I'm 19, I don't have a credit rating, since I've never had a credit card. Ok, so I check my credit rating, and it gives me errors, so I assume I don't have a credit rating. Ok, so here is the question. If I were to move into an apartment, would this effect me any way. I know my parents wouldn't be willing to co-sign or anything *if there is such a thing...* I'm actually not understanding how it works period. My sister says that they doubt I'd be able to get an apartment considering the fact I have NO credit, and I don't have a "real job". So, I'm just curious how this goes. If anyone has moved into an apartment being a trader, is it much more hard if you don't have a job where you work for someone and earn a steady income? I mean, if I wanted to lease an apartment for 12 months, and wanted to pay for the whole 12 months in advance, would I be able to do this, or would I still have the possibility of being rejected? I ask this because I don't know anyone else to ask, and I figure some traders that have been doing this since they were straight out of high school might know what this is. OR... do I need to get a credit card, and build credit.... I just don't know how this all works. I don't know if I'm legally considered "self employed", or whatnot. I just don't know how this work. Anyone have any resources they could point me to or advice on how this would work. I'm trying to figure out how hard this is going to be considering I have never had a job before, and I trade for my own income and can currently make enough to support me for a 1 bedroom apartment (which is what I'd get anyways), and the cost is around 600 - 800 per month around here for a 1 bedroom apartment. So, just curious if anyone has advice for a fellow trader on how this works for me, or any advice. Also, how do you build credit, without a credit card, because if possible, I'd like to NEVER have a credit card, or am I going to have to get one sooner or later anyways? I'm getting to the point in my life where I'm ready to be really independent and can afford to do so as my trading will be able to finance it. I just don't understand yet my being "self employed" will have an effect on my future.
Rent a place, in an apartment. I'm 19, c'mon, you can call me an idiot all you want, I'm looking for help. I unfortunately lost my father when i was younger and can't ask him these questions, and he would have known, since he was a tax return specialist... but I sadly do not have him to ask these questions, and my mother... well, would rather not go there. So have to ask someone about this stuff. Any books or resources on becoming independent and such? I've been planning for a long time for moving out, but just have to ask questions before I up and move. So if I want to pay for a 12 month lease in advance, since I have no credit, they would reject me?
Why is that each and every thread here on ET turns to shit in 5 min? The guy asks a question and what does he get...!? By the way, JM I have no idea.
Go to your bank, borrow $1,000 from them, invest the funds with them in a GIC that secures the loan. Zero risk for the bank (you can't touch the GIC until the loan is paid off), and it's a way to get your credit history started.
Do you have any other resources about this, as it sounds like a good idea. Appreciate the advice. ... but, would I be able to get a loan with no credit?
Another way to establish credit, although it won't be fast enough for rental, is to be a secondary on someone else's card, like your mom or relative. Offer to put up a large cash deposit and give them references they can call on. Show them your trading statement, hopefully it is positive.
Another way to establish credit, although it won't be fast enough for rental, is to be a secondary on someone else's card, like your mom or relative. That won't happen. Offer to put up a large cash deposit and give them references they can call on. Show them your trading statement, hopefully it is positive. I think you got a point, I could show them my 1099 from my prop firm, you think that would suffice? I'm not aiming to make several thousands though, I'm still taking it slow, but I know I can afford a 12 month lease, and have enough money saved to survive for a year, and work on my trading every day. ================ And if I did get to move into an apartment, would my living in the apartment and completing the lease, would that add to my credit rating? My sister and her husband have HORRIBLE credit because my sister has no job, and her husband runs an electrical business. But, they do have credit, but it isn't all that amazing. But it is like that because they missed a lot of payments on stuff a long time ago, they are having a tough time because they are moving to a new place by the end of next month as well. Which is the only reason I'm interested in all this because I see what they are having to go through. I guess I could ask them, but figured i'd ask on ET first since there are a lot of traders on here and a lot of that I'd assume own their own business. I'm just planning for the start of next year. Just want to get advice on this now before I continue further. I'm not going to have help from my family though, my family does not approve of my trading, but it's understandable since they work hard and used to working in steel mills and hard workers. I'm kinda going against what they believe in, so it is tough for me, and a shock I'm still trading really. Anyways, any more advice is appreciated. Maybe I could go work for my sister's husband .... or maybe just have him pay me, and.... pay him back? I don't think that is legal though, not really sure.