J&J - Thread

Discussion in 'Original Pictures Forum' started by nnj18, Jan 31, 2009.

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  1. Petr51488

    Petr51488 LawnSite Silver Member
    from NJ
    Messages: 2,388

    Who do you have a bank account with? I opened an account with bank of america (business account) and would allways recieve these offers in the mail for cash advances/loans. At first they would be 4%, 1.9% and now are 0% interest. I Have a 19k credit line and can use all of it if needed. I've gotten nothing but offers for 0% interest loans for a while now. I've used them, but with any % loan, they do charge you an initil charge of 3%, which is not bad at all. So if i need 19k tomorrow, i can get it and only have to pay 570 in interest and have until the end of october to pay for it. Look at it. At first the interest might be a little high, but once you prove to them that you can pay it back, the interest rate goes lower and lower until its at 0% (plus the initial 3%)
     
  2. OP
    OP
    nnj18

    nnj18 LawnSite Silver Member
    Messages: 2,858

    I have both a business and personal account with TD....havent gotten any offers yet...I dont care if its 10% interest lol....I need the money to grow.

    Who are your trucks under, GM credit or?
     
  3. Petr51488

    Petr51488 LawnSite Silver Member
    from NJ
    Messages: 2,388

    Only truck i finance is the red truck, and thats through gm. I put down a nice size downpayment and technically have 4 years left to pay, but will pay within 2. Everything else i own is paid for in full.
     
  4. OP
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    nnj18

    nnj18 LawnSite Silver Member
    Messages: 2,858

    nice!! hopefully, they'll send me these offers you're talking about....
     
  5. South Florida Lawns

    South Florida Lawns LawnSite Platinum Member
    from usa
    Messages: 4,782

    My brother just opened an account up with Bank of Atlantic last year, he's 16 and gets the same offers as you in the mail for loans and credit lines. I think everyone gets those whether you got good credit or no credit at all. NNJ18 best advice is get a credit card use it and make the payments on time. Ask your bank what you can do to help establish your credit. It will take some time though.
     
  6. ponyboy

    ponyboy LawnSite Bronze Member
    from ny
    Messages: 1,591

    Td North bank is not great for business loans you might want to check out bank of america they do run better deals for business also wachovia and key also
     
  7. deere615

    deere615 LawnSite Fanatic
    Messages: 5,675

    Thats what I do I got a credit card and I egt cash back on it. I also am getting a credit card for pep boys since I spend so much there. But I pay everything off in full each month
     
  8. OP
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    nnj18

    nnj18 LawnSite Silver Member
    Messages: 2,858

    Yah, I've got one credit card for my dealer. I guess I'll try and get a few others as well.
     
  9. deere615

    deere615 LawnSite Fanatic
    Messages: 5,675

    yeah just don't get too many and pay them off every month! They are an esy way to build credit thats why I got one
     
  10. Petr51488

    Petr51488 LawnSite Silver Member
    from NJ
    Messages: 2,388

    Not really. When car dealerships/banks look at your credit they don't look at just the number. I forget the actual term they use, but buying crap on your credit card and paying it off in full will give you a good number, but not a high equity (wrong word) number (not really a number either). I tried getting a loan from gm with only 5k down on a 20k loan and they wouldn't do it. YOu have to take larger loans and pay them off before they'll give you large amounts of money. Its like me buying 1k a month of stuff on my credit card and paying it off vs. a much larger loan of 20k for a car. You have to have larger loans out to prove your reliable. Depending which credit agency they use, i have between a 748 and 771 credit score which is excellent, but if i were to apply for a loan on a house with 1/4 or 1/5th down, i prob won't get it without a co-signer. I heard if you can get an am-ex card, then your likely to have/get good credit.
     
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