I have not had/needed a credit card, or loan for the past 13 years. Paid cash for my new car. Rent my apt. from a small land lord. Employed for the past 15 yrs at the same job w/ above avg salary. I have 401k, investments and tens of thousands in the bank. Would credit bureaus even know i exist?
2007-07-28 12:01:22 · 5 answers · asked by steve.57343 5 in Business & Finance ➔ Credit
Need to find a Mortagage lender now
2007-07-28 19:43:10 · update #1
If this is possible.
2007-07-28 19:44:19 · update #2
Pull a credit report and see. Go to http://www.annualcreditreport.com (NOT freecreditreport.com)
Hopefully your credit score is 0. Having a good credit score means you are good at borrowing money. That is not a good thing.
2007-07-28 12:05:57 · answer #1 · answered by ipguy 3 · 0⤊ 0⤋
Good question.
A "bad" tradeline stays on the report for about 7 years, a good one stays for about 10 years after it is closed...But I did notice that sometimes older credit cards might stilll be reported as open even if you hadn't use them in a while...
There might be some information on your credit reports...To find out if there is any I would go to www.annualcreditreport.com and ask for my free copy of the credit report. If you stil get an evasive letter even after sending your ID in the mail, it means they are puzzled that you actually exist and they have no information about you...
As for a credit score, you probably don't have a FICO score since it takes some recent activity in your file to have one. No credit score equals bad credit score for the average lender, but you should not care if you do not needed it...
Edit: For a mortgage you should look for a non-conventional loan -I am not a morgage lender or broker so I am not very knowledgeable about this kind of products, but I know that both Fannie Mae and Freddie Mac offer those type of loans and if you put down a decent amount a money and can show records of good past payments for rent and utilities(receipts, cancelled checks ) you should be able to buy a house at a decent rate :6-7%.I'd suggest to contact brokers in your area and ask about these specific products ... see if they can offer a couple of choices, that means that they work with more than one product and you'd be able to choose the one that works the best for you...
2007-07-28 18:12:59 · answer #2 · answered by Ana B 1 · 0⤊ 0⤋
You'd still be on the credit agencies books as long as the credit you had 13 years ago was settled on time. Good credit stays on, bad credit drops off after 7 years. Go to www.annualcreditreport.com (which really is free, as opposed to freecreditreport.com which will cost you $70 a year for the service they require you to take to get your "free" credit report). You get one free credit report through the annualcreditreport.com from each of the 3 main credit bureaus. Choose one now, another in 4 months, and the last 4 months after that, so that you get a free report every 4 months.
2007-07-28 12:11:45 · answer #3 · answered by shoredude2 7 · 0⤊ 0⤋
Well you wouldn't have a score because no one has reported you to the credit companies, I would reccommend on getting a capital one credit card and build up some credit just 1 or 2 cards and build your credit in case that you need it.
2007-07-28 12:24:34 · answer #4 · answered by rashida_16 5 · 0⤊ 1⤋
I provided you a wbsite from the Federal Trade Commission that may be informative. Hope it helps.
2007-07-28 12:05:44 · answer #5 · answered by Etta P 4 · 0⤊ 1⤋