I have made a great improvement in my score over the last couple years have some great cards with some great limits the problem I have now is I keep getting denined increases due to " Lack of Real Estate accounts " I own my home and my loan it's too old to get a home equity or anything like that so I'm at a loss on how to get around this hurtle
With all the cards listed below. Who is it thats reporting this statement. The reason codes dont always match the real deal. You home is paid for. Do you have any installments loans open presently?
I've been seeing the "lack of real estate loan" excuse a lot more lately. Granted, I don't have your profile or your scores and I have a lot of other factors but I'm like "huh? Not everyone a) chooses to own property or b) owns property but no loan on it.
It doesn't seem fair but like everything in Fico-land -- nothing is really fair.
To OP -- either there is something else pulling you down (which it doesn't look like) OR having a mortgage will become the new gold standard required to achieve even the highest tier of credit. Short of going out and buying a house (which is stupid -- it isn't like that makes financial sense -- you may either have to declare victory and move on or work the back office numbers HARD)
To FireMedic -- I have seen that reason by Synchrony and Chase (Chase was for applying for a savings account -- not even a credit product!)
I realize I'm not one to be doling out credit experience so my input is worth what you paid for it (which is zero). Good luck!
yep SYnc they raised my lowes up to 17k but the rest of my cards were denined and that was the reason and yes i have a car loan and SSL currently and a paid off car loan also showing loans Bal both are 5k
You dont need an SSL with an open auto loan. What are the other reasons on the decline letter where this showed up, its never a primary or real reason.
I'm aware I have one for another purpose didnt want to just spend the cash all at once
@designated_knitter wrote:I've been seeing the "lack of real estate loan" excuse a lot more lately. Granted, I don't have your profile or your scores and I have a lot of other factors but I'm like "huh? Not everyone a) chooses to own property or b) owns property but no loan on it.
It doesn't seem fair but like everything in Fico-land -- nothing is really fair.
To OP -- either there is something else pulling you down (which it doesn't look like) OR having a mortgage will become the new gold standard required to achieve even the highest tier of credit. Short of going out and buying a house (which is stupid -- it isn't like that makes financial sense -- you may either have to declare victory and move on or work the back office numbers HARD)
To FireMedic -- I have seen that reason by Synchrony and Chase (Chase was for applying for a savings account -- not even a credit product!)
I realize I'm not one to be doling out credit experience so my input is worth what you paid for it (which is zero). Good luck!
This "lack of real estate loan" seems to be popping up more and more lately it seems. They got to put some knid of reason. Lame. 
