Hello, all. I have 2 jobs, one paying 1500 a month net and the other one is paying 1200 a month net. I also have income from an apartment my mother rents out of 1000 (but I can't prove that it's actually my income). There is no property in my name, only a checking account joint with my mother with me as primary. I do have Providian Platinum card with a little over 10K credit limit on it and a BankOne Platinum with a little over 7K. I haven't used them in year though. But I've never been late on a payment, and always paid the amounts in full (there are no balances on them). In 2000 I finished paying off an autoloan from Toyota. It was in excellent standing the entire time. I can't really tell what my FICO score is because I don't have the reports in front of me. Now the thing which I am considering but don't even know if it will be possible: 1. apply for several (10 or more) credit cards with high credit limits. 2. get several unsecured personal loans of roughly 20K each. I want to get married but don't have the cash. It will be happening abroad and I would like to buy a house there where my fiance will live while she finishes school. I have no credit history in that country and there is no way in hell they'll give me a mortgage. So I am thinking with my good (right?)credit getting several unsecured personal loans in the combined amount of about 200K and buy a house with that money, paying them off in US. While the credit cards will be used to finance the wedding, the honeymoon and what have you. I estimate the wedding to be roughly 70K. My boss told me he will make me team leader in fall and give a raise because I closed a good contract. My income will be even better so I am not worried I can handle the payments. In fact, the coming promotion is what motivated me to even consider this plan. I am confident I can handle the financial stress this will put me in. I mean I would avoid it if I could, but who's going to give me credit in a foreign country where I've been for 2 weeks??? Is this possible to do what I am describing? Are they going to refuse me credit cards or loans because I am applying for several of them at once? Is there a better way to get unsecured 270K on a good credit? Please, advise. Thank you for your attention.
Go to Credit Suesse here in US and apply for credit. Then when you go abroad you will already have a relationship with them and they will have your US credit history to back it up with. Substitute any international bank that operates locally in the country your going to be doing this in. Furthermore, You need to be careful. In some foreign countries Americans cannot own property. Therefore while they say they will SELL you a property they may only lease it to you for 99 years. Do not be confused the lease is not transferrable. You need a specialist in foreign real esatate laws for your applicable country. Several US banks are international as well and you may look into them. Do not take on US debt for foreign property if the property can only be in your wifes name and not in yours if foreigners cannot own property in that country.
You may not want to hear this, but I think you are digging yourself into a hole. If you were a lender, would you want to lend $270K to you, unsecured? On what terms?
to be honest i think it is a bad idea to incur so much unsecured. do you know of any lenders abroad? go to them with what you want to do - they might accept a copy of your U.S. credit report.
Thank you all for your replies. The country I am talking about doesn't allow Americans to own property but it will be written in my wife's name. By its laws anything in wife's name is owned by the husband. Basically, women can't own property. Also this country wouldn't deal with credit from an American bank. Diplomatic relations between them and us are not good. Well, I don't know how lenders think but my credit history has been spotless for 10 years. I paid off a car loan with 10% interest on it. Been offered pre-approved AMEX Gold. Never missed a payment, never overdrew on the line, never done anything bad with my credit. If these things are not good enough for the lenders, then can you please advise me what must be done in order to accomplish this task? All of this must be done for me to marry this girl. I honestly don't want to lose her. At least tell me it's impossible. I am really hoping for an advice. Thanks.
Do a search for a post entitled "250K in credit lines." That will give you a strategy for raising that much credit in a short period of time, assuming your FICO score is high. From the very basic information you provided, your score is sure to be above 720+ and the plan you'll read about should work well. The only limiting factor I see is income...
Since we're all just anonymous nicknames on a bulletin board, I'm going to risk sharing some gut-feeling reflections regarding your situation: 1) $270k in unsecured debt for someone who works two jobs and still nets less than $50k a year is financially irresponsible. The fact that you're banking on the promise of more money and responsibility tomorrow isn't enough to make the difference. 2) Surely your relationship with this young woman is strong enough to withstand your not being able to buy a house with cash right off the bat. If not, maybe you need to think twice or thrice about what you're doing in that realm of your life as well. 3) One size doesn't fit all, so I fully well understand that I could be dead wrong about you and your situation. However, since I don't know you personally, the advice I'm offering ($270k max'ed out revolving credit with a moderate income probably isn't advisable; and relationships headed for marriage should be able to withstand today's fiscal reality) would probably be helpful to most people in your situation. Keep us all posted, though! I'm interested in knowing what happens next for you! Doc
