I have purchased a car from a dealership and I paid in cash. It's the only real big purchase I have ever made. Would this qualify for me to have credit?
by 
King of Sexytown
ANSWERS: 9
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I would say yes. There is no reason they souldn't give it to you, so I tihnk you wil get it. +4
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You would think so, but actually by paying cash for the car you did not help your credit rating. If you had put a down payment on the car and made payments to pay off the balance that would show a payment history which would have increased your credit rating. :)
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yes this show cash richness and creditworthyness. This is your assets hence your credit will be go up and in case if you go for finance in future this will helpful to you.
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Paying cash for a car does not show up on your credit score, unless it is financed and you pay a monthly payment for a few months and then paid it off in full would be the only way to get it in your credit report. Think about it if you went to the store bought some milk in cash its not going to show up on your credit report same goes with a car there is no way for it to show up by paying for it in cash.
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In order to built credit, you have to use it. I suggest getting a credit card and only using it for gas. That way you're buying something you need anyway and you can pay it off right away to avoid interest.
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Most people's first big purchase IS a car/vehicle, and what makes it show on the credit report is a history of payments. As MTank411 said, if you had paid a few months on it, THEN paid it off, it would have created that "credit history". The main advantages of paying cash for big-ticket items is that 1) you will not use the money for anything else because it's gone; 2) you don't OWE anybody; 3) you can buy cheaper insurance, because you don't HAVE to have the full coverage, especially for vehicles. You should probably have made a large down-payment, and paid it off in a year, rather than pay the whole thing. This would have given you the history you need on your credit report.
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Unfortunatley no, since you paid cash, there's no credit history to report. If you would like a good idea to build up your credit, take out $1000 loan from a bank to buy a CD. (The money savings with the bank kind, not the music kind.:-) This provides collateral for the bank to take back incase you default on your loan, so it's pretty much a no-brainer for the bank to approve. As you pay back the loan to the bank, your CD will be generating a little interest as well. At the end, you will still have your money and a great credit history.
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NO, you paid cash. To get credit you need to get a loan and pay punctually. If you have a good relationship with your bank (I presume you have a bank account) you may be able to get a credit card there. Just pay the bills promptly and you'll have a good credit history in no time. And avoid getting into trouble by using the credit card to buy things you can't afford. That way lies madness.
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if you're considering opening new credit accounts, you want to be sure it won't affect your credit before doing so. The best number of credit cards is one of those questions that doesn't have a one-size-fits-all type of answer. The credit scoring calculation looks at the number of credit cards you have, but in comparison with other information on your credit report. The best number of credit cards depends on your ability to manage your debt and credit card payments. Source: http://www.moneymanagersllc.com/Services.aspx Hope this site help you more
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