This sucks

[Pushbutton2]

I tried to get a $2500 loan through my bank to buy a truck without depleting my savings.
Truck has kbb value of $4k.

I was denied cause I don't have a credit score. I pay cash or don't get it. I haven't made a big purchase in 15 years
They require a minimum sore of 600 and no late payments in the last year.

How do I go about building my credit back up?
2002(?) My house was foreclosed on. Been running on cash since then.

My new hunting hobby is not letting me save as much as fast as I want.


I know I'm going to get hated on for having to borrow $2500 bucks and whatever else y'all feel like badgering me about. If that's your aim move on.

[tmurray]

Get a credit card and put your monthly expenses on it. PAY IT OFF IN FULL EVERY MONTH.

We do about $3k a month on our Southwest Airlines credit card. I already had great credit but my wife's was very poor (560ish) when we first got together. I added her to my credit card and it has helped her tremendously. Her score is in the mid-upper 700's currently.

[duckmanep]

I would start the credit building process by applying for a credit card that earns cash back. Use it to buy gas or other small purchases with and pay it off every month.

[solocam_aggie]

Credit card. Revolving credit is about 30% of your score (if I remember correctly). I dont have to tell you that it must be treated like cash. Dont put anything on your card that you couldnt pay cash for.

Also, go to your local credit union and ask about their credit building program. Take a $600 loan out, make payments on it, then pay it off. Continue building from there.

[miket]

Gunna be a long slow process. As others have said, credit card. I started with a prepaid card when I was 18-19yo. Sent them $600 to secure it, for $600 credit limit. After a bit you will be able to get regular cards etc.

[jason86]

I tried to get a $2500 loan through my bank to buy a truck without depleting my savings.
Truck has kbb value of $4k.

I was denied cause I don't have a credit score. I pay cash or don't get it. I haven't made a big purchase in 15 years
They require a minimum sore of 600 and no late payments in the last year.

How do I go about building my credit back up?
2002(?) My house was foreclosed on. Been running on cash since then.

My new hunting hobby is not letting me save as much as fast as I want.


I know I'm going to get hated on for having to borrow $2500 bucks and whatever else y'all feel like badgering me about. If that's your aim move on.

Pay cash for truck, make payments to yourself and build savings back up.

[BackwoodzHank]

I paid cash for everything for 20 years in fear of gettimg into debt. Bout 1.5 years ago we satered talking about wanting to buy some land and build a new house, went and got a secured credit card and paid it off every month, after 6 months got another. Now have about 6 lines of credit and they are constantly raising my limit. scroe went from high 5's to low to mid 7's.

[solocam_aggie]

Get a credit card and put your monthly expenses on it. PAY IT OFF IN FULL EVERY MONTH.

We do about $3k a month on our Southwest Airlines credit card. I already had great credit but my wife's was very poor (560ish) when we first got together. I added her to my credit card and it has helped her tremendously. Her score is in the mid-upper 700's currently.

Im not a 100% sure on this, but wouldn't it help for him to carry a small balance on the card month to month occasionally?

[TXHUNT3R]

Get a credit card and put your monthly expenses on it. PAY IT OFF IN FULL EVERY MONTH.

We do about $3k a month on our Southwest Airlines credit card. I already had great credit but my wife's was very poor (560ish) when we first got together. I added her to my credit card and it has helped her tremendously. Her score is in the mid-upper 700's currently.

This is where I would start out at.

[miket]

I tried to get a $2500 loan through my bank to buy a truck without depleting my savings.
Truck has kbb value of $4k.

I was denied cause I don't have a credit score. I pay cash or don't get it. I haven't made a big purchase in 15 years
They require a minimum sore of 600 and no late payments in the last year.

How do I go about building my credit back up?
2002(?) My house was foreclosed on. Been running on cash since then.

My new hunting hobby is not letting me save as much as fast as I want.


I know I'm going to get hated on for having to borrow $2500 bucks and whatever else y'all feel like badgering me about. If that's your aim move on.

Dont forget, there are plenty of folks that were handed things and opportunities and never have been in our situation. Its easy for them to talk crap when daddy or whoever set them up or they were born into the family business, ranch or whatever. Ignore them. But those of us that are on our own are a lot more understanding, we have been there.


Also, may be time to cut back on fun expenses for a while. Time to buckle down. ( IMO )

[dc1986]

Im not a 100% sure on this, but wouldn't it help for him to carry a small balance on the card month to month occasionally?

I don’t think it hurts to pay it off. I pay mine off every month and my credit score was 835 this past September when I bought a new truck. I only have a Chase Visa rewards card and a gas card. Rarely use the gas card anymore but I never carry over a balance on either.

[npe001]

I am not sure on the credit score thing, never had to worry about it. Mine is pretty spot on score wise. Only thing from keeping it perfect is that i am a day behind from time to time when i forget to pay a bill. I heard the best way to build credit quickly is get a line at say Best Buy and buy a TV or whatever on it at 0% interest and have it auto pay from your account.

[Deer Tracks]

Pay cash for the truck. Sell something else if you have to.

You can save up what most people pay as payments and in a few months have the money to pay cash for that truck.

You don't want a bad or medium credit score. You want a good score or no score. You can only get a good score if you borrow money and pay it back early and often. Get the credit card if you can pay it off every month. If you can't do that, avoid debt.

[texasdeerhunter]

Tell the bank you want a $2500 CD secured loan to build credit. That’s about the only way other than a credit card that you will be able to build credit back after having a foreclosure on your report

[CaptainDave]

Im not a 100% sure on this, but wouldn't it help for him to carry a small balance on the card month to month occasionally?

No, it really doesn't.

Even if you pay the card off in full monthly, you are still carrying some sort of debt on a daily basis.

Actually, if you use the card daily, you probably will never show a zero balance on the card. This is just due to timing between statement cut-off, balance payment, new charges, etc.