Kevin S asked:
Hi everyone.. so i just turned 18 a week ago.. and im looking to buy a financed car. i have a full time job over 38 hours and been employed for about 2 years.. im looking to make a 4000 down payment on a car that is for sell for around 8 to 12k.. i do have credit cards because some how when i was 17 i got approved for 3. i have about 1 year with them.i NEVER missed a payment on all of them. and i checked on a free credit report that i have over 700 in credit (not sure why). the problem is when they sent me the credit card they i said i was already 18 meaning i put a different year (1988 instead of 1990). will i be able to fix this in the future? will i still get a financed car? and will the credit score still show up (I THINK it will because its the same social security number).. well i hope you guys under stand what im trying to say with this.. hope you could help me.. thanks
Lewis
Hi everyone.. so i just turned 18 a week ago.. and im looking to buy a financed car. i have a full time job over 38 hours and been employed for about 2 years.. im looking to make a 4000 down payment on a car that is for sell for around 8 to 12k.. i do have credit cards because some how when i was 17 i got approved for 3. i have about 1 year with them.i NEVER missed a payment on all of them. and i checked on a free credit report that i have over 700 in credit (not sure why). the problem is when they sent me the credit card they i said i was already 18 meaning i put a different year (1988 instead of 1990). will i be able to fix this in the future? will i still get a financed car? and will the credit score still show up (I THINK it will because its the same social security number).. well i hope you guys under stand what im trying to say with this.. hope you could help me.. thanks
Lewis
Derek
It doesn’t sound like you’ll have any problems at all. Just inform the credit agency of the wrong date of birth.
Good luck. Keep making those payments on time.
Comment by Andrea T — June 22, 2010 @ 1:50 am
Jared
With a $4K down payment on a $10K car AND a 700 credit score you will have no problem getting a loan.
You definitely want to get the birth date details corrected with the credit bureaus … and no … it shouldn’t wipe off your history. Actually count yourself lucky a 17 year old can’t get credit or a loan on their own because they are not a legal adult. Without the error you wouldn’t have gotten the credit card a year ago and you’d just now be building your credit history.
Comment by G-man — June 22, 2010 @ 11:11 am
Mike
Look at a car this way. It is a form of transportation. Don’t go spending gobs of money on a vehicle. Take that $4K, and buy a used vehicle. Cars do not appreciate. Your $8-$12k investment will be worth $3-5K after 5 years. Take the extra $4k-$8k that you’d be spending on a vehicle and make a logical investment. Your future is more important than a car now.
$4K can buy a lot of car, and you will be miles ahead of any 18-yr old if you invest. Go to any online brokerage, I’ve provided a few that I believe to be good and paper trade.
Comment by Focused — June 23, 2010 @ 8:28 am
Ronald
I wouldn’t even worry about the birthdate mix-up, it really does not matter. Your credit score is excellent. You have a very good down payment saved up, perfect payment history, I don’t not see any problems with getting your own auto loan. Look around at deals who give specials for first time buyers, you may get a better deal! It sure is nice to read about such a responsible young person, you have a great future ahead of you! Best of luck with your new car!!!
Comment by debijs — June 24, 2010 @ 1:46 am