This issue with my credit score dropping like a rock did not help my mood last week
Written by dewadmin on 03/14/2017
I know it was to be expected, and I know that worrying about my credit score is ultimately a “fool’s errand”, chasing after something we fundamentally don’t want and is only there for someone else’s profits. That being said, we did have and do have professional goals which in all likelihood will depend on having a decent credit score, at least in the near term (within 5 years).
I think Eldred had suggested last week that perhaps we do get one single credit card , and only have it for things like paying the utilities. Pay it off every month, yet have it to show that solid payment history and thus either boost and/or improve the credit score, at least long enough to get our next farm purchased. I sorta hated the idea, having worked so hard to get out of that habit of putting stuff on a credit card. But the idea does make sense, it does accomplish what we want, and it does NOT mean we’re going to go wild with spending in the future like we have in the past. I have also been trying to think of alternate funding options which did not involve the use of a credit score (which thus does not involve the acquisition of a bank loan to buy the next farm, whether it’s the one we have in mind, or any future piece of land). Frankly, aside from some unknown-but-rich relative kicking off and leaving us a gob of money, I can’t think of any way to buy a major piece of property like a working farm, without a bank loan.
I guess I’m asking for some ideas here. Would you all flog me if I got a credit card for that purpose? Can any of you think of an alternate way to buy a piece of real estate, where the $$ owed would be approx $400-650K, within five years, without having that entire amount already in savings?
I have even spent time mulling whether we should just give up on the idea of buying the bigger property, and somehow make a go of it here on our existing home property. But at six acres, we’re already outgrowing it, and our income is directly linked to our size of operation. We’d have to continue leasing land if we intended to stay here. That part bugs me too, because then we’re never really in control of a big chunk of our working business.