My friend is trying to get his 1st auto loan/lease a car. He’s establishing credit. There are only 2 credit cards in his history, each 6+ months old. Is there any bank/fs we better try to apply? At this point, he wants to get a new sedan and has no preferences to make/model. His CK and Experian also look weird.
That’s enough history to get started with Chase cards, start with the flowchart here.
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Have someone like a family member with good credit add them to a aged high limit card (not using a lot of credit) as an authorized user. That will help bump the score up.
Added my brother to a few of my cards and it helped almost 100 points.
There are also companies that do this if they don’t have someone who can add them.
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Finance something (possibly used) through a CU to establish an auto trade line. With those scores probably Tier 2
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How do the score vary so wildly? I get their all different credit agencies but still? 
Fico 8 usually needs Auto Loans right?
Uncle has added him as an authorized user. I believe Experian picked this turn and thus score higher. I don’t know why CK doesn’t reflect it tho. He did it back in November
Fico 8 and CK are different scoring models.
Is it possible to get a car loan and use it for leasing? Or car loans are only used for financing? I just moved into the states 6 months ago so that I have tier 2. All the car companies’ lease financings are denied but only Ally that offers way higher monthly payment(don’t know why because APR difference is not that big. Is it the dealer’s manipulation?)
Anyway first tech credit union granted a car loan with apr 8% so I was wondering whether it is possible to have a lease deal with the car loan I got
8% is nasty. Is having a car right now a must need?
I wonder how long should I wait for the credit to accumulate… I want leasing GC or any suv longer than 198 inch but all are so expensive. I heard leasing a car helps building credit but I don’t have much budget 
Just wait a few more months, have a credit card, and use it wisely and you should have a 730+ credit in no time. I believe it took me less than a year to get 740+ credit after coming to the US.
I wouldn’t rely on that to build credit.
feasible to be 1st tier credit within a year without any car history?
That’s your biggest impediment. I’d look to buy something used/cheap to establish that
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buying credit with money
It’s been almost 3 years, and since I’ve received dozens of alerts in the past 60 days I thought I would share the differences in how early/late alerts seem to come from the different monitors.
Timeline:
- May 15th was when I started the remote contract, everything was submitted within about 2 days
- May 16th is when I unfroze my bureaus for 24 hours and and submitted online credit app through dealer
- June 13th was when the dealership collected MSDs and finalized
- June 20th was when 2nd payment was collected from VCFS through autopay
Credit Monitoring Alerts:
- Mission Credit (Navy Federal) - flagged inquiry on May 22nd, showed new trade line opened on July 9th
- Kroll - flagged inquiry on May 20th and 21st, showed new trade line opened July 14th
- Mastercard Identity Protection - flagged inquiry on May 19th
- TransUnions TruIdentity - reported my bureau had changed on July 9th
- Experian Alerts - flagged inquiry on May 18th, showed new trade line open July 14th
- Equifax - still grossly incompetent, still should have been subjected to a corporate death penalty after they were hacked.
The services I receive for free continue to be worth what I pay for them, and the credit bureau alerts seem to be the most timely, especially when the inquiry is on that particular bureau.
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@harrydogyo Can you please elaborate on what you said about companies doing this if you don’t have someone that can do it?