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I have $10k debt paying off $200 per mth, my credit score is 620 but looking increase my debt to ratio buy purchasing vacant lots. My plan is to buy 1 to 3 lots per month to build my assets and use as collateral at my credit union for a personal loan. Can buying vacant lots help my credit?
Thank you in advance!
Future Amercian Express Cardholder

2007-07-23 06:37:37 · 4 answers · asked by Anonymous in Business & Finance Investing

4 answers

Buying any kind of property or assest will not help you in building your credit score, but if you take a loan against that property and paid it on time and fully, that will improve your score over the period like after 6 month of paying loan you will see your score increase, after 1 years it will increase. Also if you can pay down the 10K debt you have that will also improve your score.

2007-07-23 06:42:06 · answer #1 · answered by San 2 · 0 0

It all is dependent upon the vaule of the estate. When you get a mortgage from a financial institution utilizing estate to cozy the mortgage it have to be appraised. I could get a secured bank card. This will exhibit the financial institution that you've got a bank card with an overly top credit score prohibit and it is going to develop your rating via up to 50 features if the prohibit is top ample. Good Luck!

2016-09-05 16:16:22 · answer #2 · answered by Anonymous · 0 0

I don't think it makes sense to buy a vacant lot if your main purpose is to help your credit. Land can go up or down in value, and there's taxes and maybe maintenance, etc. Only buy it if you think its a good investment and that's your reason for buying it.

2007-07-23 06:57:38 · answer #3 · answered by hottotrot1_usa 7 · 0 0

Buying vacant lots is not a good investment, they cost money not make money. Invest in a rental house instead, no money down, owner finance.

2007-07-23 07:46:36 · answer #4 · answered by Anonymous · 0 0

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