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Well after 2 - 4 weeks of financial crap through some dealerships I found out that I wasn't qualified for any loans because I have zero credit history. So I even tried to have my parents co-sign which didnt do me any good considering they have to many loans in their name.

I then turned to the bank I have a checking/savings account at and they wouldn't even let me start a 500-1,000 loan just to BUILD CREDIT. They said I had zero credit history so it wouldn't even be worth my time to apply.

I called a few credit card companies and said the same thing - is it even worth my time to come in and fill out some information to get a credit card when I have no credit history, and when they heard that they just said its not even worth it. I applied for a capital one credit card but have yet to hear a response from them, and even looked at lendingtree.com but they responded with a email that said barely any companies were competeing for people taking out less then 17,000$ loans. I thought about applying for some other credit card companies, but considering I have yet to hear from capital one im not filling out 4 different credit cards and get them all denied, makes it look like im looking for free money. My only other way to get around all of this is to wait next year for classes to start at college ( graduated early from HS, didnt have a chance to enroll in college quick enough ) to take our student loans and get grant money.

How is one supposed to actually start credit, when there is no co-signer and there is zero credit history? I have the full-time job and stuff down which they said I was fine on, but they wouldnt do anything because of zero history.. How is one supposed to get started if no one will even give you a chance?

I even thought about the Yamaha credit card and all of that to put the bike on to build some credit but same thing, its a CC and I doubt I would even get approved. The reason I wanted to finance my bike was to start building credit.

I tried to have my car moved from my parents name into mine but that requires us to refinance the car.. ( I was 16 at the time and couldnt have my name on the loan because I wasn't 18 - im now 18 ).

I have heard about some CC's that make you pay a certain amount to obtain the card, but after doing some research on those some people said to steer clear of those.

Anyone provide some input here?
 

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Go somewhere where they will take a small down payment, like a jewelry store. start small like $300. put $100 down and finance the rest. Or a mom and pop furniture or audio video store that does the same thing. I started the same way at a jewelry store and got my class ring.
good luck.
 

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Also you can g et credit cards from your bank. Doing like what Mad said. You have give them a 300 deposit and they will give you a credit card with a 300 limit. Just buy everthing with it and pay it off at the end of the month.
 
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i started with a gas card and a discover card.. then a few years of paying them and my credit went up... i was 23 when i financed a bike and 18 when i had a CC.. it takes time.. unless you can get a co-signer.. then you can use that to build your credit and move on from there....
 

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Ya.......it sucks, kind of seems like a catch-22 doesn’t it?

Unfortunately you have to start out small, which will take time and not what you want to hear when you just have to have that new bike.

I put every cent I had in a bank account then took out a $2000 loan from them. Made payments for a year then paid the loan off.

Good luck and hope it works out for you.
:partyman:
 

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Discussion Starter #7
I think what im going to end up doing is giving the bank say 300$ or something and then asking for a secured credit card on it and start that way. Only way that seems possible atm.
 

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Talked to a loan officer today that my family used to talk to, and he did nothing but screw things up in the past, and today he had no idea what I was talking about when I brought somethign about trying to get a credit card through the bank. Guess will just have to call in and ask if I can get a secured credit card on a block of cash.
 

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i work in real estate and this is what our in house lenders have told customers in the past. if you dont have a credit history one way to make it look like you do on the credit report is to have someone (ie parents, spouse, etc.) put you onto their credit card account(s). this will make their cards show up on your credit history and it will look like you have had the cards for as long as they have. it does not work if their history with the company is bad or if the amount owed on the card is $20, 000 and you are only making 28,000 a year. any way just an option to check out that might get you going in the right direction.
 

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I started with a jewerly store card. They will just about approve anyone who's starting credit-history (I'm guessing the applicant just needs a job). I never bought anything, but it was a plus on my credit report. Then I went out and got a secured Visa. I gave them a $200 security deposit, and they gave me a $500 credit limit. After a couple months, they returned my deposit plus interest. They raised up my credit limit, and that got the ball rolling. I was able to buy a new car in about a year.

Just keep in mind that a motorcycle might be looked at as a luxury rather than a necessity, so banks might be harder on you when it comes to getting a loan of that type. Just be patient, and keep up with your payments.

BTW: if you're a student, grab one of those handouts at school. Student credit cards are easy to get, and they usually don't require a deposit.
 

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I started with a "student' credit card from CitiBank. I bought little things
and paid it off every month. I year later at 19, I bought my first bike. I
was in the same boat, not enough credit history. My parents thought
motorcycles were too dangerous and refused to help me. Told me to do it
on my own and figure it out for myself. I did it. They were proud and
pissed at the same time. Now, I have the best possible credit, just bought
my first house(2300 sq. ft., 1/4 acre lot), and I'm only 26 years-old.

