Engagement Ring Solid
Building credit. Is this a solid plan?
My boyfriend and I are planning on getting married after college in 2 years. Our main holdback is that neither of us have credit, and it would be impossible to buy a place to live. So he devised a plan, and I'm not sure about it...so I'd like some input.
He says to get some credit he'll need to buy something and pay it off, so he says that the most valuable thing he could buy would be my engagement ring. He'd pay it off in about a year, he thinks, and then he would be able to finance a used car at a dealership. After financing a car, and paying on it until the end of college, he should have good enough credit to finance a home. He doesn't plan on missing any payments. His parents won't sign with him on a car or anything...which is sad, but it's our situation.
Will this plan work? If not, is there anything we can do to alter the plan to make it work? Thanks!
Haha we have no intention of getting credit together. 
His plan would help him, but what about your credit? If you plan on buying a house together and you are placing both your names on the "mortgage" then you will need to build credit also.
Also they look at 2 types of credit the most, large items (autos, boats, expensive things) and also open ended credit accounts (credit cards).
You would each need to open a credit card account and never use more then 30% of the credit line and never be late. After a few years of a good history your credit will improve.
Check out the web site from FICO that I have included in the source area, you can learn more on how to build your credit.
Hope this helps.
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