Your Questions About Investing Tips For College Students

Maria asks…

Why Can’t I Get a Car Loan?

First to whomever reads this it is a bit lengthy but i’m extremely baffled.

I am a 25 year old part time college student living at home and i’m currently employed as a server. 8% of my sales are automatically declared on my checks as part of a deal with the IRS(8% sales or credit card tips whichever is higher). I have a 748 credit score with no debt and no bills/loans on my credit report. I have almost 3 years of credit history with 3 active credit cards totaling $7,100. I have never made a late payment, i’m always early actually. Also I am a first time car buyer.

My current check-stubs show $1,471.16/month. I also have my W2’s from the last two years which show just under $1800/month on the eldest and $1970/month last years. I have all my paychecks from the past 3 years and after comparison they are all pretty much the same(meaning the paychecks are nearly identical based on the previous pay dates – My first check in July was like a clone of last years July check etc).

I have now tried five times to get an auto-loan with zero luck. I do not have a co-signer by the way.

The denial I just received this morning has me completely baffled. It is my actual bank and I requested a loan for $24,000 previously for a Toyota Tacoma. Note: My credit score was only 739 that time and I didn’t offer to put anything down. I was approved for $10,000 without a co-signer and $17,000 with one. Knowing that getting anything in the over $20,000 range won’t happen until I get a different job, I opted for a Kia Soul. I found a brand new one for $14,000 that already had tags. This time my credit score was 748, same deal no debt or dings, I offered to put $1,200 down, and I was approved for $12,000 with a “really good co-signer”.

I am so lost it’s crazy, my head just hurts trying to figure this out. Am I supposed to buy a cheap, busted up vehicle and make a terrible investment in order to get a loan for a good investment? By the time I pay for the inevitable repairs on a vehicle with 60k+ miles the amount invested would probably equal what I was asking for in the first place. I feel like i’m being punished for doing what is asked of by the credit industry.

Annoying note – My boss shows $2,200/month and just bought a Truck for $17,000, but the kicker is the place couldn’t find his credit. It wouldn’t appear in their system but they just gave it to him anyways.

So there is my wall of text, can anyone offer me any advice or anything, seriously anything at all?
I have 98% of my total credit free. I only use one of the 3 cards and it is for daily expenses only.
MadMan – I am a waiter, what shows up on my checks is not what I make. My checks show $1400 when in reality I make $2000-$2500/month($1800 is a very bad month). So asking for a loan that would require a payment $234/month is not over doing it.

Reena I stated multiple times that I pay off everything monthly. Out of a potential $7100 debt I carry only 2%-4% depending on the time of the month.

Thank you for the responses so far.

John answers:

You have a lot of numbers here, but not all of them. What is the debt to income ratio? That is, how much do you take in and how much goes out every month right now? If the ratio is really high, many lenders will not consider the loan solvent because of your perceived inability to repay. Another number missing is the time between the two loan requests. Remember that the lending arenas are shrinking, and credit is becoming harder to come by. If both of your applications were done at the same bank, that could be the reason for the reduction in available credit. If they were done at different banks then you have your answer, different banks, different policies.
You say you have 3 years of good history and a high score. Ok that’s good. But even the most qualified people are having difficulty borrowing now. Don’t be discouraged, but don’t shop your loan around to every lender either. A blitz of inquiries like this a grouped together so they will not hurt your score that much, but it does not look that good either.

I hope you find a lender that will work with you, but if you do not, remember that it is not entirely tied to your ability to borrow, but also to the bank’s ability to lend. Many credit unions and smaller banks have not tightened their portfolios as much, check with them and you may be happily surprised by what you find

Lisa asks…

SPELL AND GRAMMAR CHECK THIS WIN TEN POINTs?

Good things happened to those that wait Nonsense good things go to those that chase. Nothing is going to come to you and waiting for money and depending on someone else to give you money is the guaranteed path to failure. I am going to teach you about something I’ve mastered the art of making money I will teach you how to make money fast and make it last! Now before you read foreword I need you to say “Everything I understand money is wrong” Believe me when I tell you I know more “tricks” to making money I am not talking about the cereal. I strongly believe if you can count your money by hand it’s not enough. You cannot make money being a good guy and following rules you must bend the rules and twist the rules. Bill gates the wealthiest man in the world(and soon to be second) robbed various ideas from the rival company of Microsoft Apple other affects to not only have what apple has but to have more. Bill gate is a marketing genius his products have all the affects of apple and more and are the same price. Which one would you buy its obvious? How could a guy who did not finish collage become the richest person in the world (and soon to be second). How could Shawn Carter (formerly known as jay z) become extremely wealth once again a person who did not go to college and grew up poor he created something out of nothing. So how could people who did not graduate from college and even some junior high school dropouts become so wealthy? Formal education will make you a living; self-education will make you a fortune. Also they have mastered and carried out these proven techniques and now I will share them with you. I will teach you how to successfully run a business. Here at the six tips Create Something out of nothing, create a realistic business plan stick to it, Work Like A Slave Eat Like A King , Never stop looking for the best deals on products and buy low and sell high.

