how do i get credit to refinance my car? - Ford Focus Forum, Ford Focus ST Forum, Ford Focus RS Forum
Ford Focus Forum
HomeContact UsAbout UsGalleryDiscussion ForumsMarketplace


Go Back   Ford Focus Forum, Ford Focus ST Forum, Ford Focus RS Forum > Ford Focus Discussions > General Car Chat Lounge

General Car Chat Lounge Discussion Forum relating to nonspecific Ford Focus models, car purchasing, auto industry news and any car talk.

Search This Forum | Image Search | Advanced Search    
FocusFest FocusFanatics Merchandise

Reply




 
LinkBack Thread Tools Display Modes
Old 08-01-2006, 03:19 AM   #1
Focus Addict
 
Join Date: Jan 2006
Fan#: 31008
Location: Cleburne, TX
What I Drive: 06 Chevy Cobalt LS 5speed

Posts: 1,062
FF Reputation: 1 nomoreavril Good Standing Member
Buy-Sell-Trade Rating: (1)
how do i get credit to refinance my car?

well, when i went to buy my focus, they wouldnt let me put it in my own name, sinc ei have no credit, and also wouldnt let me cosign. so at the moment the car is in my grandmothers name(only person in family with good credit).

HOWEVER, just like 2 months before i got the focus, she retired. awesome. so they gave her a really bad rate(even still i got it used)... i think its like 12.3 or 12.9 or something. i pay about 270 a month with gap insurance, got the car for about 12k. 6 year plan. pain in the ass.

if they wont let me cosign, how the hell am i supposed to start getting credit? i' dont know anything about all this credit bs, i just know it sucks, and i need some. how do i start getting credit?

also...will it even help? if i like get some good credit then refinance in my name? or should i get the credit, then refinance while still cosigning with my grandmother..if thats even possible?


__________________
06 Ultra Silver Cobalt LS 5 Speed
PERFORMANCE: -Custom 2.5 SS/Magnaflow Catback -Pacesetter Race Header -GM CAI
EXTERIOR: -Razzi body kit
*FOR SALE*NEEDS TO GO: FS DURATEC STRUT BAR 50$ -ZX3/ZX5 SIDE SKIRTS PM ME!!
nomoreavril is offline  
    Reply With Quote Quick reply to this message
Sponsored Links
Advertisement
 
Old 08-01-2006, 04:06 AM   #2
"Party Pic WHORE"
 
jmotank's Avatar
 
Join Date: Jul 2004
Fan#: 10320
Location: douglasville ga
What I Drive: 2005 pitch black zx4 st

Posts: 2,362
FF Reputation: 1 jmotank Good Standing Member
Buy-Sell-Trade Rating: (15)
get a credit card. then everything you HAVE cash to buy and plan to buy, buy it with the credit card then pay it off immediately. i'm biluding my credit right now because of basically a break up after 5 year relationship ruined my credit. that's one way to work on it. it will help alot. it's the whole catch 22 thing. you can't get shit w/o credit but you can't get what you need to build credit w/o credit already established. lol. that should help. it shows the companies that you stay on time and pay things off i'm gonna make sure my credit NEVER goes in the pooper again!! LOL
__________________
ST crew #29
team DURATEC #53
MBRP exhaust, SRI, BFG G-Force sports, Steeda STS, painted stock rims, 1 12" diamond audio D6 sub, 3201T audiobahn amp, JVC headunit, Kicker 6X8's, 2 Farad cole cap, FC front strut bar, under body LED kit
jmotank is offline  
    Reply With Quote Quick reply to this message
Old 08-01-2006, 04:28 AM   #3
Focus Enthusiast
 
Join Date: Jul 2005
Fan#: 25403
Location: Mishawaka, Indiana
What I Drive: 2001 Black Stock ZX3

Posts: 63
FF Reputation: 1 Midas Good Standing Member
Buy-Sell-Trade Rating: (0)
Having a credit card helps but it also doesnt. I had a credit card when I purchased my car and had an excellent credit rating but still needed someone to cosign for me. When you are dealing with that much money I think they want to make sure your going to be able to pay it. If not you then atleast someone is. My dad cosigned and my rate is like 5 percent or something. Keep in mind the place went through the bank where my parents and I have our accounts so it helped a little.
Midas is offline  
    Reply With Quote Quick reply to this message
Old 08-01-2006, 04:41 AM   #4
Focus Enthusiast
 
Lumadar's Avatar
 
Join Date: Jul 2004
Fan#: 10555
Location: El Cajon CA
What I Drive: 2006 Focus ZX3 SE Infra Red

Posts: 398
FF Reputation: 2 Lumadar Good Standing Member
Buy-Sell-Trade Rating: (0)
Open a bank account. Get a savings account.

