Buying from myself with a credit card
Hello is it possible to sell something online and use a credit card to buy that item for myself and then use that cash to transfer into my bank to buy a house? Because i have 20k credit limit and would like to turn it all into cash Because i cannot qualify for any bank loans and hard money loan is my last option..thanks
Most Popular Reply
Don't do that it sounds like a horrible financial move. Work on your personal finance. Setup a monthly budget for yourself and save as much as you can. Keep on saving and continue educating yourself further.
Maxing out your credit cards won't help you secure a mortgage. It will help put you in worse financial shape. Also let's say you found a house for 20k and maxed out your cards. Credit cards are one of the most expensive ways to borrow money interest wise. What happens when you need 20k-40k additional to rehab the place??
Why can't you qualify for a loan at a bank? Have you tried for a FHA type mortgage?