Does My Credit Really Matter?

[Manuel Yepez]

I'll be honest, I have yet to read the BP book on investing with no or low money down, but from my experiences it is possible to invest none of your own money; but is that only if your credit is good? I'm very young starting off in this business, so I thought that'd be an advantage but it seems like everyone wants a perfect credit history before even considering me. Even local investors have asked to see my credit. Do I really have to wait until I'm 21+ to invest? 

[Reece O.]

Hello,

The answer is no. However, you definitely should start building credit. Look into credit building loans at your local credit union or try a secured credit card. I'm 20 and have a 700 credit score after having over one million in medical bills at age 18; thousands went into collections.

Purchased my first property in February and working to secure a HELOC for the next as we speak! This could have been achieved with creative finance: but not with a conventional loan and more than likely not without a partner.

Recommend these secured credit cards:

-Citi
-Discover (offers rewards)
-Capital One

Use automatic payments on the full balance and only utilize 30 percent of your card limit; 10 percent is optimal. This means $50 on a $500 card. The most important is to never miss a payment.

PM me if you have any questions!