I have learned my lesson. I've been trying to pay down my unsecured debt for a year with consecutive payments, and I want to open a Roth IRA and hopefully one day, I can use it to retire, buy my first home, or education. The problem is I still have bad credit (probably for next 7 years but with debt paid), and I want to know:
are there ANY companies I can open up a Roth IRA account with my type of credit?
I have a T.Rowe Price 401K account from work and I contribute 6% and my company matches that. I looked at the forms/paperwork for the TRowe Price Roth IRA and in the fine print it indicated that they will pull my consumer reports.
2007-02-05 03:02:08 · 7 answers · asked by Its me again 5 in Business & Finance ➔ Investing
It shouldn't be a problem, try it and see. And good for you for getting on a financially responsible plan.
If you can't do it, put the money into a high interest bearing account - some have interest as high as 5.25 and hold it there until you can open a Roth IRA. You may also want to check Certificate of Deposit Rates if you think you may tap into the money and use it.
GOOD FOR YOU!!!!
2007-02-05 03:12:16 · answer #1 · answered by island3girl 6 · 0⤊ 1⤋
do no longer placed any funds in any IRA at your age. re the ROTH, you have already paid tax on the money so why tie it up? Returns are decrease that airborne dirt and dirt the superb option now. Use you funds for cutting-edge expenses (and a few exciting!) {you may additionally get minimum tax make the main of a popular IRA, so do no longer bypass that way, the two. once you're married, identifying to purchase a house, and have some historic past on a job (so as which you be attentive to your employment is look after) then you definately initiate questioning approximately financial set asides for retirement. {conceivable exception is an comparable 401K plan, in case you have one.} placed you funds in the financial corporation to keep away from financial corporation expenses, overdraft quotes, and so on, and pay off your credit enjoying cards in finished each month. you will get a extra appropriate return on you funds. in many cases conversing, the superb return on you funds may be extra coaching (commerce college or 4 365 days college).
2016-10-01 11:17:19 · answer #2 · answered by persaud 4 · 0⤊ 0⤋
Credit history does not matter when you are looking to invest your money. So almost any company will be happy to open a Roth IRA account for you. You just need to pick investments to fund the Roth IRA such as mutual funds and bonds.
2007-02-05 15:12:25 · answer #3 · answered by Anonymous · 2⤊ 1⤋
Yes if you have the money you can open one!
Your question is like saying, I have bad credit, may I use the bathroom!
The two are not connected, your savings have nothing to do with your credit report. The only remote way is your debt to asset ratio! But who cares if you have savings if you are not paying your bills!
To help your credit pay all bills on time or early and pay down or off all unsecured debt!
2007-02-05 03:09:28 · answer #4 · answered by me4tennessee 6 · 0⤊ 0⤋
You should beable to because all a IRA is, is a retirement account and that you put money into. It's not like you are asking for a loan.
2007-02-05 03:08:51 · answer #5 · answered by Anonymous · 0⤊ 0⤋
Roth IRA's suck!
Don't bother...If you plan on adding to it yearly or consistently then maybe, but if you keep less than a few thousand dollars in there, the yearly maintenance fee for having it, is more than the interest it ecru's in most cases.
Try US treasury bonds instead...
2007-02-05 03:11:04 · answer #6 · answered by Anonymous · 0⤊ 1⤋
You definitely can open one. You are putting money into something, not taking money out, so they will not care about your credit history.
2007-02-05 03:11:58 · answer #7 · answered by Strategic Sourcing Expert 4 · 0⤊ 0⤋