What steps to take now to get access to approx $40k cash in 2020?

[Anonymous]

I've tried searching for the information here and elsewhere but haven't found the info I'm looking for so I was hoping you guys could point me in the right direction or help me form a plan.  

I've been living in South America for many years now but I work online and bank in the US mostly. Although cost of living is low, by early next year I would like to invest in something a bit big to provide a bit more security for me and my family, most likely it would be real estate, but maybe something else im not sure yet.  I had thought about getting a mortgage here locally, but interest rates are around 30% with lots of random fees and other nasty things that actually makes it look like it would be better to get the money through either a couple balance transfer checks and/or unsecured lines of credit and/or personal loans from the US.  

So my question is what should i be doing now to set myself up for the future so that I can have access to maybe about $40k in cash without asking for several loans or bank accounts all at once and raising flags.   Also, I plan on paying at least about $2k a month towards this debt to be able to pay it down as fast as possible (and saving before it).  By that time I should be earning around $60k a year, and have 0 debt.  

Currently I have the following credit cards with their limits: Chase/11k, Amex blue pref/1.5k, Cap1 Savor/2k. And the Chase card is like 12 years old.  Credit score around 750 now but should be about 780+ once i get my util to single digit % again in about 2 months.  And I bank with BECU and own no assets in the US.  

Thanks for any help you can provide  

[Anonymous]

Look up Langley Federal Credit Union. Personal lines of credit up to 40k. Kind of a process to get in, but could be what you’re looking for. Rates start at approx. 10%+. 

[Anonymous]

Best answer: Since you will be making $60k with no debt and low cost of living, you could conceivably save $40k in a relatively short time. Perhaps a year or two. Since you say your purpose is to "provide a bit more security for me and my family," this would be by far the safest way. In fact, borrowing money to invest would make you less secure, not more secure.

Sketchy answer: (1) Pay your balances down. (2) Apply for credit limit increases (you have 14.5k now). (3) ALWAYS pay on time. (4) Keep your balances low. If everything is as you say -- 780+ FICO by this time next year, established $60k income, no debt and low obligations -- you should have no problem securing the extra 25k (or less) in available revolving credit you'd need or possibly even a personal loan.

I assume you're a US Citizen living abroad, and that is why you've been able to secure the credit you have from US banks.

[Anonymous]

Sorry for the late reply, I've been traveling and haven't been able to get back here as fast as I wanted.    Thank you for your answer though!  I checked it out a little bit and understand what you mean about being a process to get into, but might be worth it.  I'll check it out more.  Thanks

[Anonymous]

Sorry for the late reply, I've been traveling and don't get back here as fast as I thought I could.    But I really like both your answers.  Maybe just being more patient could pay off more than I had thought, I will for sure consider that much more. 

And good points with growing the revolving credit.    But would it be better to grow and use revolving credit from credit cards instead of lines of credit or personal loans?  

[tacpoly]

You should be saving $3,334 per month so you’ll have ~$40K at the beginning of 2020. Would any US financial institution really risk lending you $40K collateral-free as you traipse off to South America (perhaps never to come back)?