Credit Cards Center Credit cards from our partners
Reply
Highlighted
New Visitor
Posts: 1
Registered: ‎03-14-2014
0

Credit Tradelines, Alternative Credit Question USDA

[ Edited ]

Hello my wife and I recently applied for a home mortgage with a USDA lender.  We are in the process of underwriting right now.  I only have a revolving credit card for a tradeline.  I have a student loan but that is in deferement, and all our utilities are in my wifes name. 

 

Question is can the student loan in deferment be considered a tradeline, it was never late before i put it in deferment last year around May.

 

Also we pay our sewer but it is through our landlord.  Can I get a landlord statement for rental history as an alternative credit, and another statement for the water/sewer.

 

Has anyone ever been in this situation, know if these will qualify,  and is there anyone out there that would approve this. BTW my middle score is 655, and I make 50,000 a year.  So I am good as far as those are concerned, just concerned about tradelines.  Thanks for any help.

New Member
Posts: 2
Registered: ‎03-15-2014
0

Re: Credit Tradelines, Alternative Credit Question USDA

Anybody

New Member
Posts: 2
Registered: ‎03-15-2014
0

Re: Credit Tradelines, Alternative Credit Question USDA

So apparently noone has ever dealt with or seen this situation.......

Contributor
Posts: 193
Registered: ‎03-06-2012
0

Re: Credit Tradelines, Alternative Credit Question USDA

I got my home loan through a USDA lender. While I did have enough trade lines I wasnt sure if I did at the time so my loan officer went over everything with me prior to pulling my credit, just in case it was needed.  I do recall my LO telling me that if I didn't, they could use alternative lines of credit. Rent is one example.  He  explained  that I would need 24 months of cancelled checks. They wont accept a statement because he said those were to easily concocted by crafty people. He explained various avenuse of alternative credit. Even a cell phone can count as long as you've had it for twenty four months and can show cancelled checks or bank debits for it...but he insisted on rent it had to be cancelled checks. Utilities will work as well.

 

Good luck. I hope this is helpful. Your loan officer or broker should be able to explain these things to you before pulling your credit so you will know what to expect.








Closed on home Jan 30, 2013. Yay!

Capital One (secured) $1000.00 | Capital One (former Orchard Bank) $500.00 | First Premier $500.00 | Credit One Bank $750.00 | Wal-Mart $3550.00 | Citi Thank You Preferred $6,800.00 | Discover It $4,800.00 | AMEX BCE $4,500.00

Forums posts are not provided or commissioned by FICO. Forums posts have not been reviewed, approved or otherwise endorsed by FICO. It is not FICO's responsibility to ensure all posts and/or questions are answered.

Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.
† Credit cards for FICO Score ranges: The score ranges are guidelines based on internal myFICO analysis of actual applicant approvals, and having a FICO Score in a particular range does not guarantee you will be approved for credit cards recommended in that range. These ranges were not provided by any card issuer.

Copyright ©2001-2015 Fair Isaac Corporation. All rights reserved.   | Terms of Use | Privacy Policy | Sitemap

IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more

FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.