it in full whenever the bill comes. everytime you pay it off, your credit will go up.

its a lifelong thing you will have to do. </TD></TR></TABLE>

Couldn't agree more.

I wish I'd have had this guidance when I was younger. It should be illegal to give anyone under 21 a CC unless they make over $15k a year.
Knightsport is offline  
Old 06-15-2006, 11:34 AM
  #8  
I'm here for the gangbang!
 
Lewie's Avatar
 
Join Date: Nov 2002
Location: St Petersburg, FL
Posts: 5,125
Likes: 0
Received 0 Likes on 0 Posts
Default Re: How Important is Credit Rating? (Knightsport)

<TABLE WIDTH="90%" CELLSPACING=0 CELLPADDING=0 ALIGN=CENTER><TR><TD>Quote, originally posted by Knightsport &raquo;</TD></TR><TR><TD CLASS="quote">I wish I'd have had this guidance when I was younger. It should be illegal to give anyone under 21 a CC unless they make over $15k a year.</TD></TR></TABLE>

<TABLE WIDTH="90%" CELLSPACING=0 CELLPADDING=0 ALIGN=CENTER><TR><TD>Quote, originally posted by Knightsport &raquo;</TD></TR><TR><TD CLASS="quote">Couldn't agree more.
</TD></TR></TABLE>
Lewie is offline  
Old 06-15-2006, 11:38 AM
  #9  
I didn't ask for a dime.
 
Johnny Gasparini's Avatar
 
Join Date: Jan 2002
Posts: 3,693
Likes: 0
Received 0 Likes on 0 Posts
Default Re: How Important is Credit Rating? (Lewie)

I have built my credit on one gas card, student loan for a computer (paid off), and with the car I currently own (one payment left).
Johnny Gasparini is offline  
Old 06-15-2006, 11:38 AM
  #10  
 
SpoOoLin EK's Avatar
 
Join Date: Dec 2004
Location: 714, SoCal
Posts: 1,174
Likes: 0
Received 0 Likes on 0 Posts
Default Re: How Important is Credit Rating? (Knightsport)

<TABLE WIDTH="90%" CELLSPACING=0 CELLPADDING=0 ALIGN=CENTER><TR><TD>Quote, originally posted by Knightsport &raquo;</TD></TR><TR><TD CLASS="quote">

Couldn't agree more.

I wish I'd have had this guidance when I was younger. It should be illegal to give anyone under 21 a CC unless they make over $15k a year.</TD></TR></TABLE>

i have an older brother who really effed up big when he was younger, buying jewelry for girls n writing bad checks etc lol. he really schooled me before i even considered getting a credit card
SpoOoLin EK is offline  
Old 06-15-2006, 11:46 AM
  #11  
Honda-Tech Member
 
jay_cue's Avatar
 
Join Date: Apr 2004
Location: san diego, ca, usa
Posts: 816
Likes: 0
Received 0 Likes on 0 Posts
Default Re: How Important is Credit Rating? (Lewie)

<TABLE WIDTH="90%" CELLSPACING=0 CELLPADDING=0 ALIGN=CENTER><TR><TD>Quote, originally posted by Lewie &raquo;</TD></TR><TR><TD CLASS="quote">

hit it on the head.</TD></TR></TABLE>

<TABLE WIDTH="90%" CELLSPACING=0 CELLPADDING=0 ALIGN=CENTER><TR><TD>Quote, originally posted by theSQad &raquo;</TD></TR><TR><TD CLASS="quote">how important is your dick?</TD></TR></TABLE>

i thought he hit it on the head.

lol. j/k.

you can never be too young to start building your credit. just as long as you dont bring it down.
jay_cue is offline  
Old 06-15-2006, 11:46 AM
  #12  
Honda-Tech Member
 
EL Vap133's Avatar
 
Join Date: Jan 2002
Location: Los Angeles, CA, USA
Posts: 26,520
Likes: 0
Received 0 Likes on 0 Posts
Default Re: How Important is Credit Rating? (ilikecheese)

Build credit, not debt.
EL Vap133 is offline  
Old 06-15-2006, 11:48 AM
  #13  
El Chico
 
Knightsport's Avatar
 
Join Date: Dec 1999
Location: The Deep Web
Posts: 100,687
Likes: 0
Received 0 Likes on 0 Posts
Default Re: How Important is Credit Rating? (SpoOoLin EK)

<TABLE WIDTH="90%" CELLSPACING=0 CELLPADDING=0 ALIGN=CENTER><TR><TD>Quote, originally posted by SpoOoLin EK &raquo;</TD></TR><TR><TD CLASS="quote">

i have an older brother who really effed up big when he was younger, buying jewelry for girls n writing bad checks etc lol. he really schooled me before i even considered getting a credit card</TD></TR></TABLE>

I wasn't that bad. Just had to work myself out of debt.

