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| *Loan,banking and credit>>>mortgage loan |
Is it truw I won't be granted a loan or mortgage if I basically don't use a credit card? |
I'm such a responsible person and HATE having the debt of a credit card. Is there truly no way to go thru life and the necessary payments without using one. I cannot believe I wouldn't be able to buy a house or a car with a loan just because I have never been IN DEBT before. This is bs. Some finance companies (depending on where you live) will help you get something on your credit report if you have never been in debt. I use to be a mortgage loan officer and I have heard this being done. You'd be surprised as to what they can do in this situation. Call around and ask. Good Luck! yes it is true. you have to show the bank that you have the ability to pay bills on time AND how much you pay in order to get a mortgage. part of the requirements to get a mortgage is reviewing your credit history. it has to show how you pay your bills on time and credit cards come up very often. for some banks you need at least THREE LINES OF CREDIT AND ONE OF THE THREE HAS TO BE MORE THEN 2 YEARS OLD. work related daily issue. This is a common myth. You DO NOT need to ever own a credit card to improve your credit score (which will allow you to get the best rates on loans). Credit cards didn't even exist before the 1970s so before that people used other ways to get loans and improve credit. Without ever working on your credit score you can get a mortgage. However, you may end up paying a slightly higher interest rate than if you had built some credit. To build credit without a credit card may require someone willing to co-sign with you on a small loan or car loan (best if they have great credit). Make your payments on time over the course of the loan and you will increase your score. It is even better if you pay for the loan over longer periods of time (e.g. 3-5 years). Student loans can assist if you are paying for them. Hope this helps Banker/personal experience I think it depends on how much you owe and how much of a stink the collection agencies are making. Some realtors can offer you a special program to help pay off you debt as you make payments for your home. I think the more money you come to the table with when looking for a loan the easier it will be to attain one. They usually ask for more than the usually down payment for people with bad credit/debt and they make you purchase insurance which increase your mortgage payments. I know it sucks but that's the way it is. We have several credit cards and have never let the balance rollover to the next month. Get a couple of cards, use them when you would ordinarily use cash and pay them off at the end of each month. Keep track of how much you spend on the cards so that you don't overspend. |
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