- July 6, 2008 at 6:55 am #259539
It is a myth that you need a credit history to buy a house. Don’t let the uninformed scare you from dropping the credit cards with this falsehood.
I have no credit history and we live in a beautiful house that will soon be paid off.
All you need is an intelligent mortgage broker that uses manual underwriting.
an actual person who looks at you as a person and judges your worthiness on how you truly handle the money you make each month – does she pay her utilites on time, has she paid rent or old mortgages on time or early? Have they held a stable job for two or more years.
Do they have a savings account and are they applying for a mortgage they can actually afford without funky financing? Etc.
You do not want to use a mortgage broker who only looks at your FICO score – that means the only thing they use to judge credit worthiness is your credit report.
And how do you get a credit report? By taking on debt – the more debt the better the score (assuming you pay on time)! Bah!
“If you put garbage in a computer, nothing comes out but garbage. But this garbage, having passed through a very expensive machine, is somehow ennobled and none dare criticize it.” – Anonymous
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