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Additional Details
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gigi | How do you rent or buy a house or a car with no credit? |
hi,
I'm 22, and I would really like to know if it is possible to rent or buy a house or a car without any credit? I have no credit whatsoever, I only have a debit card, which works just great for me, I've been trying to avoid getting a credit card, but now it seems with the mandatory credit checks you need before renting you HAVE to have one? please help...
Thanks:) |
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Echion
 |
At 22 you can start saving to purchase a house entirely with cash if you save enough money. It depends on how much you want to pay for a house. If you want to avoid credit then GREAT! Open a savings accounts that will earn YOU interest. The more you save the more money it will make you. You don't need life insurance because you are very young, unless you are in a high risk situation, so you don't have to pay for that.
Your habits and lifestyle will determine how much you will have in your hand to pay for a house. Credit cards are more of a nuissance than help at this point in your life, with all the fees and fees and fees...If and when the time comes you need credit to purchase a house, the banks will be more than glad to oblige because they KNOW you have heaps of money in the bank. Don't settle for any old credit offer. Shop around then. Credit card companies count on people overspending and encourage that reckless behavior.
Be thrifty, be a scrooge but be rich in ten years. |
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Heart
 |
You can just work and save your money
don't use the monetary system. More people than you think refuse to use credit and just get by on their own means, saving and working for the money. In the long run you save tons and tons on not having to pay extra interest and fees. |
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Douglas L
 |
I bought all my cars with no credit, even the brand new ones. I did this by paying cash.I hate debt. I admit few people can do this. Now buying a house in cash is allot harder. Very few people can do this. Your best route is to get credit. Another way is get your parents to loan you the money or co-sign a mortgage for you. |
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ibu guru
 |
You do NOT need a credit card. You can live quite adequately -- and certainly more cheaply! -- without a credit card.
To rent an apt, avoid large apt complexes and those RE agts & management companies. Deal direct with the owner. These are less expensive and often much nicer than crowded complexes with screaming kids and idiot neighbors and constant battles over nitpicking "rules." You need proof of income (a letter of reference from your employer), character references, and 3 months rent (first, last, security or else 2 mo. security plus 1st mo rent).
With a track record at your bank and goodly amount of savings, get a car loan from your bank. You can get a credit card from them, too, if you decide you really want one. A good bank and a good relationship with them is always the cornerstone of financial health and good credit. |
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Glenn
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You should always use a credit card and pay it off in full each month. Take out a few loans here or there any pay in full. People who dont have cards for the reason they are afraid of spending too much, would also not be able to handle bills checks and balances anyway. I bought a house at 22. having credit helps. |
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Skywalker
|
Get a credit card. Make small purchases each month for six months. Pay off your credit card in full each month. This will establish good credit for you. You should then be able to rent after that. Then buy a car again making your monthly payments on time. Also remember most places do a credit check before they hire you. Good credit will help you find a job to make the money to pay the credit bills. This is the circle of life. |
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yngblkbeau
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You could do this if you have access to a lot of cash. You can easily buy a decent used car cash, but buying a house in cash would be more of a challenge because a house obviously costs a lot more money than a car. If you have no credit at all I recommend that you build a credit history. Apply for a few department store cards and use them only to buy very inexpensive items that you can pay off right away and don't carry any balances on them. These cards are still relatively easy to get, and if you pay them off every month you don't have to pay any interest charges. keep doing this for a couple years and you will get a very good credit score.
You can also finance a house or a car if you don't have any credit, but you're going to have to have proof or good and steady income and lot of cash to put down, and they are going to charge you VERY high interest rates. I do not recommend going this route because it is going to cost you a lot more money in interest rate charges over the life of the loans.
As far as credit checks go, it is much easier to get a credit card from a department store if you have no credit history than it is to get a Visa or Mastercard or Discover, and American Express card. The store cards may not have high limits on them, but that isn't very important. What's important is that having them establishes a credit history that you can build on. Landlords perform credit checks because they want to see how you are paying your bills. It makes sense because if you have a lot of late payments or evictions on your credit, this means they will probably have problems collecting rent from you when it is due and no landlord wants to deal with that. However, whether you have bad credit or no credit, most landlords will still rent to you. But, they will require that you pay the first and last month's rent plus a security deposit upfront before you move in. So all you have to do is save up that money and you'll be fine. |
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the lock man
 |
w t s |
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I Buy And Sell Houses
|
It's almost impossible to buy a house or a car without credit. However, you don't necessarily need a credit card in order to establish or maintain credit. (Sure, it helps, but it's not necessary.)
You can establish and maintain credit with any transaction that's reported to the credit reporting agencies. That might involve utilities (telephone, electricity, gas). That might involve renting an apartment from a company that reports to agencies. That might include student loans. Gas or store cards or credit lines. Hospital or medical payments.
Keep in mind that there's nothing automatically "wrong" with a credit card. It's all in how you use it. Apply for one; if you don't have much credit, it may be a collateralized card. (For instance, you put $500 into a bank, and you get a card with a $500 limit.) Use the card once every few months. Most times, pay off the full amount. Once every 4-5 months, allow a small amount of interest to accrue. The next month, pay everything off. (You want to use the card, and to have some interest accrue, to keep the card in active status and to build up a history of repayments.)
That won't give you a spectacular credit score, but it'll help.
Another tip: If you rent from apartment complexes or through management companies, they will check your credit. However, sometimes if you rent directly from an owner or landlord, they won't check your credit. Or they'll be a lot more flexible if your credit history is sparse.
As for buying a house, there are plenty of ways to do that. Most are variations on owner financing--lease-purchase, lease-option, contract for deed, or just plain old owner financing.
It'll be a lot easier going through life with a credit history, and credit cards (or a card, even used infrequently) will help a lot. But they're not necessary.
Hope that helps. |
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yellowcellica
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Not having a credit card is a good idea, although it can help you build credit if you use it responsibly. I would recommended actually trying to get one with cash back and only use it for purchases you will be able to pay back plust you will get the cashback. I would recommend finding a co signer if possible to rent or get a car loan |
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nyboi630
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Should be fine - you might have to put up a larger deposit, or get someone else to guaranty the rent or loan. |
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Olivia
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you can't you have to work and earn money to buy a house or car |
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