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I may be entering a relationship with someone who has a lot of cash, no credit. I have bad to poor credit. Overtime I may either attempt to repair my credit, or declare bankruptcy.The other person may attempt to establish credit. How much of a difficult time will we have? It would not be a problem for us to lease and pay for one year up front. I am hoping that would allow us to at least rent. So, my question is about getting utilities. Can I get them for cash up front for a specified term, while we straighten out our credit or lack of credit?
the same goes for maybe buying a foreclosed property. any reasonable responses out there? In effect, then, does this relationship allow us to rent or buy a foreclosed property? To re-state, cash, we would have plenty of it, in the xxx,xxx range. Maybe the problem would be just finding a realtor that could work with us, and along with that, a landlord and/or bank? Getting utilities worries me.
I may have the cash to eventually repair most if not all of my bad credit. the other person has been overseas and has probably no credit in the USA. sounds like I just need to make some real attempts to fix my credit, and utilities will not be a problem before that takes effect. thanks for the 2 answers. just need to find a landlord so we can rent and pay for the whole lease in advance, which we could do. I am sure a landlord would like to have a lump sum anyway and that would make us an attractive tenant to have.
No, I was not going to rent a foreclosed property. Maybe rent while repairing my credit, then trying for a foreclosed property. But what I was trying to say, with all cash, I could do ether? Since I pay for the entire amount to get a foreclosed property, my credit would not be an issue? that was the question or point I was attempting to raise. thank you.

2 Thoughts on renting, maybe trying for a foreclosed property?
  1. Reply
    August 30, 2011 at 1:33 am

    buying a home and paying cash will improve your credit because you will show assests that are paid for. Utilities will generally give you a security deposit to pay, they almost never refuse service. My advice would be to buy a home that you can pay cash for. Then keep paying your bills on time.

  2. Reply
    August 30, 2011 at 1:35 am

    Lenders/loss mitigation departments/asset management companies are not in the property management business, they do not rent out their foreclosure properties.

    Your bad credit will be the anchor in this whole process. Getting credit established is easy, if your partner has any monthly bills, cell phone for instance, they are establishing credit. If you declare bankruptcy, you are not getting on a mortgage for at least 2 years.

    If you have some cash to put down upfront, you can get utilities.

    I’d suggest you get off the fence regarding what you are going to do about your credit. Either start the BK or start working on fixing it.

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