i’m 21 and i whas 18k dollars in debt i paid it all off in cash but…?

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My credit is still low and i cant seem to get financing. I don’t even have anymore debt, but know one will finance me. I refuse to go to these mom and pop finance people.
How long do you think i should wait to submit another application for financing a auto. And also does anyone know cheap insurance for a 21 year old? I recieved quotes from a few people and i can’t afford a house mortage.
And parents are out of the question they wont put me on there insurance they already have 4 cars. Please give me your professional opinion.

2 Comments
  1. Reply
    munkees81
    July 21, 2011 at 3:25 am

    You just paid off your debt, BUT you have a line of bad credit. Of course you can’t get a loan. You need to establish a good line of credit. Try getting a secured credit card. Most credit card companies offer one. Or, go ahead and get a “mom and pop” loan. You’ll probably pay out the ass for interest but at least you’re building credit! Try whatever you can to build good credit for 6 months, then try again. Good luck.

  2. Reply
    phuturboy
    July 21, 2011 at 4:05 am

    You should look at your credit report. If you had credit cards find the one that you have had the longest and the account is still open. Use that credit card to make one or two small purchases each month, something that you would normally buy with cash. IMPORTANT: PAY IT OFF EACH MONTH. Do this for 3 to 6 months and you will be getting tons of offers in the mail and you will have not paid a cent in interest. Also your credit score will go up progressively each month.

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