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Advice needed please
My fiancé's mom had told me about a house that a friend of hers owned and that he was wanting to rent it out. So she asked him if I could stay there. Well, my fiancé later informed me that the man had said that a woman was already living there, but was planning on moving out. But she's not sure exactly when. I had planned for this and have searched for a house. Ive found a couple, but I currently don't have the money for the down payment. I cannot find a single place that will give me a loan because I have no credit history. What do I do? Is there a place that WILL give me a loan? I don't want to borrow from family.
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Maybe give some free advice about: Random Weirdos?
Keep in mind, basing financial decisions on what I or anyone on this site might say alone could backfire. Think about what people say and if it doesn't add up to you, for the love of God don't do it. It's impossible for anyone to fully grasp your situation and in the end, you and your fiance will know what's best for you. But I do have some suggestions. Don't take them if you don't feel they're the right direction you want to go.
Unfortunately, you don't think you can get far in such situations without a credit history, so I'd built your credit a fast as you can. It's easier than a lot of people think. While I hate suggesting getting credit cards, they're necessary in such a situation and basically harmless if you do it right.
I'd get a credit card from whatever bank you have. Read whatever information they provide, make a payment plan, stick with it. Additionally, store credit cards are easy to get as well, but are a bit more tempting to use. As long as you don't rack up a debt by going on a spending spree, you should be able to do all right and rack up a decent credit score in little time. Really, I wouldn't use these cards unless you had to.
I'm pretty sure you can often choose to pay twice a month on cards as opposed to once a month. This'll raise your credit score faster. High limits also cause for higher scores. And if you know someone who has good credit and would be willing to add you your name to their card(s), this will help raise your score faster as well, though that's a long shot.
I'm not sure exactly how much time you have and how much money you need. I think it could take a couple of months to establish good credit. If you need a very large amount of money, more than your bank's credit card limit and what you can get combined, you may need to resort to borrowing from family or changing your plans. But if you do have a bit of time, I would try building some credit and making more attempts at getting a loan. It would probably be a good idea to establish a decent credit score regardless, because you never know when such a situation might arise again.
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