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When will I have enough credit history to buy a car?

I recently moved to California, and I got my first bank account. However, I don’t appear to have any credit, and I therefore can’t use my nonexistant credit to buy a car, or pretty much anything else? The strange thing is, that I did have some sort of credit which allowed me to get a phone. Can anyone tell me when I will actually have some sort of credit available for buying a car?

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Answer #1

You can probably get a loan without too much credit history. The interest rate will be higher though.

Answer #2

You’ll have enough credit when you have a credit history. To build a credit history takes time, and purchases made over time. If you get a credit card, spend money with it…but pay it off, always, fully, on time & spend only what you can afford.

Then, once you’ve been doing this for a bit, eventually, you can get more credit. The minimum you need is about six months worth of credit history to be able to get a credit score, which is what most companies require to do financing (say, so that you get the credit score you need to buy the car you’re looking for…)

hth,

thedude.

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