Something out of nothing

Fob a clothing company started in a basement but now is a multimillion dollar company. The people who created the clothing line did not have a lot of money but they took what they had and made something from nothing. The company was created by five neighbor friends living in queens New York the largest projects in the world. The company then became popular amongst queen New York and it became bigger. The five neighborhood friends who never thought they would grow this big did. How did they do this? They took what they had their expertise and made something out of it. If you are a great drawers draw and auction your pictures if you are a good writers sell your writings even if you have a basketball goal in your backyard charged to get on the court you will gain enough money eventually to extend your idea. If you know how to can teach offer to help a student in return of money. Once you gain enough you can even start your own tutoring company. Got a big screen get some movies charge people to come in your house to watch them. Go to an used bike store bikes cost about five dollars fix them up make them look better and they will sell for any more. Once you make a profit, invests half of it back in your business. Is it snowing? Shove snow? Good with computers teach the elderly mow lawns, wash cars, baby sit, and as soon as you make enough money washing cars you can buy more supplies hire your staff and send them to different areas to wash. Let them keep 25 percent of the money they made and you take the rest, you can do the same for shoving snow mowing lawns etc. Once you gain enough money you can expand your small company always looking for ways to make money you must be an opportunist, you must be a convincing, if you want to be wealthy.

•Create A Idea
•Expand on it
• Hire employees(optional)
•Launch it
•Advertise (business cards)
•Go find costumers
•Sell your products
• Be polite To Consumers give them two business cards one for a friend and for themselves
• Business Plan

Create a business plan stick to it if you are not making profits from it creates another one. As cannabis once said “A wise man sees failure as progress, a fool divorces his knowledge and misses the logic”. This philosophy is very important. First you must determine your objective. What are you trying to accomplish in your business what do you want to achieve? These are the questions you must ask. How will you achieve your objective? When will you achieve this? How will you make your company better than other similar company’s .Create a list of these things and then put it in an essay form get it copywriter and you have your business plan.

•What is your objective
•How will you achieve this
•When will you achieve this
•Create A List
•Put it in an essay form
•Get it copy writer

Work like a slave, eats like a king

Nothing will come to you, you must go out and get it this is serious good things go to those that wait is a lazy philosophy and it truly disgust me. Nobody can be successful unless he loves his work and put in work second place is the first losers place. to work like a slave you must work hard daily learn how to balance family school and other things with work. Read your competitors like a book constantly think of new ideas to receive more costumers everywhere you go bring out business cards .Go to the bookstore and place business cards in books that relate to your business. Put a banner on your car put it work and you will eat like a king.

•Put in work
•Eat like a king

Follow these proven methods and you will see results

Disclaimer: Note working constantly may lead to depression and tiredness

John answers:

Ok forget it, I got bored.

Congrats on the 10pts to who ever has the patience to do this.

Susan asks…

Need some financial advice..?

I just graduated college and I make about 55k a year (gross); saved up around 20k now. I have a car loan i taken out now, at 4.9 APR for 6 years at 20k now;
Student Loans around 27k for 10 years.
Should I keep saving or spend all my savings to pay off the debt? What should I invest in or how should I plan for the future? Please give me some advice / tips. Thanks alot!

John answers:

I would also pay off my debts, and stop accuring more debt. Suze Orman, Oprah’s financial advisor has some more advice for you. See below.

Joseph asks…

GRADE MY ESSAY (WIN TEN POINTs)?

