What can I do? I have no credit (no cell phone bill, no anything) but would like to buy this house...?

Answers:2   |   LastUpdateAt:2012-10-15 01:01:03  

Asked at 2012-09-13 16:54:09
Unfortunately or fortunately , I have lived a very " sheltered " life and no credit . Even my cell phone is "added" to plan my mother for many many years and I just give him the money in recent years . I have no credit card , no . I have no credit , no, seriously . But I have this ... (Not sure if this will help at all ) my car is in my name parents , but on page account of the line of the vehicle , see my account number back and such, because the last like 2 years or so I paid the $ 400 a month on it . It is linked to my account again and shows that the number of bank account in that country . It also has payment history that has a column showing the payment amount , due date , payment date , and that account was taken of that amount . Now , again , is in his name , but under that displays information from my bank and everything attached to the account for a couple of years . Does that help at all ? Anyway, Wachovia me , my dad banks with a smaller, local company that has just been bought or may have gotten my " hook " with your loan officer friend who is a friend of his people , and as 30 years ago and knows right from my father to his stuff on the loans taken out and pay there. So where do you start , who I can talk , what should I ask , what chance I have , I know nothing about any of this . (please be nice ) It is a fairly cheap , around 70,000 good condition , and have been on the market forever . I have been employed at the same company for 4 years and have proof of that , make a decent amount ( I 'm very lucky there ) has no debt or anything like that , never have . I've heard the term used by the FHA as to what they should be asking , but is that true ? PLEASE HELP !
Answer1CamilleAnswered at 2012-10-07 22:25:24
No matter who is actually paying the car loan if the loan itself is not in your name , then it is your credit history . MedlinePlus MedlinePlus Do not tell your age . Frankly , if you really have zero credit history , are unlikely to get a mortgage . You need to start building a credit history of your account and your finances separate from Dad. MedlinePlus MedlinePlus FHA loans help lower payment amounts , but you still need good credit to get one . Read " Home Buying For Dummies " - is an excellent introduction to the subject and everyone needs to educate themselves before trying to buy .
Answer2h hAnswered at 2012-10-15 00:59:58
You may have a chance. I know my lender told me that if there was something on my credit report that was in my name , but someone else was paying , if I always equal to one year of checks to show that someone else paid, I would not count on on my debt - to-income ratio . Therefore, I hope that if you can provide copies of checks ( ACH or drafts) showing that you have paid car payments for at least one year in time , you can work with . MedlinePlus MedlinePlus FHA loan is probably the best way to go for you . An FHA loan is insured by the government for what is considered best for "riskier " candidates ( like you, because you have no credit) . They also require only 3.5% down payment, since you have so you may be able to qualify for it. MedlinePlus MedlinePlus I really do not know what your chances are of getting the loan . But you have to go to a lender and talk to them . It will let you know whether or not they can help , and if you can , what information will be given . They will probably advise you to get a credit card , however , and charge and pay down in order to build your credit . Not a bad thing . They only charge small amounts , like $ 50 a month , and make sure you pay it on time (which does not even have to pay in full, just make sure you pay at least the minimum due date ) , and your credit score will begin to rise.
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