It is good to have 3-5 open accounts (payments, incoming, credit cards, whatever).

I got a bank account and a basic credit card through my bank with a $600 limit to start. within 6 months I now have 2 cards through my bank, the limit is $10,000 on my second card (I left the first card open, never close a card...) and I just make sure to pay early or on time, ALWAYS.

I also got a Shell gas card/CC and use that for everything now. Pay it immediately.

My credit score went from non-existent to over 750 in about a year of doing this.

It takes time...
__________________
2011 FORD FIESTA!
2006 Focus ZX3 SE Red
Lumadar is offline  
    Reply With Quote Quick reply to this message
Old 08-01-2006, 06:26 AM   #5
I don't care
 
ZX4STDoug's Avatar
 
Join Date: Feb 2005
Fan#: 19367
Location: Howell, MI
What I Drive: '99 Saab 9-3

Posts: 8,446
Points 7,098, Level 55
Points: 7,098, Level: 55 Points: 7,098, Level: 55 Points: 7,098, Level: 55
Level Up 74% Completed
Level up: 74% Level up: 74% Level up: 74%
Forum Activity 0%
Activity: 0% Activity: 0% Activity: 0%
FF Reputation: 13 ZX4STDoug Great Standing Member
Buy-Sell-Trade Rating: (1)
^^^^ All good advice. I've found credit unions to generally be more liberal and flexible, and more "human" in their approach to lending etc. You might want to join one, establish a relationship with someone in the loan dept. and explain your situation. They often will have very good rates for re-financing so that you can get the car into your name and start building your credit history.
__________________
'14 Mustang V6 Prem. Perf. Pkg
ZX4STDoug is offline  
    Reply With Quote Quick reply to this message
Old 08-01-2006, 11:24 AM   #6
Focus Addict
 
eazyrider_tim's Avatar
 
Join Date: Apr 2004
Fan#: 7011
Location: Mesquite, Tx, TX
What I Drive: 2005 Ford Focus ZX4 SES Gloss Black

Posts: 4,483
FF Reputation: 2 eazyrider_tim Good Standing Member
Buy-Sell-Trade Rating: (4)
Credit is more important that having money now days, I wasn't informed about it growing up either. But finally got able to buy a home and stuff. Credit = determines what you drive, where you live, and your monthly payments on EVERYTHING.

Its basically putting a dollar amount of trust in your word that you pay your debts ON TIME, those 3 day late payments you make hurt a lot. If that makes sense.
eazyrider_tim is offline  
    Reply With Quote Quick reply to this message
Old 08-01-2006, 11:28 AM   #7
S2
Retired Fanatic
 
S2's Avatar
 
Join Date: Mar 2004
Fan#: 4939
Location: Canada, Canada
What I Drive: Camaro 2SS/RS

Posts: 19,999
FF Reputation: 67 S2 Excellent Standing Member
Buy-Sell-Trade Rating: (20)
^^^ yeah true. Big thing is, as you mentioned Tim, DO NOT MESS UP YOUR CREDIT. It takes years literally before you'll be able to repair it, some cases never for some people.

Get a credit card, definitely, find one without a yearly fee and pay it off EVERY SINGLE MONTH COMPLETELY. Also you have to USE a credit card to actually get a benefit from it, just owning 20 credit cards with no balance, no use doesn't raise your credit rating much, but use those cards, or one or two of them, pay them off each and every billing cycle completely, like NO left over balance and your credit rating will go though the roof.
__________________
Chad (S2)
S2 is offline  
    Reply With Quote Quick reply to this message
Old 08-01-2006, 03:40 PM   #8
Focus Fanatic
 
Join Date: Apr 2005
Fan#: 21700
Location: Iowa
What I Drive: 2005 Infrared ZXW

Posts: 3,737
FF Reputation: 109 penguin Excellent Standing Member penguin Excellent Standing Member
Buy-Sell-Trade Rating: (0)
"just owning 20 credit cards with no balance, no use doesn't raise your credit rating much"

Yup. And it actually can hurt your credit rating due to having too much potential credit outstanding, e.g., if you have too much open credit, a new lender (such as an auto loan) may be concerned you could spend a lot after they make the loan and get yourself into excessive monthly payments.