Good things happened to those that wait Nonsense good things go to those that chase. Nothing is going to come to you and waiting for money and depending on someone else to give you money is the guaranteed path to failure. I am going to teach you about something I’ve mastered the art of making money I will teach you how to make money fast and make it last! Now before you read forward I need you to say “Everything I know about money is wrong” Believe me when I tell you I know more “tricks” to making money I am not talking about the cereal. I strongly believe if you can count your money by hand it’s not enough. You can’t make money being a good guy and following rules you must bend the rules and twist the rules. Bill gates the wealthiest man in the world(and soon to be second) stole various ideas from the rival company of Microsoft Apple but bills had other effects to Microsoft not only does Microsoft have what apple but more. Bill gate is a marketing genius his products has all the effects of apple and more and are the same price. Which one would you buy its obvious? How could a guy who didn’t finish collage become the richest person in the world (and soon to be second). How could Shawn Carter (formally known as jay z) become extremely wealth once again a person who did not go to college and grew up poor he created something out of nothing. So how could people who did not graduate from college and even some junior high school dropouts become so wealthy? Formal education will make you a living; self-education will make you a fortune. Also they have mastered and implemented these proven techniques and now I will share them with you. I will teach you how to successfully run a business. Here are some tips Create Something out of nothing, create a realistic business plan stick to it, Work Like A Slave Eat Like A King , Never stop looking for the best deals on products and buy low and sell high.

Something out of nothing

Fob a clothing company started in a basement but now is a multimillion dollar company. The people who created the clothing line didn’t have a lot of money but they took what they had and made something from nothing. The company was created by 5 neighbor friends living in queens New York the largest projects in the world. The company then became popular amongst queen New York and it became bigger. The 5 neighborhood friends who never thought they would grow this big did. How did they do this? They took what they had their expertise and made something out of it. If you are a great drawers draw and auction your pictures if you are a good writer sell your writings even if you have a basketball goal in your backyard charged to get on the court you will gain enough money eventually to extend your idea. If are a goodstudent and understand an subject you can teach offer to help a student in return of money. Once you gain enough you can even start your own tutoring company. Got a big screen get some movies charge people to come in your house to watch them. Go to a used bike store bikes cost about 5 dollars fix them up make them look better and they will sell for any more. Once you make a profit invest half of it back in your business. Is it snowing? Shove snow? Good with computers teach the elderly mow lawns, wash cars, baby sit, and as soon as you make enough money washing cars you can buy more supplies hire your staff and send them to different areas to wash. Let them keep 25 percent of the money they made and you take the rest, you can do the same for shoving snow mowing lawns etc. Once you gain enough money you can expand your small company always looking for ways to make money you must be an opportunist, you must be a persuading, if you want to be wealthy.

•Create An Idea
•Expand on it
• Hire employees(optional)
•Launch it
•Advertise (business cards)
•Go find costumers
•Sell your products
• Be polite To Consumers give them two business cards one for a friends and for themselves
• Business Plan

Create a business plan stick to it if you are not making profits from it create another one. As cannabis once said “A wise man sees failure as progress, a fool divorces his knowledge and misses the logic”. This philosophy is very important. First you must determine your objective. What are you trying to accomplish in your business what do you want to achieve? These are the questions you must ask. How will you achieve your objective? When will you achieve this? How will you make your company better than other similar company’s .Create a list of these things and then put it in an essay form get it copywriter and you have your business plan.

•What is your objective
•How will you achieve this
•When will you achieve this
•Create A List
•Put it in a essay form
•Get it copy writer

Work like a slave eat like a king

Nothing will come to you, you must go out and get it this is serious good things go to those that wait is a lazy philosophy and it truly disgust me. Nobody can be successful unless he loves his work and put in work second place is the first losers place. In order to work like a slave you must work hard daily learn how to balance family school and other things with work. Read your competitors like a book constantly think of new ideas to receive more costumers everywhere you go bring out business cards .Go to the bookstore and place business cards in books that relate to your business. Put a banner on your car put it work and you will eat like a king.

•Put in work
•Eat like a king

Follow these proven methods and you will see results

Disclaimer: Note working constantly may lead to depression and tiredness

John answers:

I just read the first paragraph, but if you continued on, I can see that you’d have many capitalization errors and punctuation. Starting with the first sentence with punctuation.

Good things happened to those that wait Nonsense good things go to those that chase.

It should be:
Good things happened to those that wait; Nonsense good things go to those that chase.

OR

Good things happened to those that wait. Nonsense good things go to those that chase.

I saw capitalization error on “Jay Z”. Names are always capital. What grade are you in? I’m a freshman and I know this..

Richard asks…

How can I become rich as a college student?

How can i save my money to become wealthy?
Should I invest? If so tell me details: how much and what banks?
What to do if I have a little extra money (about $100) from working?
I’m starting college in Aug and i want to NOT be average but above in the social economics.
Tips for saving?
Tips for investing?
Tips for maintaining my money?
By rich I mean “Thousandair”

John answers:

At the risk stating the blindly obvious (which is often overlooked!), try not to spend on non-essentials.

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