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My ex needs to get a mortgage to have the house that we own together put into his name only and buy me out of my half of the house. Does anyone have any suggestions about where he should go? We have quite a bit of equity in the home (all of it mine but I think in divorce it becomes half his) so I am trying to help him find a loan, or at least game plan how to QUICKLY build credit so that he can find a loan. He has already applied for a secured credit card, and was told to try for a regular credit card in 6 months. Any other suggestions? He does not want to get a car loan but I told him that was probably one of the quicker ways to build credit, but he is resistant due to the higher interest and not really needing a "nice" car. Thoughts please :)

There is no quick way to build credit. I wouldn't suggest him to take out a car loan right now if he can't afford to pay the high interest rate.

Sub: #1 posted on Mon, 10/21/2013 - 08:49

ditchdebt ditchdebt

(Posts: 667 | Credits: 254.01)

You need to give time to build your credit. Well, it's not advisable to take out a auto loan because the interest will be high on it. if you’re not prepared to pay high interest on the loan, then avoid applying for a loan now.

Sub: #2 posted on Wed, 11/13/2013 - 19:58

Renee Brown Renee Brown

(Posts: 18 | Credits: 4.39)

Building credit takes time, there are not quick fixes for that. Has he has anything in his name at all....utilities, cell phone, etc....those can all count toward having credit. Personally I think the best thing for you guys to do is talk to someone that is in the mortgage field, someone you trust, and explain to them what you are trying to do and see what kind of advice they offer. Something I was told a long time ago is that you might can "borrow" money from your bank, like $200 to $300 and pay it back in installments, on time, and that will help build your credit. Don't spend the money, but put it in like a savings account and pay it back out of that account. That is a suggestion. Good luck with this and hope you find a way to work this out. Just be careful and watch out for scams.

Sub: #3 posted on Thu, 11/14/2013 - 06:02

2nband 2nband
(Posts: 2279 | Credits: 469.2)

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