If i pay of a loan, will i be able to qualify for car financing?

Question

I just oppened a clothing account because i need a proof of credit for car financing, want to buy a car very urgently. So, will buying clothes and paying it off the weak after be enought for financing?

Answer 1

ABSOLUTELY NOT! Credit is built up over a minimum of 2 years with 3 open trade accounts for excellent credit it can take several more years of excellent handling of you accounts.

Answer 2

NO you need a history as in 2-3 years of activity

Answer 3

No



When the car place or lender told you you need to establish credit first, they did not mean go get a card, charge it and only have one month of payments on your credit report.



You are going to need to use that card probably close to a YEAR or more for it to really factor in, and even then, you may still be asked to get a cosigner unless you have a hefty down payment.

Answer 4

Nope. It takes about 6 months for a new account to make ANY dent in your credit. It will take about 2 YEARS to make a difference.

Answer 5

Maybe. Maybe not. I suggest you meet with the loan officers at your regular bank to obtain financing!

Answer 6

You should pay of a loan on oppened account weakly.

Answer 7

weak?

We are not psychic. Each lender has their own standards.