Bank Loans

[Matt4x4]

My credit is not good, nothing major......missed cc payments and a few late bills.
My dads credit is spotless
If I hit up the bank and my dad co signs should it be easy to get the loan.
I got 6 gs from tax return, and so for rent and jeep should be looking at 5 to 10gs.
Will this loan help my credit, basically I have been off the grid for 4 months.......'travelling'
Need to get back to Canada and work in the patch, but want decent wheels first.

[FiEND]

i think they closed the "patch"

[dac]

If your folks have someone at the bank I'd ask for a meeting to go over your options.  Once you find someone with your bank, keep going to the same person, it helps if they know your history.  If they know you and your history they can usually help get you better rates and give you advice on how to get your purchases for cheaper like good interest rates or weather to use a loan or a line of credit.

[LifesGrand]

My dads credit is spotless
If I hit up the bank and my dad co signs should it be easy to get the loan.
Will this loan help my credit

One thing the bank will take into account regardless if his credit is spotless is the amount of debts he may already have, meaning if he has several loans already, the may indicate that he is in debt. If he has good credit & barely any loans out there, chance are good.
Will this help your credit? Yes & No... If you went the full term of the loan under your dad as a co-singer, all the credit will go to him, at some point in the loan, you should try to ask the lender if you can now remove your father off the co-sign & have the loan transferred fully to your name, meaning if you loan is 4yrs, at 1.5-2 years of being on time with your payments, ask if this can be transfer to you, then the credit will help your score, other wise the banks will see it as your dads loan, and the score is his.  Best to talk to a bank as I am no expert in this, I just remember my first co-sgin as a youngan..

[JackstandJohnny]

whats your credit score?  how much do you want?

i've got a few years experience in this game, and no offence, only the credit score doesn't lie

that being said, anything can be explained to the loan guy to help your situation (eg, credit card payments missed, i was in university and a poor arse) right?

so if you only need 5k or whatnot, just go in and ask for it........ a 5k line of credit (specifically for TD and Scotia)

as for your dad being on title. it will help and not help. if the loans in your name it will show up on your credit score.  to be honest though, the loan will only hurt your credit before helping. by this i mean, miss just one payment, and any good will be erased.  sucks, but credit ratings are based on how many payments you've missed, not how many you've made.......  one more thing, if you dad owns a home they'll give you the loan. equity = good.

i suggest the 5k line of credit even with your dad on title. its a revolving credit, so when you pay it off, you still have access to it, and if you are tight for money one month, you  can pay less, and then pay more when you have money........ (this takes something called fiscal responsibility)

one final point... NEVER take credit to build credit. that is the easiest way to build yourself a hole you'll never be able to get out of...... just ask my old roommate who's living at home at 27..........

[w squared]

My credit is not good, nothing major......missed cc payments and a few late bills.
My dads credit is spotless
If I hit up the bank and my dad co signs should it be easy to get the loan.
I got 6 gs from tax return, and so for rent and jeep should be looking at 5 to 10gs.
Will this loan help my credit, basically I have been off the grid for 4 months.......'travelling'
Need to get back to Canada and work in the patch, but want decent wheels first.

Fiend has a good point. This is a VERY hard time to get into (or back into) the patch. The rig count is low, and everyone is rolling their spending back to the bare minimum. A good number of people that have been steadily employed for three or even five years are out of work.

I certainly won't tell you not to try - I first got into the patch at the most difficult time of year to start (spring)...but understand where things are at. Oil prices are fine right now...but the vast majority of wells in Alberta are for natural gas...and gas prices are super-low, and existing supplies are very high. 

[Matt4x4]

Thanks everyone for the input. I heard the patch was picking up due to the dollar and gas prices but that could be wrong. I just got the Enform (PITS) Drilling Floorhand ticket and just going to apply for roughneck or floorhand. If no jobs are out there, I will just go back to school and get me an electrician certificate and get my foot in the door. I should have done that right out of Highschool, but thats just the way life is.

I think I will just have to hit up equifax to get a printout of my score and go from there.
I really need a truck!!!!!


Thanks

[w squared]

Our dollar going up actually decreases the amount that we get for natural gas on US markets. They pay the same price in USD, but it translates into fewer Canadian dollars. 

[Immortal]

They hand out Electrician tickets in public places, now. They are in a dispenser that is usually mounted on a wall, about hip height.... careful though, these places usually smell like poo....

[w squared]

They hand out Electrician tickets in public places, now. They are in a dispenser that is usually mounted on a wall, about hip height.... careful though, these places usually smell like poo....

Nah....that's not poo you smell. It's pee.

[Axemanjay]

Why didn't somebody tell me they were handing them out before I went through all the time and money to get mine??

 

[JackstandJohnny]

stupid question matt. how old are you?  that alone might just answer your question. if your under 22 just go in with your parents to cosign on the loan............