Impossibility of Loan Consolidation

[Caleb Garnett]

This I believe this to be an honest question, is it impossible to acquire large amounts of loans anywhere if you have a relatively new credit card account, and no income for the last 12 months? If it is, then what should I do, and no one say get a job, I've tried that already, why do you think I am here in these forums. Also I am not a protected veteran, so this is just in case anyone asks about those options/possibilities. I thank anyone who takes time out of their day to read this post, again Thank you.

[Randall Alan]

Quote from @Caleb Garnett:

This I believe this to be an honest question, is it impossible to acquire large amounts of loans anywhere if you have a relatively new credit card account, and no income for the last 12 months? If it is, then what should I do, and no one say get a job, I've tried that already, why do you think I am here in these forums. Also I am not a protected veteran, so this is just in case anyone asks about those options/possibilities. I thank anyone who takes time out of their day to read this post, again Thank you.

@Caleb Garnett

 If you view this from a reverse perspective of a lender… be it for a house, a car, or what have you… they want to know how they are going to be repaid if they loan you money to buy something.  Broadly, they use metrics to do this… credit score, debt to income ratio, etc.  

A credit card account, while a start towards a credit score, Is also a potential liability.  If you manage it well, it will contribute to your score.  If you run it up, or don’t pay it off, it will have the opposite effect.  Credit card companies want to see low carried balances and the card paid off regularly. 

Income and how you have handled credit are two key indicators of how well someone pays back their loan.  So if you are wanting a loan, you have to play by those rules of the road.  Disavowing those things as “well, that’s not me” doesn’t change how the industry works.  

If YOU personally don’t have those qualifications, you are pretty much going to have to bring someone else along for the ‘journey’ that does.  A co-signer or partner.  Keep in mind that in such a situation, given what you are telling us, you will be contributing little (qualification-wise) to the ability to get the loan. This would most likely rule out partners who are distant from you unless you bring other valuable skills to the table… like rehabbing skills, or bird-dogging skills to find great deals, etc.  I would see you leaning more towards family to try and help you out on a traditional purchase.

Alternatively, you could try getting into wholesaling to find deals and cut yourself in on the profit of deals perhaps? 

From a purchase perspective it does take money and income to ‘play the real estate game’.  If you don’t have that, or can’t resource someone who does, this might not be your game at the moment? Which begs the question of how to put yourself in a position to play.  

(As a quick aside- I have relatives who have millions of dollars in stock… but are retired and have no W2 income.  They could not qualify to buy a 2nd home with a loan due to lack of income… so that shows you how seriously lenders take income.)

Real estate isn’t a get rich quick game, and it isn’t going anywhere… so there is always time to put yourself in a better position to get into the game. 

all the best!

Randy