Posted by Brandon (FL) on February 22, 2002 at 16:02:46:
I’m 20 and at 16 I went to studentcreditcard.com and got a $500 limit. 4 years later I’ve got $10k in credit available and could easily have $50k.
When banks figure your debt/income ratio they usually take on avg 3% of your total revolving debt to figure your monthly obligation.
Rev debt: 3% of total balance
Install debt: (auto, credit line, etc…)
= Total monthly debt
/ Monthly Income
= Debt/ratio
19 year old needs a loan - Posted by Carl
Posted by Carl on February 13, 2002 at 19:10:26:
Hi everyone, I am new to this site and new to real estate investing, but I was wondering what are the possibilites of a 19yr. old getting a loan to buy his first piece of real estate. I go to school and don’t work but I was wondering if I could still get a loan.
thanks,
Carl
Re: 19 year old needs a loan - Posted by Kent C
Posted by Kent C on February 20, 2002 at 05:10:03:
Treat your credit kindly. All us old farts judge you by it! I was told that at your age but no one said WHY I should.
Because if you look responsible in the eyes of the financial community, they will trust you with their money and enable you to grow wealthy.
Just dont expect it to happen over night. Be patient, work hard.
Kent C
Re: 19 year old needs a loan - Posted by KC Questions
Posted by KC Questions on February 19, 2002 at 21:11:21:
There are a lot of credit cards that target young people, especially college students. I got my first one while in college when I turned 18. I used it strictly with the purpose in mind of building a good credit history, to help me with my real estate investing. I bought my first house less than 2 months after I turned 20 years old through conventional bank financing. Make sure you don’t let the credit cards get out of hand. One website that you can try to get a credit card that is targeted at young people is www.studentcreditcard.com
Why not? - Posted by NCPaul
Posted by NCPaul on February 16, 2002 at 20:00:09:
Being 19 years old will not necessarily preclude you getting a mortgage. The thing that will make it difficult is your credit history. Since your history will likely not have any accounts over 24 months old (Since you are 19), you will also likely not have a major trade line (Another typical part of being 19 and having relatively unused credit.). Not having a job can also present a problem. None of these obstacles is necessarily a death blow to getting a mortgage but they do make it difficult.
Now on to a question I have, If you have no job how do you intend to pay for a house if you buy one? If you plan on making it an investment house then I would recommend working a lease/option deal or something along those lines anyway instead of getting a mortgage in your name. Just an opinion for what it’s worth.
Good Luck