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    10 Replies Latest reply on Sep 14, 2008 6:17 PM by credittalk

    I have dificulty to get loan

    Mick1111 Newbie
      Dear friends,
      I came to USA 1 year ago.I am graduate stdent,I want to buy a condo but i have a difficulty to get loan.I start to build my credit but realy I dont have enough history.Also I dont have a cosigner.Aditionaly I can put 20% of total price down payment.what is your recommendation for me . what is yor suggestion that I can better my credit history with $30,000 cash I have in my account.
        • Re: I have dificulty to get loan
          BDS INC Adventurer
          Most of the markets today are in a tight credit crunch so access to credit won't be easy. How about opening up a credit card with the bank you have the 30,000 with? They are likely to offer you some credit because you have a good deal of money in their bank. Building a credit history will take some time but in the long run it is better to wait than to get scamed!
          • Re: I have dificulty to get loan
            LUCKIEST Guide
            It sounds like you are doing all the right things. It takes TIME and History to build and improve
            your credit score and history. When you make payments on a credit card or make payments on a auto loan
            you are building your credit history. Are you working for wages NOW??
            Having money in the bank also helps. You can go to google and look up "better my credit history"
            You
            will get some good info. Make sure that you make the monthly payments
            (even the minimum) on time.Good luck with the condo, LUCKIEST
            • Re: I have dificulty to get loan
              Ed O'Gee Adventurer
              It's going to take some time but you'll need to get a financial institution to take a chance on you with something like a credit card and then go for larger credit.
              • Re: I have dificulty to get loan
                Triumh_IG Newbie
                With my 13 years of experience I would recommend one or all of the following.

                Search for "My community" lending program ( I can help you find it)

                Have a relative, parent, brother, etc that currently has a major credit or department store in good standing add you as an authorized user. You may tell them to keep the card when it arrives that way they are comfortable and not afraid of you ringing up the card limit. With this done, in a matter of 1 or 2 months you will automatically have established credit.

                Finally, get a CD secured loan at your bank. How? Deposit any were from 1K to 10K in a CD, then borrow against it. This will help you tremendously.

                Most lenders are looking for a least 1 to 3 accts. 2 CD secured loans (different banks), a couple of credit cards (auth user) will help you alot without getting into debt.

                If you need further guidance feel free to contact me at TRIUMPH_IG@sbcglobal.net

                Good Luck!
                • Re: I have dificulty to get loan
                  WEBillions Adventurer
                  Believe or not, I actually started building my credit at the ripe old age of 10 with CD companies like BMG! I didn't buy much, just participated in one of those 12 CDs for the price of 1 and then paid it off immediately and refused to buy any more. Today, credit cards work much better for me. I try never to put anything on a credit card unless I know I can pay it right off. I recently had to go against this personal rule because I decided on a honeymoon to remember and my credit score took a bit of a dip (it's still not bad, just no longer amazing). Actually, credit cards are really impressed when you pay off the balance every month. I can't count how many times they commented on it when I had to talk to customer service. Because of that, I am always able to get what I want. It's really nice.
                  • Re: I have dificulty to get loan
                    brainbag Wayfarer
                    Hi,
                    I think i can give you a good advise concerning this issue.Myself having gone through the situation before being a foreigner.I will give you the advise i gave my two friends that came to the US over a year ago.Both of them now have a credit of 720 and 730 respectively.None of them have the financial power that you possess.Infact the last one got his work authorization and started working february this year.The very first one started working last year may and both worked as a correctional officer.

                    Here is what the first one did.He got a secured 500 credit card from his bank use it pay his money on time and he also got a departmental store card bought computers and paid it finish under 4 months.The second one got a car this february and uptil now did not miss a payment.He called me last month to tell me his score was 720.

                     

                    Believe it or not,I have been there it will be much more easier for you to get a very good credit score than someone who has no money.I will advise you to do this deposit $5000 each to three different bank and borrowed against the money as a secured line of credit.Make sure you pay your minimum payment on time and main a very good debt to credit ratio.If you do this for a year the banks are likely to turn it to unsecure lines of credit.Some banks might be six months.Another way is by buying a car and paying on time this will actually build your credit very fast aswell as some store cards.But before going into store cards,make sure the store you want to apply for their cards actually reports to the 3 credit bureau.

                    P.S.I saw this site online they said they can give you $3000 line of credit.But you must buy computer from them.Let me say this i have never dealt with the store before and i did not guarantee the store.Although i checked them out on BBB.ORG they have a satisfactory report there.I just think is worth looking at.Here is the store MYCOMPCLUB.COM

                     

                    Rgds,

                     

                    Brainbag.
                    • Re: I have dificulty to get loan
                      TitleCompany Newbie

                       

                      Hi Mick1111 if you are in Florida I can refer you to a reputable mortgage originator. He is a person of his word, and if he can help you he will and if not he will tell you up front, to not waist your time or money.
                      • Re: I have dificulty to get loan
                        FinanceHelp4U Wayfarer
                        +Hi, I would be happy to try and help you. I have years of experience in the lending arena and also with Government backed loans. If you want to contact me, I will try to give you the best advice I can to help you, having some actual cash should help you - it's more than alot of people have to start with,</<br />Sincerely,*

                        *Carol *
                        FinanceHelp4u
                        hardwork70@newwavecomm.net
                        (877) 382-8159 Toll Free
                        • Re: I have dificulty to get loan
                          credittalk Wayfarer
                          We can help you get your credit score up in alittle as 7 to 10 days. visit us on the fscorponline.com or give us a call 877-47-Fresh were here 24hrs a day 7 days a week.