How many months does it take to determine to have good credit to finance a car?

I'm getting my first credit card when i turn 18 in early October...And i'm curious to know how many months will it take to determine if i have good or bad credit to finance a car on my own? I heard 3 months so the dealership can let me off with the car.





Thanks!

How many months does it take to determine to have good credit to finance a car?
Auto finance is what I do for a living and here are one of my best lenders guidelines;





1. Minimum score of 520.


2. Minimum income of $1,500.00 per month before taxes.


3. In bureau for at least 36-months.


4. Prior paid auto/installment credit of at least $150.00 a month paid at least 12-times.





Most all of my lenders have pretty much the same requirements.
Reply:how do you know for sure you are getting a credit card? just having one credit card may not be enough to finance a car. and considering you are only 18 you may have to have a co-signer with good credit. of course you have to have a job also.
Reply:First save a few bucks and open an account at a credit union - find one.


Then get your first credit card there. They will under certain circumstances, finance your car for as little as 5%


There is no better way to handle your finances.
Reply:well just having the card does you nothing, you need to spend money, and pay hte amount you owe back. as long as your keeping up you will have good credit, if you miss payments your credit will go down
Reply:Today every person has need of car, because it has become the necessary need for the people and status symbol also. If you have bad credit history or poor credit history and look for purchase a car, then it is very tough for you. Due to bad credit history, lenders are not keen toward%26lt;!--providing you loan, but do not be discouraged.Generally, bad credit car loans are available at higher interest rate, but you can take at competitive interest rate after placing your assets as collateral in secured bad credit car loan. You may find some car loans here,





http://badcredits.awardspace.com/guarant...





You also can grab bad credit car loan without keeping your asset as collateral, but you have to pay competitively higher interest rate. Hence--%26gt;you can take this loan at better rate, because competition among lender.You can reduce your interest rate after talking with the lender
Reply:Thats close, but you always remember that a car is collateral where as a credit card is not so your credit must start off slow at first, but then get big and the secret to that is to make your payments on time with the car until it is paid off and as for the credit card they normally start you off with a $300.00 ballance when you have little or no credit at all, but no bad credit.





Never keep making payments on a credit card with a large ballance or your credit rating beacon score drops.





It is called revolving credit and that hurts. Pay it off in two months if not less. So the key to a credit card is to use it and the bank or finance company makes a little interest off you and that's okay and then the next month pay it off in full. Then repeat that cycle.


Your credit card ballance is not meaning that you can charge it all and pay off whenever caused you'll then be doomed.





Credit cards like mine with a $15,000 credit ballance means I use what I want, but must retuirn it in two months or less. Basically the bank loves it when you do this cause it shows your responsible with money and you pay your bills on time.





If you go out and use up $10,000 in debts charging and only pay the monthly amount due...your doomed.





So then why charge at all?





Why charge so much when you can't pay it back in at least three months?





That's the secret to getting a credit increase because every six months a bank will evaluate your spending and your ability to pay it back and if you charge too much and take too long to pay it back they will look at you as a risk to increase your credit.





The major call here is the bank gives you alot of credit, because they know your not going to use it all. It takes years to establish class A credit and a beacon score of 650.





The only reason you can end up with a credit card and a line of $20,000 credit is based on the fact you actually never use their money, but they also know your going to pay it back quick if you do.





Most people who get caught up with a big line of credit fall for the bait and get stuck with their backs against the wall and wind up in dangerous situations and even must file bankruptcy.





So why does bank give so much credit with that at risk?





They want to make money based on your credit score.





My last credit card I had I never used and the bank cancelled my card. Aint that biotch.





Funny. but true.





You'll learn, but learn how to use a credit card the right way or you will end up behind the eight ball.





In the Unites States right now alone has over a billion dollars in the rears because people still don't pay off their credit cards off and in the end the bank never gets their money yet the business in credit is too look at how much is made in one year off of credit cards. A billion dollars is nothing lost compared to 60 billion gained.





When you use your credit card for cash money that's whyt you have a higher interest rate when you have aq cadsh withdrawl of your credit card.





They're in the business to make money and that's the name of the game I still keep getting crad offers in the mail and I rip them up.





Ever since I bought my first house credit card offers won't leave me alone.





Good Luck and Happy credit be with you!
Reply:You're going to get an outrageous rate, otherwise known as APR.


You'll be paying in more money every month to keep the credit card company from calling and harassing you.





Credit is not a good thing, and new cars are not all they are cracked up to be. You would be better off if you learned how to buy a car that needed a few repairs, along with buying a manual, and trying to fix a car for around three thousand dollars that you can come up with over six months.





You are trying to find a solution to the problem(you don't have a car of your own) by signing away a certain amount of your life and paychecks to someone who could care less if you pay for what you are buying or not.





Good Luck