Updated about 6 years ago on . Most recent reply
Opportunity for 50k loan but need 680 credit
I got an opportunity for (approx) a 50k personal loan from someone, their underwriters want to see a 680 FICO score and they will disregard income. I'm still building my credit at the moment so my score definitely isn't there. But getting this 50k would ultimately be a game-changer for me as a Newbie REI, I've tried reaching out to others to co-sign for me and everyone's credit seems to be in a not so "good place" at the moment. Should I just let this opportunity go and continue to fix my credit and try again another time...or am I just not seeing the other side of the rainbow
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Hi @Miltiana Holdip.
Here's a different perspective: Unless you already have a rock-solid plan for using this loan to make money, I don't see this as an "opportunity" at all. Taking on $50K in personal debt makes your financial situation worse, not better!
My recommendation is that you maintain focus on your ability to recognize (and eventually construct) actual money-making deals. That is what makes you an investor, not how much debt you are holding.