Home Buying in 08078>Question Details

Dawn Webb, Home Buyer in Glendora, NJ

I have no active credit or score. Is there anyway of getting a mortgage?

Asked by Dawn Webb, Glendora, NJ Fri Apr 1, 2011

I had a lein that shows on my report. It was satisfied one month after it was reported. I have a good down payment. I have tried to get a regular and secured credit card but have been denied because of "No Active Credit", is there anyway to get a mortgage?

Help the community by answering this question:


Of course is possible. You need to get some store credit cards, buy small items and pay right away.
This will appear in your credit report on the next 60 days and your credit score will go up. In the other hand, you should shop around for a mortgage broker that can explore your financial options and advice you.

Best of Luck,

Maria Cipollone

Century 21 Tenace

1 vote Thank Flag Link Wed Jan 30, 2013
Mortgages are readily available with an "alternate credit" history -- if you can show 12 months consecutive payments on, say, a cell phone bill, cable bill, rent etc in your name. You don't need a credit score. Especially if you have a good sized down payment and sufficient income. A satisfied lien with a good credit explanation is also ok.

Opening a credit now won't have any effect one way or another because you need a history of payments. Better to apply for a cars after you get your mortgage. This will help you down the road. You will then have a mortgage history under your belt -- and you will then get plenty of credit card offers.

However, don't charge too much. Just a small amount and pay it off right away. You will then be on your way to a AAA credit rating. It's a process, but anyone can get there !!!

Ruth Bonapace
Bank of America Home Loans
201 741 5269
1 vote Thank Flag Link Sat Apr 2, 2011
Yes. Maybe. It depends.
My company gets everyone a loan. It just may not be right now. There are definate steps you can take toward your goal. I'd have to know the whole picture
0 votes Thank Flag Link Wed Jan 30, 2013
You might also consider doing a deal with creative financing.
0 votes Thank Flag Link Sat Apr 2, 2011
Yes it is possible to build alternate sources of credit, but you've only given us a few pieces of the puzzle and since I doubt you feel like discussing your job history, income, debts and cash savings in a public forum, you won't get a final answer here..... SO, you have to pick up the phone and call one of us, or a mortgage loan officer. Try one of these.... http://hometeamnj.com/blog/wp-content/uploads/2009/12/mtg-reps.pdf

You could also look for seller financing.... like this one... http://hometeamnj.com/12-w-7th-ave-runnemede/ but "good" down payment may mean different things to you and the seller.

I hope that's helpful... if so, click the "thumbs up" below,

Joe Montenigro REMAX Home Team
Broker, GRI (856)374-2800 x106
Serving Gloucester Twp, Washington Twp & South Jersey Real Estate Markets
Read: http://hometeamNJ.com/blog
Watch: http://hometeamnj.com/search/virtual-tours
Like: http://www.facebook.com/JoeMontenigroREMAX

Note- Email me directly for follow up questions or answers, I don't monitor this forum for replies.
0 votes Thank Flag Link Fri Apr 1, 2011
Hi Dawn,
Thanks for your question.
1.- Try to get a secure credit card with the bank you have your checking/savings with. they can have certain agreed amount as collateral.
2.- Talk to the loan officer I work with at Wells Fargo. He will tell you what to do. 856-562-2286. His name is William.
Good luck,
Web Reference: http://www.inesdelacruz.com
0 votes Thank Flag Link Fri Apr 1, 2011
go out and get a credit card and charge something, pay it off right away. Even a simple gas station card will help.
0 votes Thank Flag Link Fri Apr 1, 2011
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