​Credit/Real Estate Question with No Previous Credit

[Matt Ward]

Credit/Real Estate Question

I have no credit and want to invest in real estate. I paid for college on my own without a loan and didn't buy a car or have a credit card. Now business is going well and looking to progress to real estate and in a pickle...how?

Would love advice. Goal was buying multi-family properties and with 30 yr fixed loans and I could start investing a good deal of business profits (or sale profits) into buy and hold, cashflowing real estate.

But how the hell could I get a loan. They won't give me a credit card. I have a secured credit card now just to pseudo build up credit but come on...thoughts?

[Chris Mason]

Go get added as an authorized user on a loved one's credit card that they've had for a zillion years and never missed a payment on. When it comes in the mail, throw away the physical card... that wasn't the point.

The point is that there's about a 70% chance that within 2 months, your credit report will populate with the full credit history of that credit card just like it was your own history. Bam now you're FICO is like 650.

Then you go get two additional credit cards to round it out, buy one nice thing for your significant other per month alternating between the two, paying the full balance off as soon as the bill comes so you aren't paying interest for no reason, and boom two months later you've got a 700+ FICO score.