I moved to the States in March of this year and right away opened up an account with a secured credit card from Orchard Bank to start building my credit.
I am now wanting to buy a car that costs around 13,000. I have 5,000 cash for the down payment but it seems like where ever I apply for a loan online I get turned down because my credit history is only 5 months old. What do I do?
BTW I have perfect credit for those 5 months and just checked Experian and it shows a score of 680 (I always pay off the full amount every month).
I can have my husband or my Mother-in-law co-sign, but even though I put one of them down as co-appliant, my applications still get turned down (they both have really good scores too so I'm thinking the limited time of my history is the problem).
Can anybody advise me how to deal with this? And does anybody know what I can do to build my credit faster?
I am now wanting to buy a car that costs around 13,000. I have 5,000 cash for the down payment but it seems like where ever I apply for a loan online I get turned down because my credit history is only 5 months old. What do I do?
BTW I have perfect credit for those 5 months and just checked Experian and it shows a score of 680 (I always pay off the full amount every month).
I can have my husband or my Mother-in-law co-sign, but even though I put one of them down as co-appliant, my applications still get turned down (they both have really good scores too so I'm thinking the limited time of my history is the problem).
Can anybody advise me how to deal with this? And does anybody know what I can do to build my credit faster?