I am a 24 yr. old male trying so hard to getting into my first home but due to my unpayed medical bills that I have on my credit report from like 6 yrs. ago, I cannot get a loan. I don’t have anything under my name so i can’t establish credit or purchase any kind of credit cards to improve my credit. everywhere i go i get denied and it’s not like i have repot’s under my name or in credit card debt. I’ve never even had a credit card under my name… I’ve had nothing under my name in the past.
I now have had a cell phone and cable under my name for over a year now and have been making on time payments and still can’t get a freakin credit card or loan.
I am so ancsious to get started with my investing career and don’t wanna wait any longer if i don’t have to but it seems like nobody wants to give me a chance to show them that I am really serious and can afford a home. nothing seems to be going my way.
can anybody help or give any suggestions? thank you and god bless!
If you that anxious to build credit, go to a large bank and open a secured credit card. Put $500 in an account with a credit card attached to it. Put one tank of gas on the card each month and pay it off. This will build a credit history.
You failed to mention if you have any income or not. Assuming you do, you might also try hard money lenders.
Since you said that you don’t own your own home yet, I’d recommend getting a small two unit and live in one apartment and rent the other out. The rental income from the 2nd unit should cover at least half of the total mortgage. Live in the property for at least two years and then buy a second one.
I’m not exactly sure how hard money lenders work and I’m guessing this is where i am going to get a loan to purchase any property or the 2 unit property that you mentioned earlier, right?
how do you expect to pay a HML if you can’t pay our current bills???
so you think that by just “becoming” an investor in real estate, that all things will change and miraculously, you will become responsible enough to invest in real estate?
forget HML.
the secured credit card is okay.
have you followed up on the unpayed med bills? contact the creditor or collection agency and work something out to start paying that bill back.
try and claim some hardship and see if it can decreased in amount owed. paying something is better than paying NOTHING.
joe, it’s not wise for you to tackle anything more when you are not handling your current financial situation. that’s just a recipe for disaster!
and if you think you “can’t” there’s a good chance you’re right.
work on your CURRENT financial situation.
work on a building a positive mind set that tells you - you CAN - but keep it REALISTIC!
Just in regards to your medical bills, I have seen people write great pitty letters and if everything else has been taken care of and paid on time they can get approved for loans, regardless of the hospital debt that is owed