Who in the hell gives a CC with a $5k limit to an 18year old who makes dick? I was waiting tables for crying out loud. Most of my income couldn't even be verified.
Knightsport is offline  
Old 06-15-2006, 11:51 AM
  #14  
Honda-Tech Member
 
hypnosisracing's Avatar
 
Join Date: Mar 2002
Location: Atlanta, GA
Posts: 2,861
Likes: 0
Received 0 Likes on 0 Posts
Default Re: How Important is Credit Rating? (Knightsport)

Your credit is one of your most important financial pieces of your life, protect it like you would a loved one because its just as vulnerable.
hypnosisracing is offline  
Old 06-15-2006, 11:52 AM
  #15  
Sexy Cheese Cake
 
duckmanEG's Avatar
 
Join Date: Feb 2004
Location: Ill INoise, U.S. of A
Posts: 2,444
Likes: 0
Received 0 Likes on 0 Posts
Default Re: How Important is Credit Rating? (Knightsport)

I wish i could start to build credit but no one wants to give me a credit card. I think maybe if they run my name they are getting my dads or something. He has horrible credit. I really dont feel like paying either for one of those kinds of credit cards. O well.
duckmanEG is offline  
Old 06-15-2006, 11:53 AM
  #16  
Honda-Tech Member
 
EL Vap133's Avatar
 
Join Date: Jan 2002
Location: Los Angeles, CA, USA
Posts: 26,520
Likes: 0
Received 0 Likes on 0 Posts
Default Re: How Important is Credit Rating? (duckmanEG)

<TABLE WIDTH="90%" CELLSPACING=0 CELLPADDING=0 ALIGN=CENTER><TR><TD>Quote, originally posted by duckmanEG &raquo;</TD></TR><TR><TD CLASS="quote">I wish i could start to build credit but no one wants to give me a credit card. I think maybe if they run my name they are getting my dads or something. He has horrible credit. I really dont feel like paying either for one of those kinds of credit cards. O well.</TD></TR></TABLE>

Start out small and work your way from there.
EL Vap133 is offline  
Old 06-15-2006, 11:54 AM
  #17  
Honda-Tech Member
 
hypnosisracing's Avatar
 
Join Date: Mar 2002
Location: Atlanta, GA
Posts: 2,861
Likes: 0
Received 0 Likes on 0 Posts
Default Re: How Important is Credit Rating? (EL Vap133)

Also...getting your credit rating up will make your first home buying experience a breeze, it sure was for us.
hypnosisracing is offline  
Old 06-15-2006, 11:56 AM
  #18  
B*a*n*n*e*d
 
Join Date: Oct 2003
Location: BAWLSTON
Posts: 13,235
Likes: 0
Received 0 Likes on 0 Posts
Default Re: How Important is Credit Rating? (Lewie)

Credit is everything *Has high 790's and 800's on the 3 major reports*
SIRIUS is offline  
Old 06-15-2006, 12:25 PM
  #19  
Sexy Cheese Cake
 
duckmanEG's Avatar
 
Join Date: Feb 2004
Location: Ill INoise, U.S. of A
Posts: 2,444
Likes: 0
Received 0 Likes on 0 Posts
Default Re: How Important is Credit Rating? (SIRIUS)

wheres small like a gas card or something. sorry not trying to thread jack
duckmanEG is offline  
Old 06-15-2006, 12:27 PM
  #20  
 
Join Date: Jan 2004
Location: Santa Ana, California 92704
Posts: 779
Likes: 0
Received 0 Likes on 0 Posts
Default Re: How Important is Credit Rating? (duckmanEG)

<TABLE WIDTH="90%" CELLSPACING=0 CELLPADDING=0 ALIGN=CENTER><TR><TD>Quote, originally posted by duckmanEG &raquo;</TD></TR><TR><TD CLASS="quote">wheres small like a gas card or something. sorry not trying to thread jack</TD></TR></TABLE>

Gas card, cc from a clothing store, small bank loan (only if you really need it), low limit cc, etc...

Credit is EVERYTHING. Do it right the first time.
AceRaceParts is offline  
Old 06-15-2006, 12:30 PM
  #21  
amin n'rangwa edanea
 
fluxion's Avatar
 
Join Date: Jun 2003
Location: Austin, TX
Posts: 2,896
Likes: 0
Received 0 Likes on 0 Posts
Default Re: How Important is Credit Rating? (ilikecheese)

it's never too early

and it's very important
fluxion is offline  
Old 06-15-2006, 12:37 PM
  #22  
Honda-Tech Member
 
Siberian Husky's Avatar
 
Join Date: Aug 2005
Posts: 230
Likes: 0
Received 0 Likes on 0 Posts
Default Re: How Important is Credit Rating? (fluxion)

i started buildin credit at 19 cosigned with mom..i learned at an early age that it was important in our american culture..
hell..some jobs even require a credit report for employment as a qualification
Siberian Husky is offline  

Thread Tools
Search this Thread

Contact Us - About Us - Archive - Advertising - Cookie Policy - Privacy Statement - Terms of Service

© 2019 MH Sub I, LLC dba Internet Brands

We are a participant in the Amazon Services LLC Associates Program, an affiliate advertising program designed to provide a means for us to earn fees by linking to Amazon.com and affiliated sites.

All times are GMT -8. The time now is 07:34 AM.


© 2019 MH Sub I, LLC dba Internet Brands