Oct
5
I have bad credit, can I open a Roth IRA?
Filed Under Investing
Its me again asked:
I have learned my lesson. I’ve been trying to pay down my unsecured debt for a year with consecutive payments, and I want to open a Roth IRA and hopefully one day, I can use it to retire, buy my first home, or education. The problem is I still have bad credit (probably for next 7 years but with debt paid), and I want to know:
I have learned my lesson. I’ve been trying to pay down my unsecured debt for a year with consecutive payments, and I want to open a Roth IRA and hopefully one day, I can use it to retire, buy my first home, or education. The problem is I still have bad credit (probably for next 7 years but with debt paid), and I want to know:
are there ANY companies I can open up a Roth IRA account with my type of credit?
I have a T.Rowe Price 401K account from work and I contribute 6% and my company matches that. I looked at the forms/paperwork for the TRowe Price Roth IRA and in the fine print it indicated that they will pull my consumer reports.
CHARLIE
Comments
6 Responses to “I have bad credit, can I open a Roth IRA?”
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WYATT
You should beable to because all a IRA is, is a retirement account and that you put money into. It’s not like you are asking for a loan.
PIERRE
Yes if you have the money you can open one!
Your question is like saying, I have bad credit, may I use the bathroom!
The two are not connected, your savings have nothing to do with your credit report. The only remote way is your debt to asset ratio! But who cares if you have savings if you are not paying your bills!
To help your credit pay all bills on time or early and pay down or off all unsecured debt!
STEWART
Roth IRA’s ****!
Don’t bother…If you plan on adding to it yearly or consistently then maybe, but if you keep less than a few thousand dollars in there, the yearly maintenance fee for having it, is more than the interest it ecru’s in most cases.
Try US treasury bonds instead…
JOSH
You definitely can open one. You are putting money into something, not taking money out, so they will not care about your credit history.
MOHAMMAD
It shouldn’t be a problem, try it and see. And good for you for getting on a financially responsible plan.
If you can’t do it, put the money into a high interest bearing account - some have interest as high as 5.25 and hold it there until you can open a Roth IRA. You may also want to check Certificate of Deposit Rates if you think you may tap into the money and use it.
GOOD FOR YOU!!!!
CRUZ
Credit history does not matter when you are looking to invest your money. So almost any company will be happy to open a Roth IRA account for you. You just need to pick investments to fund the Roth IRA such as mutual funds and bonds.