If you have no credit a good way to start is opena credit line such as a
car payment or credit card. If you can not get approved for either you
can go to the bank you bank with or a credit union (I recommend credit
unions over commercial banks) and ask them for a "secured credit card".
This will require you to put the money say $500 for example into an
account. The bank/credit union will put a freeze on the $500 and issue
you a credit card with a "secured" $500 limit. After you make your
payments on time for about 6 months you can reapply for an "unsecured"
credit card. At that time they will release the freeze on your $500 and
then it will work like a traditional credit card and it will help you
build your credit. Make sure you only charge what you can afford and pay
it off each month.Â
If you would like to discuss an investment strategy further please feel free to contact me directly.
See my blog here.
The Adams Team at
Rothwell Gornt Companies