All Forum Posts by: Robert Hudson

Are you telling us that you are a 26 year old college graduate and you don't know how to open a bank account? My advice is that it is time to grow up and get a job! You have a very long way to go before you need to worry about real estate. 

In this scenario what has the agent done to earn a commission? Did they introduce buyer and seller? Did they conduct any negotiations? I am all for paying an agent that is involved in the sale, but merely sticking a sign in the yard does not constitute earning a commission.

@David Tardy So far you have received a mixed bag of advice. You have a great opportunity to build outstanding credit but it takes careful planning. It will take at least two years to build strong credit. As has been mentioned. Being added as an authorized user to a credit card is an excellent way to start but be aware that you will inherit the ENTIRE payment history of that account. If they have ever payed late it will have the same effect upon you.if they carry high balances on that card it will reflect negatively on you. Conversely, if it is an account has has been open for many years with a stellar payment record and it is rarely used, that is perfect. You need three revolving credit lines to maximize your Fico score. Since you have no existing credit, you will probably have to start with a secured card. Hands down, Navy Federal Credit Union has the best card. It eventually graduates to a unsecured card. DO NOT, at this time applying any store cards! They look bad on a manual review of your credit file. Ideally, with a new credit file you want to have zero usage to report on your credit report. You can do this by paying your account in full before your statement cuts. Let me know if you have questions.

@Chris Purcell The thing that caught my eye was that he had put a property under contract in December in Gatlinburg and it burned in the wildfires. If he had put it under contract on December 1st it was either already burning, burnt down, or unable to access because Gatlinburg had been evacuated. If this deal is legit I suspect mommy and daddy are bankrolling it.