Credit score?
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I am 26 years old and I don't have a credit score. I have unpaid medical bills on my report. They don't add up to much so I should be able to pay them off fairly easy when I have extra money. How can I get credit so that I can have a score? Every credit card that I wanted to apply to (that would even give me one) has all kinds of fees and doesn't seem worth it to me. I have student loans which I don't have to start paying back until I graduate (2009). Will these loans help improve my credit when I start paying them back? If so, what can I do now to get a credit score? I want to buy a house in the next couple of years but I need to build my credit first. Any suggestions?
Credit score?Wendy, you do not need a credit score to buy a home. This is all bull sh-t! I am a mortgage banker in Tennessee. You will have to pay the collection accounts as soon as possible. That will help your rating when an underwriter looks at your file. When buying a home with out a credit score, you will need three to four alternative trade lines. These can be your current rent, cell phone bill car insurance etc. Always pay by check especially your rent. This gives a paper trail on you that you can get copies of if you do not rent from a corporation in a complex. Once you turn in these types of trade lines, your file can be manually underwritten. There are three things involved in getting a mortgage or any loan for that matter. Collateral, the capacity to pay and credit. In your case you will be given a score of 619 with no bad derogs It should sail right through with no problem. These are Fannie Mae and Freddie Mac guidelines where the best rates are available to all borrowers.
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