My credit score is a pathetic 570 and don't want to run into any red tape that will slow down my investment time.
2007-03-06 23:25:03 · 5 answers · asked by Anonymous in Business & Finance ➔ Investing
You can buy mutual funds direct from the issuer with no credit necessary.
Are you sure investing is the appropriate way to go? Do you have the rest of your finances straightened out ? Have you saved a cash cushion so that you can pay your bills on time and get that credit rating up?
2007-03-06 23:32:08 · answer #1 · answered by BosCFA 5 · 0⤊ 0⤋
First of all, you should never invest money in the stock market that you can't afford to lose. There is no guarantee that any stock will make you money. If you're choosing wisely, most stocks will make money over time.
However, before you start investing, you should be getting out of debt. If your credit score is that low, you would be a whole lot better off getting the debts paid off first and getting some sort of liquid savings for emergencies, like a money market account, for living expenses, should you need it.
Investing is a great idea for your future. However, you need to take care of the present first or you're going to get 20 years down the road and still be in debt because you spent all your available money trying to make money in the stock market rather than getting out of debt first.
I have an account with Scottrade and I can tell you, they did check my credit report when I opened the account because I saw their inquiry on my file when I got a copy of my credit report. I have no idea if they would have not allowed me to open an account if I'd had a low score or not. My score is in the 700's though so it wasn't a problem.
2007-03-07 07:45:13 · answer #2 · answered by Faye H 6 · 0⤊ 0⤋
Your credit score is irrelevant to investing as long as you don't have a margin account. so if yours just buying regular mutual funds and stocks you should have no problem
2007-03-07 08:34:40 · answer #3 · answered by Ping898 3 · 0⤊ 0⤋
the only reason a brokerage house needs your credit score is if you are going to trade on margin. if you are just buying mutual funds it does not make a difference.
2007-03-07 07:55:53 · answer #4 · answered by G&L 3 · 0⤊ 0⤋
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2007-03-10 13:48:00 · answer #5 · answered by Chris T 2 · 0⤊ 0⤋