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Okay, so I have read in multiple places, I cannot be denied because I do not have a credit history. I have one credit card and an auto loan that hasnt started reported to the bureaus. I most likely wont get a score till July. Because I heard it takes 6 months to generate a score. I got my CC in early January. My wife has a score, just has collections, and a CC. A collections account just went in that she never got when we moved. I have a Vantage Score, which I know that doesn't mean much. I have read that HUD Prohibits FHA Lenders denying someone of approval just because they don't have a history, and QuickenLoans wouldn't even go near me without a score. Nor, would they go near me if I was just the Co-Applicant and it was in my wife's name, Which is rediculous because she infact does have score. Is there anywhere that would help me? Am I really going to have to wait till July to even get anywhere? Does it take 6 months to generate a score? I paid cash my whole life for everything. I was raised that credit cards were bad, and I did infact get my first car in cash. Me and my wife need to move and we cant afford to be throwing money away renting another place when rent is good 1/2 of my paycheck.
@amclaughlin42 wrote:Okay, so I have read in multiple places, I cannot be denied because I do not have a credit history.
Unfortunately, my husband was turned down for an FHA back in 2012 due to no credit history. Good luck to you!
mclaughlin42 is confused and said-
"Am I really going to have to wait till July to even get anywhere?"
Probably.
I have to pay rent, all home repairs needed and utilities. Its not much different than owning a home. Will no one accept non traditional credit. We will are paying my wifes collections off as well. And trying to improve her score. I had a credit card reporting since mid January. So it will be atleast June/July before any scores. Is it really that unlikely for 'enders to accept non traditional forms of credit?
Also to add, by the time July hits I will have a year of Non Traditional credit with my water and gas bill.
I know having to wait is torture because we've been working to build credit & pay off debts since that denial in 2012. This is finally our year. Sometimes, trying to rush in only leaves you frustrated. You may want to visit the Rebuilding Credit forum for ideas on how to quickly get yourself in a position to be approved.
waiting 6 months for a score to generate isn't an issue. Its lenders not wanting to accept Non Traditional forms of credit. Its waiting a year from now to even to begin the process. My wife has moved several times in the past 6 years. Me and her in the past year have moved twice. Our house isn't on the best condition. It was offered as an option when we needed it. We are in need of a new permanent home. My wife is pregnant and we are sick of multiple moves. If her credit was repaired, would they accept her application, with non traditional forms of credit. But with me as a co-applicant for financial matters. Her only incomemis child support
@amclaughlin42 wrote:waiting 6 months for a score to generate isn't an issue. Its lenders not wanting to accept Non Traditional forms of credit. Its waiting a year from now to even to begin the process.
And like I said, been there! We had a landlord that was a nightmare & charging us too much rent for a house with black mold giving me migraines as I finished my degree. We had non-traditional forms of credit with all the bills we had been paying on time, but we couldn't swing it with a small down-payment. If someone were to have a bunch of money to put down, I'm sure the non-traditional forms of credit would be considered more seriously.
Call HUD and tell them what you read and ask them if it's true. It used to be that if you can fog a mirror, there were several sources of mortgage for you. That was then and this is now. Stop wasting your time seeking short cuts. Lenders want to see scores and track record of you paying your bills...on credit granted to you.