- Posts: 1
- Joined: Fri Feb 15, 2013 3:00 pm
- Location: florida
As I mentioned, I am a total newbie to the CC world. Keep this in mind please. Also I apologize for the long post, just want to get the most accurate description.
I am 31, self employed, make a decent amount of money.
I had a few negative things on my credit report due to being a loose cannon when I first got out school, over ten years ago. I worked on paying these bills down and finally have non left.
I purchased a vehicle 10 months ago and got financed through a small local finance company, which killed me on interest, still is. 18%.
I decided to check my credit a few days ago, payed to get all three reports and scores. To my surprise, I have no negative things left on my reports with experian or equifax, transunion has a few collections, one that is originally from tmobile (never had tmobile always att) and a medical bill from a hospital (not mine at all, never been to a hospital). Other than this, the only thing on my reports is the car loan (not on transunion), which is paid as agreed. my scores are equifax 609, experian 573, transunion 570.
The main reason for me originally checking my credit is because I need credit cards, also need to get another vehicle. So I decided to check my credit, see what was up. I have applied for credit cards in the past and always gotten turned down.
So between talking with my banker and reading online, I have found that piggybacking was the way to go. I have wealthy parents that agreed to do this a few days ago and I should expect to have 6 or 8 AU accounts reporting soon. Their youngest account being 10 or 15 years old, and the lowest limit being 50k.
So basically I wanted to know what to expect, so naturally I took to the internet to try to get these answers. Now i'm even more confused! Some sites say that I will have the credit I need to do what I want, others say that lenders will not approve me because these are AU accounts.
I'm not looking to apply for credit cards and expect 100k credit limit, but I would love to have some sort of emergency protection at hand. I do want to purchase a nice vehicle, no Ferrari mind you, but a nice car, I have the possibility without the piggybacking, just with 30% down and super high interest. The most important reason being that I need to grow my business and of course, having good credit is the only way to start down that road.
So in your opinions, what should I really expect?
Thank you all for what I'm sure will put me at ease with all this that has been driving me crazy.