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  • hi, im Peter, an 18-yearold enrolled at Rutgers University! Luckily, my tuition and room&board are paid off thanks to my parents. 
  • When I was 17, my parents  gave me a credit card with a balance of $500. I'd often go WAY over that limit, putting myself in debt. They made me get this part-time job at the local supermarket to pay the debt off and save up.
  • I want a car so I don't have to use public transportation anymore. I thought since I at least have a credit history and am working towards being debt free, that my bank would grant me a loan.
  • Unfortunately, Pete, you have very little credit history and that small part shows that you've been irresponsible when to comes to obeying the balance set for you. You still haven't paid off that debt. I'm sorry, we cannot give you a car loan knowing that you most likely cannot pay it back.
  • As campus credit counselor, id advise you to pay off that credit card balance and be more responsible when it comes to your spending. Creditors look at your report to see if you have the capacity and character to be able to finance a loan on time. 
  • Sir, this car is $15,000 with 6% APR, and looking at what your bank recommended, you do not have much of a credit report, so you cannot purchase this car. Your income isn't enough to support car notes, let alone a car loan.
  • WE TOLD YOU TO SAVE UP! CAR PAYMENTS PLUS GAS AND APR IS NOT CHEAP! YOU HAVE TO BE MORE RESPONSIBLE WITH YOUR MONEY PETE!!
  • ACCOUNTBALANCE: $210 SAVINGS: $3,000                                                     TRANSACTIONS AT&T BILL: $55 GAMESTOP: $75 FOOTLOCKER:$60 CHASE BANK: -$700
  • Since you are 18 and have little to no credit history, it isn't really smart to attempt to take out a loan, especially a car loan because your APR will be much higher. You will be paying hundreds of dollars more on car notes than a person with good credit would. 
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