That if you spent the last 6 years doing fiscally responsible things like staying completely out of debt and saving up to pay for purchases in cash instead of financing or using credit cards that your FICA score will be N/A and it will be next to impossible to get a home mortgage loan? I just found that out.
And all these years Grant and I thought we were being smart about money!
Oh well. I guess we'll go get ourselves a silly credit card and check out what's for rent.
6 comments:
Wow. Some things in this country are so completely backward.
hahaha. :) sorry, but that made me chuckle, because Heber and I found that out on the first home we tried to buy. We paid for everything in cash thinking we were being smart.
I know, our system is a little backwards these days.
It's ridiculous, isn't it? Unfortunately, it's the name of the game. They want to see that you can manage smaller amounts of credit before they let you borrow a huge amount. So yes, break down and get a credit card. =) Just don't get one with an annual fee. There are plenty that don't have one, and there's no reason to waste your money there. And while you're at it, look for a credit card that lets your earn points/miles/cash for your purchases. Might as well let the system work for you a little!
that is wrong...but I had heard that from our banker friend awhile ago when I gloated about not having a credit card. I got one promptly after that, and hardly EVER use it...
I found that out early in my marriage when I worked with credit scores. I am sorry you have to rent but, do it for about 6 months, use credit card and don't pay it off immediately, just the minimum payment and then after the 6-8 months pay it off. Now your building credit...its a sad world we live in...I HATE paying interest.
The funny thing is that Grant and I have bought houses in the past. Twice! But the last time the mortgage was reported was 2003 (we sold that year) and that apparently is not recent enough. I'm glad to know that no one else is making my mistake!
Post a Comment