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Me and my fiance want to buy our first home but the problem is neither of us have any credit at all ppl keep sayin to get a credit card but we cant due to no credit n e suggestions plz help

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MiasMommy6908

Asked by MiasMommy6908 at 8:54 PM on Feb. 8, 2010 in Home & Garden

Level 2 (6 Credits)
Answers (4)
  • talk to a morgage counselor, that's what my husband is and his brother had the same problem, her nor his wife had no credit cards, but my husband had no problem helping them. My husband did tell them that the do need to start establishing credit by opening credit card accounts, which they did.
    staceynoel

    Answer by staceynoel at 8:57 PM on Feb. 8, 2010

  • secured credit card. the one where you send them like $100 and they put that on a card that you use like a credit card until you can get a regular credit card and build up credit. just make sure you research which ones are good with the better business bureau. my dh and i did that.
    Anonymous

    Answer by Anonymous at 8:57 PM on Feb. 8, 2010

  • Did you even apply for a home loan yet? Unless you have repo's or unpaid utilities on your credit report you should be able to get a home loan. Credit card companies and mortgage companies look at two completely different things on your credit report when deciding whether or not to extend credit to you. Granted, if you don't have any credit at all, your interest rate on your mortgage will probably be higher than some one with credit. You can always pay on your first mortgage for a while, then see if you can refinance at a cheaper rate once you have established credit with the bank.
    mhaney03

    Answer by mhaney03 at 8:59 PM on Feb. 8, 2010

  • oh and also if you dont want to go that route, our real estate agent said that you can also use rent receipts showing that you paid on time.
    Anonymous

    Answer by Anonymous at 8:59 PM on Feb. 8, 2010

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