i have very low to no credit and trying to build. i have a 20 acre property in my name and was wondering if and how i could use it to rebuild credit score
2006-10-12 12:00:29 · 4 answers · asked by cryssi_495 1 in Business & Finance ➔ Credit
The only way that helps is if you mortgage the property -- even at 20% value, and use that to build up a payment history. A bank would probably loan you without much trouble becuase there would be such low risk. You could also use it to pay down card balances (keep them under 35% for the best scores).
2006-10-12 14:43:05 · answer #1 · answered by Anonymous · 0⤊ 0⤋
No you're going to have to apply for a credit card, but don't put your property up as collateral. Apply for a card with Centennialcard.com since they work with people who have no credit, bad credit to re-establish themselves and check your report in a year by getting your free report from Annualcreditreport.com
2006-10-12 19:44:44 · answer #2 · answered by nabdullah2001 5 · 0⤊ 0⤋
Owning a property does not improve your credit rating, unless if you did finance it and you are making the payments for it.
2006-10-16 18:38:35 · answer #3 · answered by anisarkisyan 3 · 0⤊ 0⤋
See if the bank will loan you money with the land as equity, and then make sure you pay it back on time each month.
2006-10-12 19:04:23 · answer #4 · answered by Anonymous · 0⤊ 0⤋