Are you ready to buy your first Sun Valley home, but you don't have credit? You'll need to establish a credit history to be considered for a mortgage. Here are some simple tips to help you get started:
Open a bank account
Open a bank account and use it responsibly. This is the first step in establishing a financial history.
Get a co-signer
A good way to establish credit is to piggy-back on someone who already has good credit history established and is willing to co-sign, but be aware that any default of credit on your part affects the credit of the co-signer.
Secured Credit Card
Apply for a credit card. Shop around and only apply for a card if you can meet the lender's requirements. Responsible use will help you build a good credit history. And most importantly, pay all your credit card bills on time.
Department store and gasoline credit cards
Since gasoline credit cards are not revolving (cannot carry a balance forward month-to-month), often they are easier to obtain than regular credit cards. Similarly, some department stores offer revolving credit for a specific purchase and this is easier to obtain. It is also a good way to establish credit.
Once you have a credit history, call me and let's start looking at real estate. That's the fun part!