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Old 05-25-2013, 08:38 PM   #43
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Ok, I'm 24, so just a year older than you, so I will give you some tips and advice on stuff I did.
I just recently bought a fairly new truck, I was unsure on what my credit score was and didnt expect the bank to give me the money they did.
They said for my age, my credit score was very good, credit history was excellent.
They said I was very low risk.
What I did, was at the age of 18, had my first loan, and bought a truck, it was a 2 year loan, I paid it off in just over a year.
a year and a half later, I got a small unsecure loan and bought a snow plow, 1 year term, paid off in 6 months.
Year and a half later, took out a small unsecure loan and bought a small car to take back and forth to work, 1 year term, paid off in 7 months.
Graduated college in Winter of 2010, started making my monthly payments to pay those loans off, paid off all 100% of the loans in just under 2 years.

I got my first credit card back in November, I use it ONLY for gas. I pay this off every month. For easy numbers, lets say they gave me a credit limit of $1000. Only use up to $500, as if you stay under half, it makes it look like you are NOT living on credit.
I used to work at a bank, so I know a few little tricks of the trade.

I wish you the best of luck, but I would say that the odds of you of getting an almost $60,000 5th wheel, is unlikley for a couple years. Build up your credit, get a credit card, even if it is only a $500 credit limit, it will go up.
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Old 05-25-2013, 08:42 PM   #44
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How did you get your original loan with no credit? Those are the issues I'm having.
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Old 05-25-2013, 09:31 PM   #45
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The bank will use the vehicle as security (collateral) and can reposes it if the debt is not paid. With an RV there is a huge depreciation in value and without a large down payment it has less value than what is owed.

Lots of great advice here so far and I would agree with all that you pretty much HAVE to get a credit card to start building good credit or at least a small loan. Another thing that lenders will look at is your ability to save. Have started any investments or retirement plans? If you go to the institution that holds these they will look more favorably at lending you money

Good luck. Got to get started sometime
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Old 05-25-2013, 09:32 PM   #46
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You mentioned that you pay everything with a debit card. That means, at your bank they know this. Did I miss a post? Why don't you just go to your bank and get a loan? Are you trying to buy this with nothing down? If you had no credit, and then you suddenly ask for $50,000 dollars on a depreciating asset, what would be other possible outcome?
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Old 05-25-2013, 10:04 PM   #47
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How did you get your original loan with no credit? Those are the issues I'm having.
I had to have a co-signer with my first two loans. Which is somebody that has low risk credit score.
The assistant manager at the bank (whom I have known for a long time) said with my history and credit score she would feel comfortable loaning me 20+ thousand, but I told her I personally cant afford that right now. So there is a limit on how much you can afford, and how much the bank will loan you. If they say "you can qualify for XXXX dollars" Dont always take it. They are just going to use that for interest.

Does your GF have any credit? Maybe with the combination of the two of you, plus maybe a co-signer like a parent or other family member, you just might qualify.
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Old 05-25-2013, 10:30 PM   #48
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use the assets of your business for collateral on a loan through your bank
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Old 05-26-2013, 11:15 PM   #49
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The post below is a couple of pages back, but I'd like to say that I think the highlighted passage is a simply BRILLIANT way to improve/establish a credit history!



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Even with good CC management, and a good credit score, the one that's going to get you is the "Self Employed" in a "New Business"! You have no income history. The banks don't know if you are going to be able to repay a loan.

I know this personally from past experience(a long time ago). It took me almost 1.5 years to show consistent income. I never had any credit cards either, so what I did with my bank was put $5000 in a secured GIC and took out a loan for $5000. The bank listed the GIC as security and had no problem giving me the $5000 loan. The bank watched me pay off the loan and I never had an issue after that.
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Old 05-29-2013, 07:31 PM   #50
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he dosent under stand why he cant borrow $60,000 for a toy hauler and drive it off the lot and its worth $45,000 then. hook it to his pickup and maybe wreck it or disappear with it. dosent purchase right insurance or keep it paid. lenders stuck chasing is down or repairing it if possible. would wonder if he would lend his buddy money on a hand shake and his word every thing will be ok? things go bad fast not good. takes a long time to build trust with money loans. i know my son wants to buy a house and thinks he can buy one worth the value of my house. took me 50 plus years to get mine and i can barely afford it. good luck!
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Old 05-29-2013, 07:49 PM   #51
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my wifes grandmother is worth in the 7 figures. Mostly assets but some of it is liquid. She also lives like a poor person and drives a 1997 Lincoln Towncar. A few years ago her winter house in Florida was destroyed in a hurricane. She received the insurance check and was building a new house. Since she had paid cash for everything, she has no credit score. She wanted to finance the new house because it saved her money compared to paying cash. She could not get financing at all, even the bank that has most of her money would not. She ended up paying cash for the new home. Funny sometimes how banks work.
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Old 05-29-2013, 07:49 PM   #52
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Quote:
Originally Posted by Quaddinmad40 View Post
The bank will use the vehicle as security (collateral) and can reposes it if the debt is not paid.
And how does the lending institution know where to go to repossess the RV? That's one of the problems with getting a loan if you're living in it full time. You have no permanent address where the unit can be found
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Old 05-29-2013, 07:59 PM   #53
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i know my son wants to buy a house and thinks he can buy one worth the value of my house. took me 50 plus years to get mine and i can barely afford it. good luck!
We tried telling my son and DIL NOT to buy their "dream house" first, buy a lower cost one and then move up a couple times. They didn't listen and bought a new, big house. Now he's lost his job again and the house is possibly going to be foreclosed although they did get an attorney to work on a modification.
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Old 05-29-2013, 08:21 PM   #54
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The answer has been told to you ver ad ove again in this thread. Get a credit card, use it and pay it off every month. The wife and I only keep pocket cash to give to the kids, otherwise everything goes on credit cards, but we pay our cards off every month. 845 and 815 credit scores. We've never carried a balance on credit cards. All are cars have been paid for within 2 years. Autos/trucks at 0% interest, sign me up, since I average 8 -13 annually with my money I have invested. We buy new, every 10 year.
There is a difference between being in debt, and using debt wisely.
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Old 05-29-2013, 08:46 PM   #55
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I am really sorry the OP is having all these troubles and I understand his frustration. We were all young once and had to learn that we couldn't just play the "financial system game" whenever we wanted to. It's an ongoing process to manage one's credit worthiness even if we have no plans to use it.

It is a crazy game though. I'm among those with no debt (except for mortgage and coach)... I purchase nearly everything on either credit or debit cards and carry no balance.

I'm referred to by those in the credit card industry as a "dead beat" because I don't carry a balance... and my credit score recently took a tick downward because I had too much "available credit".

Best of luck to the OP in finding a solution for both the short and long term challenges.

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Old 05-29-2013, 09:04 PM   #56
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The op is now considering buying a $15000 Dutchman Denali on another thread titled " should we"
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