Starting to build your credit sucks. I had to get my father to cosign for my car , otherwise I would have been paying like 15% intrest.

When I first went to get a credit card I was turned down 10 times before I got one. My girlfriend applies once and gets one with lower intrest and a higher credit line. She has no job , no credit history , and is a full time student. The system sucks unless you are 45 with perfect credit which 80% of us are not.

That totally sux!!! :mad:

Maybe you can buy a used P5 and take out a loan with a bank for part of it, using the car as collateral and hopefully getting a better rate.

Then, you might be able to pay it off early and build some credit. Make sure you get a loan that doesn't penalize you for paying off early.

Thanks for the tips. I'll see if I can get a line of credit and use the car as a collateral. I'm also starting thinking about a lease, but I think a lease would be a step back in my effort to build equity and credit history.

I had no student loans either, am 21, got the college grad rebate AND deferred billing and did not need a cosigner either. Five years at 2% interest. I am surprised everyone is having this kind of trouble! My salesperson was great.

The trick for me was that I put $5,000 down payment and had two credit cards with flawless histories on them. My parents bitched at me all through college and high school not to have any credit cards, I had 4, cancelled 2 and built my credit this way. Had I listened to them I might not have the P5 I so love and drive each day!

Just for the record, a lease does contribute to your credit history -- it's treated almost the same way as a loan is in your credit file. When you lease you're still agreeing to pay the leasing company a total amount of $x over x number of months, just like a loan, and that's all recorded in your credit history, along with a rating of how good you were at making the payments as agreed, just like there is for any other kind of credit you've used in the past.

Yeah, credit is a pain!
 

It is odd, isn't it that someone with nothing but good intentions and definitely the ability to pay would get turned down for lack of history, but alas that is the way it is. I have a reasonable amount of unsecured debt, 40K in student loans from Grad School, and a pretty decent, but not awe-striking, salary. I have been at it for 8 years, though, i.e., establishing credit, and have never ever missed a payment or had one in more than 30 days late (which is what they look for), in addition, I have a good debt to income ration, besides all of that, so I get approved every time! Weird, cause I am sure I owe a lot more cash that you do in total, but since I have a good history, I get approved. Toughest thing to swallow is that with your minimal debt, you'd probably be more able to pay than I would if we both lost our jobs tomorrow. Hope that doesn't happen, I have a new car coming next week (P5, silver) and a fiancee at home (5'6", brunette, cute as all get out)! Good luck, bud-