I am 22 with zero credit score and wanting to buy my first house in a year
Hi I am 22 and still live at home with my parents in the Portland, Oregon area. I want to get into real estate investing and am saving for the down payment for my first house in a year from now. Possibly a house hack with multi family or single family. Not sure yet. I don't believe I have any credit score. I tried looking up my score and couldnt find any score. I have never had a credit card or any payments that would give me a score (like rent or car payments). I'm trying to figure out how to either get a loan without a credit score or the best way to build credit within a year. I don't know much about how credit scores work. I have a good paying job as an electrician apprentice and have tax returns and paystubs to show proof for the last couple of years. And I have tax returns and paystubs for a construction job for two more years before I was an electrician apprentice. So I have four years total of records. Any help or advice would be great!
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@Paden Aldinger- You'll likely need a credit score to get any reasonable rate on a mortgage. Start with the lowest level of credit / borrowing and work up from there. There are banks that will give you a credit card without a credit score, just do a google search. Also the stores you shop at that offer credit cards generally have lower standards. You could also apply for a secured credit card, which is just like a normal credit card but you pay a deposit up front. If your parents have good credit, ask if they'll let you be an authorized user on their credit card and you'll essentially inherit their credit score, but you also have the risk of your score dropping if they don't make payments.
I'm not saying you need to do all these things, you really need just one credit line to establish a credit score. After that credit is established, a different kind of borrowing, like an auto loan, may help your credit.
Good luck!