5 real estate investors who started with low credit scores or zero credit at all share 4 strategies they used to boost their credit and buy their first homes
That said, if you have bad credit, or no credit at all, it's still possible to invest in real estate. If you want to buy a home without cash, it's important to have good credit.
"In a new country they're not willing to take any record from the past country so there's no credit history," he told Insider."It's not that I had bad credit that I could work on or improve. It was zero. I had to start from scratch." "They ask you to deposit an amount, like $1,000, and you can only utilize that $1,000," explained Afzal."So it's like a trial run to see if you can pay on time or not."Another smart move Afzal made was asking a family member with good credit to add him as an authorized user to their card.
Finding ways to increase their income helped them pay down their credit card debt faster and actually start saving for a down payment. Plus, it helped boost their credibility in the eyes of mortgage lenders.While buying a home in cash requires tremendous savings, if you're able to do so, your credit score won't matter because you won't need to get a mortgage.
His all-cash purchase ended up helping him qualify for a mortgage for the second property he bought, since he was able to show lenders another form of income .
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