Profile picture for shaggyduoo

I have no credit and want to buy a home. and need a loan what do I do?

  • February 17 2010 - Conway
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Answers (8)

The best thing to do is go on creditcards.com and apply for 3 credit cards for bad to no credit.  Once you have the cards activate them and wait about a month and apply for a mortgage.

Thanks,

Adam
  • June 19 2010
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Profile picture for bac1876
I have seen several postings about getting a secured credit card to establish credit.  This is good advice, one thing that needs to be added is ensuring your bank reports to all three credit reporting companies, some of them only report to one.
  • June 18 2010
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Start saving money!  The more you put down, the easier it will be to get a loan.  I would also go to a smaller/hometown/regional bank.  You are less like a number, and they will work harder to earn your business.  Open a checking or savings account there and ask to talk to a loan officer to get some loan info.  After you meet the loan officer, go in (not the drive through) every week to make a deposit.  Let them get used to seeing you in and out of the bank.

You also might want to search for homes that have owner financing.  They are usually less credit prejudiced against the homeowner because they want to make the sale.  Sometimes even if you have to pay a little more in interest, you save some in fees by avoiding the bank all together.

But start saving!!!!
  • June 18 2010
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Profile picture for Debbie Holmes
But there are definitely loan officers that can establish alternative credit.  This is for people without credit cards who pay their bills on time.
  • June 18 2010
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Profile picture for ScottOBrien
Contact your bank and request a secured credit card. You will have to

put up $500 at the bank. They will then give you a credit card with

a $500. limit. Use the card and be sure to make your payments on

time. This will establish a credit rating for you- a strong one at that.
  • June 17 2010
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Profile picture for ScottOBrien
Contact your bank and request a secured credit card. You will have to

put up $500 at the bank. They will then give you a credit card with

a $500. limit. Use the card and be sure to make your payments 

timely. This will establish a credit rating for you.
  • June 17 2010
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Profile picture for Debbie Holmes
Some loan officers use alternative credit.  This is where they build a credit score from bills you pay on a regular basis.  Rent, cell phone, utilities.  If you have stuff in collections you are probably stuck.  Several of my clients have gotten loans without having a credit score.  It is harder but it is possible.
  • June 17 2010
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Profile picture for bac1876
If you have no credit score there are programs out there for people who have no score.  USDA-RD offers a no score, no money down program.  I use Southwest Funding in Bella Vista 479-855-6770.
  • June 17 2010
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