Getting started with good financial situation but no credit score

[Josh Buss]

Hello all, have been listening to the podcast and reading the forums for a little while and am  ready to start investing. I was not able to find anything very similar to our particular situation and was hoping on advice/feedback on getting started. Really need input regarding obtaining financing.

Our goal is to acquire enough income producing properties over the next ten years to make this the full time gig. This is our current situation:

• 39 years old
• Both have high income jobs and low expenses
• Zero debt
• $100,000 excess cash now to invest
• Anticipate being able to generate $100,000 per year from jobs to put toward investments for the foreseeable future
• No credit score because we paid off mortgage and all other debt years ago
• Just applied for a credit card and was rejected despite a perfect payment history, was told that it was all to long ago
• Want to finance properties on 20 year loans with 20% down
• Am concerned about getting loans with no recent credit history

[Ryan Dossey]

You are honestly in a better position vs credit and no cash. Secured credit card is the way to go. You give them X amount and they give you a card with 60-70% of that amount. I had a secured card for 6 months. Then applied for a discover. After having that for a year I got an Amex. I pay my cards in full every month. Credit score went from nothing to high 700's. 

Something to keep in mind. I added my wife as an authorized user to my Discover only. Just so she had a card in case of an emergency. Having her as an authorized user took her from no credit to a 730+. If your spouse has credit that's an option (if you have a spouse) or a close friend.