Young Newbie with a question about Lines of Credit.

[Thomas Ryan]

Hello, I am 19 and just started learning about real estate investing. I'm posting this hoping some experienced investors can give me input on lines of credit. Within the next 2 months I will be starting to work as an apprentice after my first month of working I plan to open 3 lines of credit. The first line for usage of Propertie loans, the second for rehab cost, and the third line for my everyday/weekly/monthly needs (non real estate related). I plan to build credit on all three credit lines over the next 2 years untill I qualify for a conventional loan. Could I please get some opinions, is this a good idea or bad idea? 

Also i would be grateful if someone could link me to a book on this topic.

[Thomas Ryan]

Originally posted by @Jack Bobeck:

What collateral are you going to use to get the Line of Credit? I recommend you speak with a Credit Counselor. I have spent the day chatting with LOC offers and they are going to want 680-685 credit and equity in a property to provide a line of credit. You might be better off with a credit card buying and paying off to build a history, but you would do well to ask a credit counselor for advice.

 That's a great idea I'm going to have to sit down and go over it with a counselor. Thanks for the idea.