What's the best way to establish credit if you have none and you want to buy land?What's the best way to buy land?

Asked by Old Guy, Uhrichsville, OH Mon Jul 18, 2011

I want 1 to 2 that is not in town. Cheap land,and not in a noisey area.

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Mon Jul 18, 2011
If it's a buildable lot then banks in town (perhaps New Philadelphia) may be willing to give a "lot loan", they used to just require 10% down but banks may be looking for 20-30% down on them now.

As far as establishing credit, you'd want to start off with a few secured credit cards, these are credit cards where you put money down and it acts as your credit line. I'd start with $300-500 limits. After 6 months then you should have a credit score and be able to obtain non-secured credit cards, etc. Typically banks are looking for 12 months of credit, but your mileage may vary depending on the bank.

Some banks may accept non-traditional credit, although on lot loans that is probably very difficult to find. I've described what non-traditional credit is and how to verify it at http://www.trulia.com/blog/shanethemortgageman/2011/06/no_sc…
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Anna M Brocco, Agent, Williston Park, NY
Mon Jul 18, 2011
In addition to a secured credit card, try any retail and or gas cards, pre-paid cards, if you already don't have, do have utilities in your name, establish a relationship with any local bank--you can begin with the branch you currently do business with, etc.
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