Build your credit via paying off cc monthly 0 balance for 2-3 years. Frank/Dodd wants 20% down on any home loan so you need to save up big bucks before you ask any bank for a mortgage. Lending via bank mortgages might change but pretty tight with their money right now look to the Feds for your best deal at your tender age. I went FHA way back when that was the only way I could buy a home at 23 after 7 years later next home mortgage I had my choice of banks. It does take awhile to get credit rating at lets say 750 or so.
Car Insurance
- Thread starter indy_500
- Start date
indy_500
Well-known member
Doesn't help me anymore as I will be considered a part time student and won't qualify for student driver discount.
700classic
New member
Indy, started my son with a credit card with a $500.00 limit when he was 16. He just used it for pay at the pump when fueling up. Worked great when out riding. He gradually increased the limit but still paid it off every month. He started the house buying process at 23 homeowner at 24. Check with your local credit union.
Open an account at a local credit union. They will work with you to help you establish credit. Get a credit card with a low limit, ONLY buy gas with it for a few months and PAY THE BALANCE every month. Do not let the rich credit card companies get richer. You will work your way up to a platinum card which will earn points on purchases and you can trade the points in for gift cards. I usually spend enough every year to earn $350 in home depot gift cards....think tools! So far I have earned for free an air compressor, pressure washer, socket sets, gas cards, and I just cashed in my points for WalMart cards and picked up a free Tablet!
Good Luck
Good Luck
cuzzinolaf
Well-known member
Agreed, open an account with a credit union and do what everyone says with using it to purchase gas. The other thing to try and do is pay off whatever debt you have early. If you can afford an extra $100 on your truck payment do it. It might be hard but getting it paid off is a great feeling. Just keep it in mind that some debt is good because you need a credit history to make large purchases. Just be smart about it.
Insurance is always going to be more expensive on your own when you're 18. It will get cheaper as you get older and if you keep a clean driving record.
Insurance is always going to be more expensive on your own when you're 18. It will get cheaper as you get older and if you keep a clean driving record.
There's plenty of good advice here.
Just to emphasize:
Credit Union, yes! Bank, no!
Screw the banks; get into a good working relationship with a credit union early on, for all of your banking needs, including your first credit card. Don't even think of giving the banks a plugged nickel! You'll be better off for it in the long run.
It's a bit early for this, but you can generally get a much better mortgage deal at a credit union too; when you do reach that point, having a long standing relationship with a credit union will work well for you too.
Just to emphasize:
Credit Union, yes! Bank, no!
Screw the banks; get into a good working relationship with a credit union early on, for all of your banking needs, including your first credit card. Don't even think of giving the banks a plugged nickel! You'll be better off for it in the long run.
It's a bit early for this, but you can generally get a much better mortgage deal at a credit union too; when you do reach that point, having a long standing relationship with a credit union will work well for you too.
anonomoose
New member
Nash....using these sort of terms leaves a bunch of the "kids" out of the loop with regard to it's intended meaning, so I have included one so that the "pups" will have a better understanding of your reference.
"Some early United States coins (minted in the 18th and 19th centuries) were made with a small silver disc added to the center of the coin in the planchet (blank metal) before striking. This was done to increase the value of the metal in the coin up to the coin's face value. A plug nickel or plugged nickel is a nickel (now a five-cent coin, but originally a one-cent coin and later a three-cent coin) where the "plug" (center disc) has been removed, thus decreasing the metal value of the coin. People would often examine their change after a cash transaction to ensure they did not receive such a coin."
Taken without permission from http://en.wiktionary.org/wiki/plug_nickel
Ooops, I must be showing my age! Either that or it was our high of 119°F yesterday (of course that occurred at 4:07PM, not 11:04AM, when it was a mere 110°F).
