Mortgage Denial, Give up?

[Anonymous]

I just left the bank where I was denied a mortgage loan and am unsure of what to do next.  My credit scores were good enough, 628, 684, 704.  My debt is good as I owe $40 on credit cards and just have my truck payment and my income is fine.  The only thing that caused me to get denied was that I do not have 3 TL's that are over 12 months old.  I have one credit card with 50 months, one credit card at 6 months and my truck payment at 6 months.  Is there another way for me to go about trying to get a mortgage or am I stuck just waiting the 6 months then trying again?  I am not against waiting the six months except for the fact that we have been looking at house for a long time and have came upon a house that is just perfect for me and my family.  Now that I have already taken the hard pull at my bank, it can't hurt to try other places but is it worth trying?

[Lel]

---

@Anonymous wrote:

I just left the bank where I was denied a mortgage loan and am unsure of what to do next.  My credit scores were good enough, 628, 684, 704.  My debt is good as I owe $40 on credit cards and just have my truck payment and my income is fine.  The only thing that caused me to get denied was that I do not have 3 TL's that are over 12 months old.  I have one credit card with 50 months, one credit card at 6 months and my truck payment at 6 months.  Is there another way for me to go about trying to get a mortgage or am I stuck just waiting the 6 months then trying again?  I am not against waiting the six months except for the fact that we have been looking at house for a long time and have came upon a house that is just perfect for me and my family.  Now that I have already taken the hard pull at my bank, it can't hurt to try other places but is it worth trying?

---

You could try a credit union, which might have more flexible lending standards.  You could also get a recommendation for a loan officer that works with multiple lenders, not just a single bank.  He/she would be able to shop your loan application around to find a lender that will accept your short credit history.  Yes, this can result in multiple additional hard inquiries, but as you're aware this won't have a negative effect on your score.

[RW771]

I'm not sure (so please don't quote me on this) but I've heard of others being added to friends or family members accounts as an AU, in order to inherit the history in order to help? I know it has helped some with their scores, and I assume it would also consider the length of the account? Now I've heard where some lenders won't consider AU accts, but some that do. Just a suggestion? Maybe someone else can chime in and let you know if I am correct or way off.

[JWatson0405]

As long as the company reporting the tradeline reports their AU accounts, that would be a way to get some older TLs potentially.  Like the PP said, some lenders won't consider AU accounts, but I would imagine you'd be able to find one that did. 

[Anonymous]

Find a lender that would consider alternate things for credit history, ie cable company, utilites, etc.  Just would have to have 12 months or more of good payment history with them and they would have to give letter confirming your good status.

[incognitony]

Try other lenders for sure as there really  seems to be no set rules when it comes to their credit requirements.

[DallasLoanGuy]

Some lenders still offer alternate trade lines on a case by case basis.

[Anonymous]

I asked the LO about being added as an AU on someone else's account and she said that used to work but now they overlook TL's is you are just listed as an AU. She did tell us that she was not giving up, that she would see if she could find an under writer to do an exception for us but from her body language I got the feeling that she was either not very optimistic or that she had no intentions of putting much effort into trying.  Either way, I will not give up yet, can't hurt to try I guess. At least I can call around and explain my exact situation since I know my middle credit score and reason for being denied and see what other LO's say.  Thanks for the advice and I will update if I have any success, though right now I am a little pessimistic about the whole situation.  

[PixieQueen80]

Mike-P Bank of America counts AU accounts in its calculations (or at least my loan officer did) so I would try them.  Also First Guarantee Mortgage also do the same in addition to accepting alternative credit sources.  Good luck

[Anonymous]

I got a USDA loan and my CC was my only tradeline with 12 months - I used my auto insurance and rent as my other two tradelines and they were accepted.