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Making up for not having a mortgage.

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JuicySmoolyay
Established Member

Making up for not having a mortgage.

Sorry if this has been asked somewhere else.  I do not have a mortgage and I am not currently looking for one.  My scores are in the mid 600's and I'm building back up from some debt in recent years.  I otherwise have a decent mix and 15 year history.  5 cards, Line of Credit from my CU, a personal loan, and an auto loan.  All current and on time.  Tried a CLI from Amex recently and one of the reasons for the turn down was a lack of real estate account.  Any thoughts, tips, tricks on making up for not having a mortgage? Thanks.

Message 1 of 6
5 REPLIES 5
Anonymous
Not applicable

Re: Making up for not having a mortgage.

IMO this is just an excuse they like to use, simply words on paper. There is likely another reason such as any negatives in the past and possible UT on existing accounts. You only need any installment loan to get the "credit mix". 

 

It would be nice if Lenders gave more "accurate" reasons related one's specific profile rather than broad answers that fits anyone. 

Message 2 of 6
JuicySmoolyay
Established Member

Re: Making up for not having a mortgage.

Interesting.  Ok. Thanks for the input.

Message 3 of 6
Anonymous
Not applicable

Re: Making up for not having a mortgage.


@JuicySmoolyay wrote:

Sorry if this has been asked somewhere else.  I do not have a mortgage and I am not currently looking for one.  My scores are in the mid 600's and I'm building back up from some debt in recent years.  I otherwise have a decent mix and 15 year history.  5 cards, Line of Credit from my CU, a personal loan, and an auto loan.  All current and on time.  Tried a CLI from Amex recently and one of the reasons for the turn down was a lack of real estate account.  Any thoughts, tips, tricks on making up for not having a mortgage? Thanks.


That excuse sounded smarter than the excuse I got when I was buying my first house - "there is a bank closer to this property than we are, so we cannot make this loan" - said by a bank officer in the County Seat of the County that the property is in. Note that there was also a competing bank across the street from that one, and this competing bank across the street would be closer to every property in the southern half of the County than the bank that gave me that silly excuse.  Look at it this way - if they don't want to make the loan, nothing you can say will change their mind. When I was a mortgage loan office I once has a loan TD because of an undisclosed basement in the subject house. The problem - it wasn't a basement, it was an under-the-stairs pantry. I once had a loan TD because of a rounding error (yes, $1).

Message 4 of 6
Revelate
Moderator Emeritus

Re: Making up for not having a mortgage.

A mortgage holder is almost by definition a less risky borrower as generally it suggests there is property that a lien could be attached to if you flake.  Everything else worst case the borrower could drive away.

 

Things are weird with COVID that one though does sound a little off.




        
Message 5 of 6
JuicySmoolyay
Established Member

Re: Making up for not having a mortgage.

Appreciate the input ya'll.

Message 6 of 6
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