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New Member
Posts: 3
Registered: ‎02-02-2008
0

Credit score a "0" !!!

My hubby and I are trying to get our first house. We were given the advise (from a friend) to dispute everything on our credit, which we did and my credit score went up,however, his went to a ZERO!!! We were told it's because he has no new or open lines of credit to base a score off of. He has since gotten a credit card to start building his credit. He made sure that they report every month, to all 3 credit agencies. He has CA's that our broker told us not worry about paying because the dates are years old. I'm wondering how soon we can expect to see some result on his score. The credit card is one of those $200 limit, $150 in charges to start, with a beginning available balance of like $50. I'm also wondering if we would have better results paying the minimum payment for 3 months then paying it off completely or paying it off completely 1st then keep it at a $0 balance for the rest of the time. We're looking to have his mid score @ 620 to qualify for an FHA loan within 6 months. Is this even possible?
Community Leader
Epic Contributor
Posts: 27,027
Registered: ‎03-19-2007
0

Re: Credit score a "0" !!!

You need at least six months of established credit reporting to a CRA to establish a credit score.

But that make take 7-8 months from initial date of account to show on his CR due to delays in creditor reproting, and CRA posting.

Assume 8 months max from account opening date and it will pop up.

Established Member
Posts: 23
Registered: ‎03-31-2009
0

Re: Credit score a "0" !!!

You don't NEED  a credit score to buy a house. People had home loans before credit scores were around. You just have to find a lender that does manual underwritting.
Moderator Emeritus
Posts: 11,562
Registered: ‎08-29-2007
0

Re: Credit score a "0" !!!

If it is his only CC, let a very small balance report, even $1.

 

You don't want 0% utilization.

 

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New Member
Posts: 3
Registered: ‎02-02-2008
0

Re: Credit score a "0" !!!

Our broker told us he has 2 lenders who will do a mortgage with a zero credit score but we don't have the down payment saved yet. We found a house that we love, it's vacant and the owners are considering a rent to own option, so we can get out of our apartment and into the house, while saving for the 3.5% down payment (FHA loan requirement) and building his credit score. We want to take advantage of the $8,000 govt. tax credit as well so, we're hoping to have his score built up by December so we can purchase at that time. If his scores aren't where they need to be we will just have to wait longer and miss the December deadline I guess. This house buying thing is so nerve wracking!
Established Contributor
Posts: 703
Registered: ‎03-23-2009
0

Re: Credit score a "0" !!!

How are your payment histories on your CC's?  Can you add hubby as an AU?  If you can add those then maybe he could look at taking a small installment loan, put some money towards paying loan down and some towards savings.  The mix of credit may increase his score a bit more also.  GW the CA's and see if you can get them removed.  Also, the cutoff day for the first time homebuyer credit is Nov. 30th.  There may be other ways to get around the 0 score.  If you can get the CA removed from his credit then you can look at finding a lender who will do a manual underwrite on an FHA and use Alt credit (things like insurance payments, cell phone, utilities etc) to qualify.  Check out the mortgage board for more on that.
Goal: 700 by end of January!!! 7/20/09 EQ 605
6/03/09 EQ 587
5/15/09 Ex 686 TU 653
5/11/09 EQ 628/ TU 639/ EX 656 (81% util.)
5/9/09 EQ 628/TU ?/ Exp ?
3/23/09 EQ 491/ TU 565/ Ex 627
Contributor
Posts: 93
Registered: ‎12-31-2008
0

Re: Credit score a "0" !!!

I open my credit card end septemter and I get my score of april 1.

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