Best Way to Rapidly Build Credit?

[Omar Asous]

Hi everyone!

I've read a few books on real estate, and am in a good position for savings for a down payment. I'm 23 and currently save $2000/month for a down payment in 2 years from now. I'm currently at $13,500.

The only issue is that I'm late to the game in building credit. I have no student loans. My credit history is 8 months old, with a 730 credit score. I don't qualify for a home loan because frankly, I don't qualify for an auto loan without a cosigner right now, if at all for some banks.

I was thinking of buying a slightly used car for $18k (5 year loan, $300/month payments). It would dip my savings to $1700/month, but it would be worth it imo for a conventional loan.

Is this a good idea? Is there any other way to rapidly build enough credit for a FHA loan to househack a property? That, or a conventional on a duplex. My timeline is 2 years.