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Starting afresh - Getting credit rating and loans - The Bills.com Blog
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Starting afresh - Getting credit rating and loans
Question: My boyfriend doesn't have any credit because no one will give him a chance to earn any credit. So can he get a home loan? There has to be someone out there that will give him a chance to make some credit. Please HELP.
Answer: Your boyfriend needs to try to start on the bottom rung of the credit ladder and work his way up.
Thereare several options available for him that you may want to consider. First, if he can find someone with an established credit history who will co-sign a loan with him, he may be able to obtain a loan and start building his own credit. If he cannot find someone to co-sign an unsecured loan with him, there is always the option of taking out a secured credit card. Secured credit cards require you to deposit cash in an account with the credit card bank. The credit line available on the card is equal to the amount of cash you have on deposit.
This may sound strange; why would you not just spend your own
cash? However, these secured credit cards report timely payments to the credit bureaus and may help your boyfriend establish a credit history. Regardless of how he decides to work to establish a credit history, the key is to make wise credit choices and timely payments. If he follows a sound financial course, he should be able to buy a home in the not too distant future.
If you would like to apply with Bills.com's network of approved lender's, click here:
https://www.bills.com/mortgage/purchase/
Even if your loan is somewhat high you will build
your credit and be able to refinance on better terms within usually 2 years depending on market trends. Just don?t be in a big hurry since refinancing could potentially be pretty expensive in front-loaded costs (up-front) and it takes several years to recoup that money. You would resist another refi until the costs of the prior are recouped. Wait until you have a good offer on the table, and one that you can reasonably afford, before you take the dive into home ownership.
We hope that this helped you to Find, Learn, and Save!
Best,
Bill
www.bills.com
Also, make sure to get a free financial health check-up with Bills IQ!
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Bill has answered all sorts of questions and has been able to provide those in need of financial guidance with helpful and valuable advice and information on their specific financial area of interest. If you need specific guidance on any of the above mentioned financial areas, feel free to Ask Bill your financial questions and get better informed. Also, make sure to get a free financial health check-up with Bills IQ!
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