Still No Credit Score showing

[coalchunk]

I have been trying to get a credit profile started and a credit score. I am trying to get a home loan. I have not had any type of credit cards, loans, nothing for over 15yrs. I had a thin credit profile at start. Now I have gotten 3 loans, a fingerhut revolving credit card, and a few other store cards. I don't like having the credit card however I need them to build a credit profile. I had a Mortgage Broker run my credit the other day and I got a letter back saying I have no credit to reprot and I have no credit score that was able to be generated. I am a bit confussed by both of these. I would think if I have loans and credit cards then I must have some sort of credit score showing, let alone all of these should be showing on my credit reports. I have pulled my reports through some of the free, or free with a trial credit webpages, they all show my loans and credit cards. Is there a reason the Mortgage broker is not showing any of this, and no score. I know the free web pages use a Fako score but, it shows a score. I have thought about subscribing to the myFICO to see what score they generate, however I have read some not so good reviews on that. I would like to know if you have that myFIKO what you think of it and if it is worth subscribing to, and what package do you recommend.

Thank You 

Angela

[myjourney]

It takes 6 months of credit history to generate Fico scores 

[coalchunk]

Thank You for the reply. 

[kjel]

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@coalchunk wrote:

I have been trying to get a credit profile started and a credit score. I am trying to get a home loan. I have not had any type of credit cards, loans, nothing for over 15yrs. I had a thin credit profile at start. Now I have gotten 3 loans, a fingerhut revolving credit card, and a few other store cards. I don't like having the credit card however I need them to build a credit profile. I had a Mortgage Broker run my credit the other day and I got a letter back saying I have no credit to reprot and I have no credit score that was able to be generated. I am a bit confussed by both of these. I would think if I have loans and credit cards then I must have some sort of credit score showing, let alone all of these should be showing on my credit reports. I have pulled my reports through some of the free, or free with a trial credit webpages, they all show my loans and credit cards. Is there a reason the Mortgage broker is not showing any of this, and no score. I know the free web pages use a Fako score but, it shows a score. I have thought about subscribing to the myFICO to see what score they generate, however I have read some not so good reviews on that. I would like to know if you have that myFIKO what you think of it and if it is worth subscribing to, and what package do you recommend.

Thank You 

Angela

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There are lenders that will underwrite mortgage on non-traditional credit, meaning that they will use a 12-24 month on time payment history on at least three accounts such as utilities, cell phone, cable, etc. You'd be best served by meeting with a HUD certified housing counseling agency in your area. Here's the locator page from HUD http://www.hud.gov/offices/hsg/sfh/hcc/hcs.cfm. Often times they work with local loan officers that have what the industry refers to as "community loan products" which may have lower credit score requirements and/or help in a situation such as yours. Additionally, every state has what is known as a Housing Finance Agency which also offer flexible mortgage products for someone in your situation, first time buyers, or lower income/lower credit households. Here's the tool to find your state's HFA https://www.ncsha.org/housing-help. 

Good luck. 

[coalchunk]

Thank You for the links I am looking into those options now! 

I appreciate all the help and advie this forum supplies.

Thank You 

Angela

[Anonymous]

If you're currently renting and have a good payment history and relationship with your landlord, perhaps include a letter from your landlord touting your great payment history.  And then use that to augment your mortgage application.   I was recently at a class which discussed mortgage approvals, home ownership, etc.  The letter of "recommendation" was something I was told I should do - couldn't hurt anyway!