As prior posters noted, get at least a couple credit cards, use them for as many routine expenses as you can to get the usage up, and pay them off promptly every month. If you are late even one day, it will be a very, very large black mark against you, since you do not have a big credit history. Don't take any chances and mail them the monthly payment the day you get the monthly bill.

And take some time to read this stuff:

http://www.google.com/search?hl=en&q...=Google+Search
penguin is offline  
    Reply With Quote Quick reply to this message
Old 08-01-2006, 04:46 PM   #9
puddins betch
 
sir alpha's Avatar
 
Join Date: Oct 2005
Fan#: 28587
Location: il.
What I Drive: 05 ,ZX3, blue

Posts: 0
FF Reputation: 3 sir alpha Good Standing Member
Buy-Sell-Trade Rating: (1)
it will take a while to build credit but a card is a good start and talk to the bank to see if you can get a new loan for the car w/o her on it ( that will help on the next car since u are doing it alone) talk to other banks or credit unions in you area and ask what you options are they know everything about this stuff and how to set you up good for the next car, this car might be a bullet you will have to bite for a while but plan ahead!!!!! i have some of the best credit the dealer has seen in a while and i got 4% on a used ( yes i got it when rates were down ) but i had a bad payment on the first truck i bought i think like $327/ 60 mounths
__________________
didnt his account expire for lack of use ?????!!!!!!
my stove is the COOLEST


ALFRED NEWMAN for prez!! maaan
sir alpha is offline  
    Reply With Quote Quick reply to this message
Old 08-01-2006, 07:10 PM   #10
Focus Fanatic
 
Join Date: Apr 2005
Fan#: 21700
Location: Iowa
What I Drive: 2005 Infrared ZXW

Posts: 3,737
FF Reputation: 109 penguin Excellent Standing Member penguin Excellent Standing Member
Buy-Sell-Trade Rating: (0)
As mentioned earlier, see if there is any credit union associated with the place you work. Often a work-related credit union will have looser standards and better rates for their members. You will have to become a member and have a saving account, but usually the minimum required is quite low, e.g., $100 or so.
penguin is offline  
    Reply With Quote Quick reply to this message
Reply

Bookmarks & Social Networks

Quick Reply
Message:
Options

Register Now

In order to be able to post messages on the Ford Focus Forum, Ford Focus ST Forum, Ford Focus RS Forum forums, you must first register.
Please enter your desired user name, your email address and other required details in the form below.
User Name:
Password
Please enter a password for your user account. Note that passwords are case-sensitive.
Password:
Confirm Password:
Email Address
Please enter a valid email address for yourself.
Email Address:

Log-in

Human Verification

In order to verify that you are a human and not a spam bot, please enter the answer into the following box below based on the instructions contained in the graphic.



Thread Tools
Display Modes

Posting Rules
You may post new threads
You may post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are On
Pingbacks are On
Refbacks are On



All times are GMT -5. The time now is 05:24 AM.


Copyright 2002-2015 FocusFanatics.com. All Rights Reserved : Privacy Policy : Advertise Information

Focus Fanatics Ford Focus Forum offers many fun ways for you to engage with other Ford Focus Owners from across the world. Whether it be about the aftermarket performance modifications, technical how-to's, European tuned suspension or awesome fuel economy similar to the Mazda CX-3, Audi S3, Mazda MX-5 Miata and Acura TLX. You can find all Ford Focus, Focus ST and Focus RS related information here. Join our Ford Focus discussion forums and chat with local Focus enthusiasts in your area. If you own other makes have a look at Challenger Hellcat Forum, Charger Hellcat Forum, Cadillac ATS-V Forum, Cadillac ATS Forum, Cadillac CTS-V Forum, Lexus RC-F Forum, Lexus GS-F Forum, Mercedes GLA Forum, Mercedes GLE Forum, Civic Type-R Forum and Volvo XC90 Forum.





Search Engine Optimization by vBSEO 3.6.1