Or being able to negotiate a lower interest rate with a bank or mortgage broker’s office and being able to afford the payments on a new place, instead of renting!
But… today, you can’t even get a credit card.
Well, by the end of this read, you’ll have a clear vision of what it will take to get there within 18 months.
1. Settle Unpaid Debts.
You can’t even start until you’ve got a handle on your debts. Collections that are unpaid send a red flag to lenders everywhere.
The faster you get those under control, the faster you’ll have a foundation to start boosting that credit score.
Sometimes, people don’t even know if they have bad credit, though! If you’ve never checked, send me a message or go HERE to application and I’ll check for you – NO OBLIGATION
If anything shows up, I’ll let you know who yo need to call and start resolving anything that’s outstanding.
2. Get some revolving credit ‘moving’.
One of the fastest ways lenders can tell you’re trustworthy with money is when they see consistency month to month.
And the fastest way you can show them that consistency is by getting a credit card.
Use it lots – but pay it off as well! Don’t make the mistake of buying ‘stuff’ with it just because there’s an extra $500 or $2000 there. The purpose of those cards is to build your credit, and eventually get a card that gives you rewards back (which is how a lot of people get to travel lots)!
Once lenders see that you’re responsible with even just a little, they’ll be more happy to lend you $15,000 or even $25,000!
Which brings us to #3.
3. Installment loans.
Here’s where things ramp up quickly.
An installment loan is the class of loan that you get vehicles with. Your credit score rises very fast when you’re making these payments. Within 10 months, you can typically see a massive drop in interest (sometimes up to half off!) and you could potentially jump from a $15,000 loan into a $40,000 loan!
That’s how powerful building your installment credit can be! After 18 months of this kind of work on your credit, you can easily get 0% financing on new cars, as low as 3% on used cars, and you can be in a strong position to purchase a house!
Now, through this process you may need some fine-tuning, so be sure to be in communication a finance manager. There are very specific ways to set up your loans, and manage your finances that should always be completed by a professional.
To learn about how I work with you, GO HERE and let’s start you on this process!