How do I get financing?

Asked by Anita Boyston, Keizer, OR Fri Dec 9, 2011

I haven't had any credit since 2003. I tried three times to get credit cards but was turned down because I do not have a "sufficient credit history". What do I do? I need a bigger house?

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Juli Gun Mar…, Agent, Lake Oswego, OR
Fri Dec 9, 2011
You have so many options for financing now Anita! If you want to go the traditional route, you may want to get a secured credit card and use it for 6 months to establish some credit. This worked beautifully for a client of mine in a similar situation. You can also find a seller-financed property. There are more out there than ever before. Your best bet is to talk with a mortgage broker. I like Jevon Domench:

Loan Consultant
New America Capital
(360) 921.6686 cell
(360) 281.1458 Travis
(360) 567.2947 fax
Apply Online @

Best of luck to you!
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1 vote
, ,
Fri Dec 9, 2011
There are programs that allow for non-traditional credit to be used. There is much more to qualifying for a home loan than just credit I definitely recommend you meet with a mortgage professional to review your options.
1 vote
Jolie Muss, , Upper West Side, New York, NY
Fri Dec 9, 2011
Why do you not have credit since 2003, what happened at that time? I'm not a financial adviser but I know that to build credit a good start is to put all utilities etc .under your name and to pay all your bills on time, also check your credit report to make sure there is nothing negative and if there is have it removed. As for credit cards a good start is a "store credit card " which is for revolving credit with a store -not a master or visa card. You then purchase things and pay them off asap so as to build your credit history. You might also look into a credit union as they sometimes have more flexibility. As to a new home look into homes where the seller is willing to finance or even ask around or post locally to see if there is anyone who is looking to downsize who might want to swap homes.
Good luck!
1 vote
Anna M Brocco, Agent, Williston Park, NY
Fri Dec 9, 2011
Consider visiting with any licensed loan officer; there are other factors besides credit that determine qualification, such as income, debt, etc.; at the very least if you don't yet qualify, he/she may offer great suggestions as to what needs to be done in order to qualify in the near future; If shopping for a credit card, ask the bank you currently do business with, or any other bank, about a secured credit card.
1 vote
Francisco Ga…, Agent, Salem, OR
Thu Oct 31, 2013
This year I have several clients with similar situations, the best advice comes from a great loan officer, I referred my clients to a local Salem lender and they ware given a homework/advice to start their credit, but what I noticed is that they were able to get credit a retails store much easier than with a credit card company, in some cases it can take about 6 months but I have a couple them who started the process in late may and we're now under contract and should be given keys to their new home in the next week or two. let me know if we can help
thank you
0 votes
Ted Morrison, Agent, Salem, OR
Wed Jan 11, 2012
Of course I will preface my response by suggesting that you consult a mortgage professional. But I wanted to add an option here that you may want to discuss with them. Some lenders will allow you to use "alternative credit". I believe this is most useful when you have no recent credit, but it's also important that you don't have any negative credit history. Alternative credit can be used by supplying your loan officer with 12 months of receipts for things like rent, phone bills, cable bills, or anything else that you can show consistant payment with no late payments over the last 2 months. There are not many lenders that will do this (I know of a few) but it can be a great way to show your creditworthiness quickly. Hope this helps!
0 votes
Lana Lavenba…, Agent, Grants Pass, OR
Sat Dec 10, 2011
You can get a credit card that you might use for say groceries or gas remembering to pay it off every month - after 60-90 days you will have a credit history - you also have bills such as power, phone- as long as things like that have been current - your lender will look at that or even rent history payments. I am sorry I missed tried to get credit cards= there are paid credit cards you can use to being your credit history.
0 votes
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