Be careful with the credit cards, those things can destroy your credit future
very fast!

Good luck, be smart...
 

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1) Secured Credit card from your bank.

2) Student Credit Card from Citibank. As long as you are a student, they'll likely take you: students are considered low financial risks because they have their **** together enough to be in school, and if not they can always hit up your parents for their money.

3) Best Buy, Sears, Macy's and other department stores. Don't expect anything huge: 300-500 dollar limits mostly.

4) You want between 2-5 lines of revolving credit. That is, you'll want 2-5 credit cards. Any more than 5 starts to look bad.

5) You want to USE your credit. It's a credit HISTORY not a credit LIMIT check. They want HISTORY of you using and paying your credit regularly.

6) Keep your debt to credit ratio low: Don't use up more than half of your credit at any given time, and aim to keep it below 30%.

7) Keep your debt to income ratio low: Your debt shouldn't be more than 15% of your annual income, aim for 10%.

8) As soon as you can, establish a long-term line of credit: a student loan will count. Creditors look for a balance of both short term and long term credit and history of paying it back on time.
 

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Discussion Starter #14
fanatiCBR said:
I started with a "student' credit card from CitiBank. I bought little things
and paid it off every month. I year later at 19, I bought my first bike. I
was in the same boat, not enough credit history. My parents thought
motorcycles were too dangerous and refused to help me. Told me to do it
on my own and figure it out for myself. I did it. They were proud and
pissed at the same time. Now, I have the best possible credit, just bought
my first house(2300 sq. ft., 1/4 acre lot), and I'm only 26 years-old.

Be careful with the credit cards, those things can destroy your credit future
very fast!

Good luck, be smart...
So you only had one credit card or credit line so to speak and got approved for a bike? And it only toke a year on that card to get enough history for the bike to be approved?

So how long would it take just at a ballpark estimate to get a good enough line built up to be approved for a good enough loan to get a bike? And yes I know it depends on how well the person makes payments.. Planned on paying it off earily all at once.

My parents are the same way thinking the bike is dangerous, but they went ahead and gave the co-signing a shot but like I said, they have to many things loaned ( 3 vehicles and a camper ).
 

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I got a credit card when I was 18 through Penn State bc it had a super high APR, but I knew I was going to need credit history in the future. So i used the card for gas only for my first year and paid the card off every month so I didnt get charged interest (sorta a convience card now). I am now almost 21 and can get a loan for almost anything not to expensive. Try that!! Plus you wont have to pay 400 to start up a cell phone either!
 

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hey dude check this bank out, they hooked me up with $150 limit last year when i was 18yrs old. after about 6 months of paying it on time the limit went up to 900 bucks, and now a year later the limit is at $1900 and i get offers for credit every damn day in the mail :vom:


heres the link: http://1fbusa.com/ give em a call!

p.s. i got a loan from honda for $4300 @ 7.9% for 4 years with no pre-payment penalty, after putting $4500 down
 

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Well I was about to post some suggestions but "Aeteocles" covers pretty much all of it. I work at a bank and we offer credit cards to college students and military acadamy students with no bad credit already existing. We don't even require employment. The limit is based on the year enrolled in the school. The limit can be as low as $200 or as high as $2,000. We do this just to help folks establish credit to help as they start entering the credit world.

Motorcycle loans are very risky for a bank. They would rather lend you money on a car. The depreciation is less and the risk of a total loss for a motorcycle is extremely high for a young rider without credit.

Good luck. Credit is hard to establish and harder to maintain in good standing.
 

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Discussion Starter #18
How long did it take for you guys to actually get good credit to purchase your first bike?
 

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Secured loans are the best ways to get a start on your credit without having someone co-sign for you. With a secured credit card, youll pay X amount of dollars to the bank and they will loan you that amount, so esentially your not borrowing anything, your just using your money, but building credit with it. Watch out for those credit card offers you get in the mail with 100+ dollar a year membership fees and rediculous interest rates. They will build credit, but will cost you an arm and a leg in the long run. Use your cards wisely...i made the mistake of taking out a handful of cards with high limits and maxed them within a couple months. Im paying for it now and am almost out of the hole, never again to dig myself in this pit! 3 years ago i had nearly 12,000 in credit card debt and a credit score in the 400s...now, i have less than 2000 dollars left to pay and a credit score in the low 700s. Be wise and if you cant pay it off before you next statment is due, dont buy it!
 

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Get a credit card thru your bank. Easiest card to get because they are your bank. They can see what kind of money u bring in and they have access to your account.
 
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