Interesting situation starting out on FI

[Allen ODell]

Hello there, I am looking for some advice about what’s the smartest path I can take for myself to get FI. Recently I have been guided to the podcast and I believe I can achieve this!

I’m currently looking at a very low 500 credit score. With bad credit decisions it has destroyed my financial situation. As I planned to come into huge equity gain from the sale of my house I already know the basic of getting back to zero with taking out all the debt and I have been able to reduce my spending immensely. For my career and living  situation, I have recently taking a huge pay cut to pursue a job in a field I love and I hope to have big growth in within a small company. Also relocated from NH to ME I’m living in an rv with just my dog. I am having trouble seeing the right moves to make financially but learning every chance I get from these podcast. Finding a place for the winter is a challenge with the low credit score and reasonable wage for the experience level. 

Going forward I think I will be able to swindle something to rent for the winter months. Limiting my rent to 800 which are slim pickings especially having a dog. I definitely keep an open-mind to staying cheap and whatever it takes to meet goals so I’m sure I’ll come across something reasonable. After that is figured out all I want to do is strive at my career and learn but especially fix my credit and use the cash to invest until I am able to get into a live a flip. Where the heck do I go from here!? Other than credit building accounts and being authorized on another’s credit card, are there any other paths I can take to speed up the process?

[Bradley Dosch]

Hey Allen, that's too bad about the low credit score. If you're able to find a place that can supply heat to your RV, staying there and saving money sounds like a good move. If you go with a landlord, ask them if they can use your on time rent payments to count for building your credit. It's great to hear you want to strive in your career. It sounds like focusing on growing your income within your career is a great move. 

Another option to get around the bad credit is to start with commercial or asset based financing. These typically require more of a down payment and less favorable terms than personal based loans. But with your recent home sale and focus on growing income, this could be a good route for you.

Best of luck with whatever you decide Allen!