I want to buy a house, but dont have any credit. how do i build up my credit without getting a credit card?

Answer 1

Go to a mortgage company and tell them you want to build up your credit. Thats what im doing and I got approved for a 125,000 dollar house.

Answer 2

First start by getting your credit report from each reporting agency (it's free once a year-- go to www.experian.com, www.equifax.com, and www.transunion.com). See if there are any negative marks on your credit history and fix those right away. As for building credit, a credit card is the easiest way-- if you are concerned about charging to much, get a secured or low limit credit card, make a small purchase each month ($20-40) and pay it mostly off each month (Leave about $5 each month; that's how you build credit).

Student loans, if you've been paying them off are another great way to build credit history.

Answer 3

you do not have to have credit to buy. It can be done with a manual underwriting that is available through FHA and any conforming lender. You must have alternative forms of credit I.E. phone bills electric etc that you can prove Have been paid on time the last 12 - 24 months. as well as rent. You will need to come to the table with as little as $500 in an FHA loan and Ameridreams down payment assistance. You will need to prove assets in the bank or investment or retirement accounts as well. You can get approved through any good loan officer in a mortgage firm. Just as a word of caution--don't buy all the house you can afford. Then you could become house poor. Things happen in life and you will need to take care of them especially in home ownership.
Good Luck

Answer 4

You can go to your bank and take out a small loan (say $1000) and pay on that, pay it off early and that looks good on your credit. Some banks have different programs for people in these types of situations so the first place I would go would be your own bank, sit down and talk with someone and tell them what you want to do. They should be able to help you design a plan that will work best for you and your situation.

Answer 5

get a cell phone. do you have any utilities in your name? gas, electric, cable etc. those all report to the bureaus. cell phones are great since they count towards your credit and can, in some instances, be used to show credit worthiness. either that or get a large enough down payment and pretty much any bank will tak you.

Answer 6

save 25 percent of the house you want to buy and get a line of credit
for the rest of your house..et voila..

Answer 7

car payments