Finding Real Estate Business Opportunities By Establishing Good Credit
First start off by working on getting a checking and savings account if you don’t have one. This will help you to build a strong relationship with a bank and in turn will be noticed by credit bureaus on large standard payments like rent, utilities, and other regular bills. This is going to be a good first step in the right direction.
Next take a look at getting a secured credit card if you are not able to get a standard unsecured card. Possibly look at getting a cosigner if you are having struggles, such as a parent or a trusted family member. Their knowledge on how to create a good credit history will help with yours. If you have to get a secured card then make sure that it is with a company that is picked up by credit bureaus and reports to them. Otherwise you will be wasting time toward building credit.
Then when you get a credit card pay your bills often. Try to pay them even more than monthly so that way your credit will improve quickly. You will be amazed at how impressive how after several months of being diligent with your credit bills will impress the credit bureaus. This is a huge step toward improving your credit.
Also look at making payments on a car or a bike of some kind. This can help to build history. The more assets you have in your possession that you show you can pay for on a timely manner will help with any lender for a mortgage. Then try to build a solid work history for a year with consistent pay stubs. Notice all of these steps show that you are responsible and that you can prove yourself so when it comes time to make a mortgage payment you can do it and a foreclosure will be the last thought on the lender’s mind.
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Filed Under Starting A Business |
Tagged With checking_and_savings_account, credit_bureaus, credit_history, good_credit, improving_your_credit, secured_card, secured_credit_card, unsecured_card, work_history
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Cade,
Very good advice for someone starting off or wondering how to improve their credit. I would add to make sure and pay your rent on time since Lenders often ask for a letter from your Landlord. Even if you live with your parents it is often a good idea to set-up a rental agreement with them and pay each month so that you establish a good paying credit history.
I love it when I read where other bloggers are helping folks and not assuming that everyone knows the ends and outs of how things work. Congratulations on shedding some light.
-Gena Riede
Great article. All too often I run into persons that have really wrecked their credit doing the 0 down payment plans on everything from their car to their home furnishings just to keep up with their neighbors. Worry less about the neighbors and more on getting yourself financially secure.
Once you have built enough credit you CAN still get stated income loans - even in this market. They are of course much more difficult to obtain than in the past, but can still be had with a great credit history. This is good advice for someone starting out.