how lond does it really take?

  • Thread starter Thread starter mike_estr89
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mike_estr89

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I am 18 years old (19 in Sept) and I currently have two credit cards. They are both in good stanging I am not trying to go over 40% of their limits and I also give three times more than their minimum payment ($15.00). So far I've made two payments on one of them and the other one just one. One of them is from Bank of America and the other from Capital One. They each have a $600.00 limit. Now is this enough? If, so how long will it take me to get an auto loan of about 15-20K.
 
A low-limit card is a great way to build up your credit, but i would not recommend using it to obtain an auto loan. Credit companies will charge u outrageous interest rates (10% or more) whereas any bank would give u a loan with a rate around 5-8%.
 
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