Question by lawrence: Should I buy a house? Or use my loan for apartment living in college?
I live in a small, nice, convenient apartment but need a $ 7,500 loan to pay semester rent. No utilities.
I don’t want a job cause I am graduating in May, but have no debt, no prior student loans.
Now, with the $ 7,500 loan, should I pay for the rent, should I buy or rent (with option to buy) a house, or last, should I make some kind of other investment with the money that will generate more money.
I really need some advice on the situation because I would like to take on an entrenprenural endeavor but I also want to see the money work for me since it is my first and only loan or debt?.!?!?!?!
Best answer:
Answer by Bob D
You will have a very difficult time getting a mortgage because you do not have any income. And if this is your first loan or line of credit, your credit score will be low so you really wont get a loan. Put it into a set of certificate of deposits. Esp with a 6 month type duration and spread the money over sx months. That way you will have a reserve that comes due each month. You might want to try to get a credit card (secured if need be) so you can start est credit lines and score
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