Would my tax returns count towards credit? Do banks give mortgages to traders, and what are they generally looking for in a trader? thanks And Odz, as I have recieved a lot of guidance from you I care about you as an acquantance and therefore strongly advise you against using credit to trade. If you're in a bad position just pull out of the market, take your losses now no matter how great, and take an indefinate amount of time to think about things. Allow enough time to disconnect yourself emotionally to enable a state of pure objectivity.
You can qualify for a "no-doc" mortgage based on credit and net worth. You do not have to show income verification. However, if you want or need to show income, they will usually want to see at least two years of results as self-employed person, no matter what your occupation. If your credit is not great, or your net worth is not high, and/or you can't show two years of solid income, you are likely to have a problem.
lindq, and can one establish credit as a trader, such as a VISA or Mastercard? Same as any self employed person I suppose. I need a credit card.
From what I hear, these days if you are breathing, you can probably get a credit card. Doesn't take much. You can start out with a minumum balance card, then build from there. Just call the major credit card companies. I have found over the years that having perfect credit is the MOST important thing that any mortgage company or lender looks at. I recently took a very large mortgage based only on credit. So it is very important that once you get going you NEVER miss a payment on time, and build up your credit gradually so you can show a responsible history. It will help you greatly in the future.
So firstly I need to make another huge gain trading stocks. Then pay my debt, and then pay my taxes by April 15. I hope to get out of the stock markets and into real estate by 2006. I'll probably continue to swing trade, but real estate is needed.
when i was in college about six years ago, i was able to fund my trading account with 25k with cash advances from credit cards. i was still going to school and working a graveyard shift for about $13 an hour at the time. credit was easy, maybe still is. my story is pretty typical i think, i ran the account up to about 50k in two months. told myself to pay off what i borrowed, and use the rest as free money for trading, but i never did. ran that account down to 15k within two weeks and didnt trade again for a few years.
all the major companies. I'm a student and my debt is other than from shool loans. your story is similar to mine, we're probably lucky to have such experiences at young eages when a lifes work isn't on the line. At age 19 (year 1997) I started trading with about 4000. I doubled my money in about two months then bought 80,000 worht of SGI, I was freeriding. SGI went down ten percent; in three days I lost everything plus $700. I started trading again last July; I'm learning a lot and up 98%.
All you have to do is prove beyond a doubt that you have an 80% chance of making 18% a year. The money will beat a path to your door.