Statistics show that the average young adult is now more likely to be hit with poor credit than any previous generation. As an upshot, youngsters now stay at home far later, often delaying that leap of faith until their late twenties or early thirties. But you don’t have to follow the crowd, even if your credit score is low.
If you do know that your credit history is poor, you should obviously make an effort to repair it. However, this process shouldn’t slam the brakes on your desires to fly the nest and start standing on your own feet. Here’s how you can overcome those obstacles to make it work for you.
#1. Find A Guarantor
The main challenge of flying the nest is finding a home to rent. Whether you’re going it alone or moving in with a friend or partner, a poor credit history can work against you. However, asking your parents to become your guarantor can open up your possibilities. As such, finding a new home becomes easier.
This is a big thing to ask so you must be sure that you are stable enough not to land your parents into trouble. In some ways, it’s not quite gaining the level of independence that you’d want. Under the circumstances, though, it is probably the best solution.
#2. Decorate On The Cheap
You need the new home to be comfortable. However, it’s important to realise that this isn’t your property. As such, investing heavily in interior design pieces would be a major waste. Moreover, it could slow your progress as you look to save for a future mortgage or enjoy life to the max.
This is a period in your life where you’ll learn to become far more mature. A frugal approach to home style will certainly make a huge impact. Apart from anything else, those creative tips will serve you well throughout the rest of your life. Finally, avoid taking credit, and you’ll be able to use it elsewhere.
#3. Keep Services To A Minimum
When you move into your first rental property, you’ll be stunned by the amount of money that goes to things like electricity, water, and council tax. Consequently, you’ll need to find a more frugal approach to the luxury services.
Lose the idea of an expensive TV, internet, and phone package. Opt for affordable internet and streaming services instead. Use a Zaggor SIM deal for a cheaper mobile phone deal, and you’ll be able to lose the landline too. Seriously, the savings gained in these areas can make a world of difference in other areas.
#4. Know About Lending Options
As an independent person, you’ll soon learn that patience is vital. Sometimes, it’s better to wait and buy things one at a time. However, there are still times when you’ll need to borrow money. Using assets as collateral is an option for those with poor credit, so visit Mobile Money to learn more. If it can stop you from using payday loans, it’s well worthwhile.
Of course, you may also be able to borrow money from friends and relatives. In this situation, you must be sure to have the repayment plan set out on paper. Otherwise, arguments could surface. Frankly, that’s the last thing you need.