Omni

Building Early Credit & Car Buying

Added 2023-09-16 15:00:04 +0000 UTC

Building credit without credit is easy. Just apply for a credit card. There are plenty of beginner credit cards out there but most people start out with Discover.

Weird part about credit is that once you start trying to acquire it your credit score usually goes down, LOL. Don't worry about the part.

Just focus on NEVER MISSING A PAYMENT.
IT IS CRUCIAL THAT YOU NEVER MISS A PAYMENT. EVER. YOU CAN RUIN YOUR CREDIT HISTORY FOR THE NEXT 7 YEARS IF YOU MISS A PAYMENT. IT WILL STAY ON YOUR RECORD. SET UP AUTOPAY SO THAT YOUR CREDIT CARD GETS AUTOMATICALLY PAID EVERY MONTH. DO NOT. MISS A PAYMENT.

With that out the way:
If you have missed a payment, there are ways to get it removed from your credit history. You can try calling the bank you worked with and asking them to expunge it if you are in good working standard with them. Do not rely on this. But it does work from time to time depending on the bank.

As for car loans:
most young people with new credit have a hard time getting qualified for a car because you have little to no credit history. This is why most kids get loans through their parents. Otherwise, you'd have to make a very huge cash deposit in order to qualify for a car note. Financing your car ENTIRELY on credit is a mistake.