No Credit Score, Need Help With Financing!

[AJ Smith]

Hi all,

I'm a college student working to close on his first buy and hold MF rental property deal in 2019. I am debt free and have a bit of cash in the bank, but because I've never had a credit card in my life I have no credit score and banks won't loan to me. I applied yesterday for a credit card with my local bank to begin building my credit.

With this in mind, my question here is twofold:

1) How can I speed up my credit-building?

2) How do I Finance/Refinance deals while I am building my credit score from ground zero?

I have thought about hard money lenders, but am concerned about the high interest they charge and my seeming inability to refinance out for a lower rate at the bank.

Cheers!

[David Soest]

It takes time. My wife came here from the Philipines. She had no credit file at all. I bought her a car and put her name on the note. At the two year mark, she was able to trade it in and buy aniother car at 0 % interest, we looked and her score was in the 700s. 

Find someone to help you buy something, car, house whatever, and put you as a "co-borrower" on the loan. Do not have them co-sign, make sure your a co-borrower. Within 12 to 18 months of on time payments you'll be good to go. Keep in mind you'll need to have an income to support the loan your looking for on your own.