Success With Limited Credit Experience
Limited credit experience is a fairly common occurrence and potential roadblock to home ownership these days. Prospective buyers having very limited traditional credit and having borderline credit scores in the 580-639 range. We have been successful many times in building a strong file to present to underwriting to overcome the shortcomings of the file.
6 Best Tips for Limited Credit Buyers to Have Success in Purchasing a New Home!
- Go ahead and apply with us so we know the details to help you best
- Write down every account in your name paid at least 12 months – These could be used as “alternative credit”
- Pay by check, draft from your account, and not by cash – it is much easier to document your pay history!
- Open 1-2 credit cards, charge $20, pay off when you get the bill, repeat – Best way to increase scores w/out high debt
- Have some money in the bank or retirement – assets help!
- Be added to an established credit card that has been opened a long time, has a low balance compared to the limit, & has no late payments
Don’t be afraid to apply with us. We will do all we can to approve the file as is and if we are not able to approve the file at that time, we will provide expert advice to become approved in the quickest time.
Check out specific articles on limited credit so you know how you may be able to purchase a home:
- USDA has minimum credit requirements & we have been very successful in helping USDA buyers
- Successful FHA approvals with limited credit or high debt ratios
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