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Old 11-08-2012, 03:00 PM  
Buehler445 Buehler445 is offline
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Need some advice regarding credit histories

We have a guy working for us that is trying to get approved to buy a house. Whatever bank he is using told him that he is intelligible for a mortgage because he has "no credit". While he doesn't have any active credit (loans, credit cards, charge accounts etc.), he does have some credit history. He had some student loans and an auto loan that are paid off.

He tried to call his previous creditors, but I think he is getting $7/hr jackasses that know nothing.

I'm kind of at a loss as to what to tell him. Can you really not get a loan if you don't have any current liabilities? He paid his other loans off early because he was being studious.

Does he have any recourse here? What is the best course of action?
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Old 11-08-2012, 03:03 PM   #2
StcChief StcChief is offline
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find a new bank or credit union, not everybody works that way.
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Old 11-08-2012, 03:06 PM   #3
Gonzo Gonzo is offline
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Or have him get with his power, phone and insurance companies to write a reference/reccomendation.
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Old 11-08-2012, 03:06 PM   #4
Buehler445 Buehler445 is offline
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Quote:
Originally Posted by StcChief View Post
find a new bank or credit union, not everybody works that way.
To obtain a mortgage? There isn't much he can do about his previous loans.
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Old 11-08-2012, 03:09 PM   #5
hometeam hometeam is offline
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This is right up my alley.

It is possible to have a credit history without a score, and that usually happens when it has been a long time since you have actually had said credit in the past. For example, you had some credit history, paid everything down and havent had credit cards, payments, etc of any kind.

His best bet is to find a local bank that cares about him who will look at all bureaus and possible avenues to get him financed. Or, he can get a copy of his own credit report. Hell, if he wants to he can contact me, Ill pull it, and tell him what his score/credit looks like without bsing him becuase im working on a loan commission. If you want to go that route just pm me.

If he really has a 0 score, even with history, its safe to say that he will be treated like everyone else with no score, they will tell him to get a co-signer etc.
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Old 11-08-2012, 03:12 PM   #6
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an addendum -

Lenders could give two shits about the person in any way, they live by the score given out by the 3 credit agencys. If he is a true zero then he likely has no recourse except to get some credit even if he is just making payments on the credit with the money he borrows.
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Old 11-08-2012, 03:15 PM   #7
DaFace DaFace is offline
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Has he pulled a credit report just to see what it is that they're looking at? If not, that's probably worth the $10.
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Old 11-08-2012, 03:16 PM   #8
Buehler445 Buehler445 is offline
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Originally Posted by DaFace View Post
Has he pulled a credit report just to see what it is that they're looking at? If not, that's probably worth the $10.
I'm not sure if he has or not. I'd think the bank would show it to him.
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Old 11-08-2012, 03:16 PM   #9
hometeam hometeam is offline
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Quote:
Originally Posted by DaFace View Post
Has he pulled a credit report just to see what it is that they're looking at? If not, that's probably worth the $10.

Ill pull all 3 of his scores for free if he wants me too, and shoot him straight on what they mean.
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Old 11-08-2012, 03:17 PM   #10
Buehler445 Buehler445 is offline
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Quote:
Originally Posted by hometeam View Post
This is right up my alley.

It is possible to have a credit history without a score, and that usually happens when it has been a long time since you have actually had said credit in the past. For example, you had some credit history, paid everything down and havent had credit cards, payments, etc of any kind.

His best bet is to find a local bank that cares about him who will look at all bureaus and possible avenues to get him financed. Or, he can get a copy of his own credit report. Hell, if he wants to he can contact me, Ill pull it, and tell him what his score/credit looks like without bsing him becuase im working on a loan commission. If you want to go that route just pm me.

If he really has a 0 score, even with history, its safe to say that he will be treated like everyone else with no score, they will tell him to get a co-signer etc.
Quote:
Originally Posted by hometeam View Post
an addendum -

Lenders could give two shits about the person in any way, they live by the score given out by the 3 credit agencys. If he is a true zero then he likely has no recourse except to get some credit even if he is just making payments on the credit with the money he borrows.
I may take you up on that. We'll have to see what he thinks. He said he opened a credit card to try to establish some credit.
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