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Worried about Husband's "Non traditional Credit" Situation

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Anne1208
Regular Contributor

Worried about Husband's "Non traditional Credit" Situation

The more I think about it the more I am concerned that we will not qualify for a mortgage.  

 

We will have sufficient funds (5% plus upfront PMI premium plus closing costs plus at least 3 months reserves, probably more). My mortgage score is nearing 800 and his his mortgage should be around 680.

 

However, his credit tradelines consist of one 12-month old revolving credit line, one 6 month old installment loan and one 5 month old revolving credit line.

 

Lenders with whom I have discussed this issue casually reassuringly tell me they can just look at other verifications of my husband's credit....however, I am thinking about it and I don't know that there ARE many others....

 

Rent: this one we have years of verifiable on time rent payments.

Phone Bill: He uses a work-issued phone.

Car Insurance: He has this one.

Utilities: I just checked and these are all under my name, so even though he's been paying toward them it's all under me - statement has just my name on it. If we are married and he lives at the same address would it count anyway?

Savings Pattern:  it's not monthly - more like once or twice some months, and weve only since April.

Cable - at our new apartment its been in his name since April.  Before that we lived elsewhere and it was under a different cable company and I am pretty sure there it was only under my name.

 

Are we completely hopeless until he gets the full two years of credit completed? It seems ridiculous if we otherwise have sufficient scores and funds.

 

Also, even those his OPEN tradelines are only the three i mentioned above, is that all that counts? Overall, my husband's credit in each of the three bureaus shows as "very good" length of credit history at an average of 95 months....

 

Thanks!

 

 



Starting Score: January 2014 Experian: 713 Equifax: 668 Transunion: 691
December 2015 Score: Experian: 766 Equifax: 751 Transunion: 759
October 2018 Score: Transunion:735


Goal Score: 800’s across the board

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Message 1 of 5
4 REPLIES 4
Anonymous
Not applicable

Re: Worried about Husband's "Non traditional Credit" Situation

It truly depends on the lender. Some have overlays requiring X number of tradelines reporting for X months, whereas some don't. For my company, as long as we can generate a tri-merge credit score we can use it - regardless of number or length of tradelines.

Message 2 of 5
Anonymous
Not applicable

Re: Worried about Husband's "Non traditional Credit" Situation

You should be fine. People buy homes everyday with way less qualificaitons. 

Message 3 of 5
ezdriver
Senior Contributor

Re: Worried about Husband's "Non traditional Credit" Situation

It depends...on the lender and internal lending guidelines.

Message 4 of 5
MoreRewards
Established Contributor

Re: Worried about Husband's "Non traditional Credit" Situation

I don't really see it being a problem. None of those others typically report unless you are delinquent. The important one would be rent verification.

EQ 773 * EX 786 * TU 797
Message 5 of 5
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