How long do it take to get a credit score for a mortgage loan.?

Question

My wife and I was trying to apply for a mortgage loan and the mortgage company said that she did'nt have a credit score. She don't have any debt or anything. Her credit history is clean. How does she go about getting a credit score as soon as possible and how many forms of credit should she apply for?

Answer 1

Yeah, the problem here is that she doesnt have any debt. You get a credit score by having debt, such as credit cards, car loans, etc, and then by paying those loans off in a timely manner. With no debt, you've got no repayment history. Getting her a credit card or two in her name is a good place to start. But it could take a while to build her any real history- a year or two at least. However, I dont think I'd let that stop me from buying a home. As long as your score is good, as long as you are both verifying your income, I wouldnt think that would be a showstopper.

Answer 2

If your wife does not have a credit score. This is because she has no or very little credit. It can take anywhere from 6-12 months of an active credit history to actually get a score. However, any score this new is really not treated the same as a score from a person with more history. Most mortgage lenders like to see at least 24 months of good payment history on several credit lines.

Now to what she can do to improve that. She should apply for a couple of credit cards, since she has no history she may need to open up a secured card. When she gets the credit card use them for every day purchases and pay them off at the end of the month to avoid the interest. However, be sure to never go more than 30% of her total credit line. Then she should also apply for a couple of installment loans. This includes either an auto or signature loan. For the signature loan the best thing to do is put about $1000-$2000 into a savings account at a bank, and then take a loan for that amount using it as collateral. Then you can just pay back the loan on time. If you do this a couple of times that will add a couple of good lines to her report.

Answer 3

Is your credit score not good enough?

Your wife should start with a credit card. Use it and pay it off in full each month. Maybe a small loan from the bank. She needs a combination of revolving credit and installment loans.

If she has no score now it will take a couple years to build a halfway decent one.

Answer 4

You can get her Fico scores here:

www.fico.com/12

That is the scoring systems lenders use. When I got my Fico scores I got 2 out of the 3 agencies. Experian wasn't on there for some reason so I had to go to their website to get that one.

Now, if she has no credit history, the best and easiest credit to apply for is a gas credit card. Have her use it and pay it off each month. In about six months she should apply for a major credit card. Good luck! Buying a home is the best investment you can make!

Answer 5

The person who said you dont need a fico score is correct.

Most mortgage companies do not look at everything in black and white. They simply weigh your profile and decide if you would be a good risk or not. If YOU have established credit, you guys get at least 10% down, and your income is suffiecent for the loan you wont to take, there is no reason a bank wont give you a loan. If this one gives you problems, simply tell them to shove it and go to another bank.

Answer 6

No. No. No. You don't need a fico score to get a mortgage. Find a company that does manually underwritten loans like churchhill mortgage.

Stay living the way you do: no debt.

Answer 7

I think you can get since your wife credit score is good

Answer 8

buy a computer on a payment plan or take out a random credit card from a retail store with a small limit...something small