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Discussion Starter #1
My son is in mid 30's , has no debt, no bad credit history and makes $100 K per year. He has always rented and is now seeking a home loan but a reputable local told him without a credit card history they couldn't get him approved.

Anybody have a suggestion ? ( I personally think it's insane but I don't write the rules) He has been in the same job for 8 years and with the same bank for 12 years.

Any contact information is appreciated.
 

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My son is going through this also. He had to get a credit card pay it monthly. Took a bit but now he is hopefully closing soon. He had to put a big down payment also. I agree with rocket mortgage. Good luck
 

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just sent you a PM, try and stay local, when the time comes, you want to be able to look someone in the eye. 800 numbers ring, and ring, especially when they don't want to talk to you..... 2 cents... I have a looong list of internet lender horror stories. and a shorter list of success stories.... good luck, credit history is where its at though...
 

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just sent you a PM, try and stay local, when the time comes, you want to be able to look someone in the eye. 800 numbers ring, and ring, especially when they don't want to talk to you..... 2 cents... I have a looong list of internet lender horror stories. and a shorter list of success stories.... good luck, credit history is where its at though...
I've had a local lender and I currently have one with Rocket Mortgage and the speed of approval into closing as well as the customer service and all of the online tools - no local lender has that and they are just going to sell your loan off to someone else anyways, so you never know who you are actually going to end up with. I've heard nothing but good stories about them and that's been my experience as well.
 

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Bearded Brotula
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I've closed a few with Rocket Mortgage and you can always get a hold of them. 7 days a week. I was actually impressed. That being said, I prefer to deal with local lenders that are more up to date on our insurance requirements and building codes.

As far as OP, there are companies that can rebuild your credit or build it from scratch. They typically know which cards report more often, so it will take less time to build credit history.
 

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Discussion Starter #10
THANKS for the information everyone.

The person he was dealing with called him back yesterday and provided another avenue to pursue.
(according to her, he doesn't have bad credit, unfortunately he has NO credit rating because he always pays cash.)
 

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Have your son put all or some money in a credit union and get a credit card that earns interest on ALL charges. Pay it off every month and you make money and get credit rating.

Navy federal has a visa cash rewards card. No annual fees. And if anyone in his family has been or is military he can join. Civil service also counts for joining.

Sent from my SM-G960U using Tapatalk
 

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I had great credit, I left my wife and had 20k I’m debit with a returned car that I eventually paid off. 3 years later my credit is back up to 630s credit score it use to be over 725, I’ve tried to get a loan and I get turned down. I’ve had an Amex for over a year now that I pay off Weekley, I use it like my check card and for the points.!
 

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Bearded Brotula
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I had great credit, I left my wife and had 20k I’m debit with a returned car that I eventually paid off. 3 years later my credit is back up to 630s credit score it use to be over 725, I’ve tried to get a loan and I get turned down. I’ve had an Amex for over a year now that I pay off Weekley, I use it like my check card and for the points.!
I have lenders that can do 630's all day, assuming debt to income is good. I'm sure Jim has some in Florida.
 

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I just bought a truck, took a loan on it and I’m already over paying each money. Yes that is my problem, the salary at work isn’t that great. But I buy and resell things and sling firewood sometimes, I have extra cash but can’t show for it
 
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