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Length of Credit History my biggest problem?
So I keep a zero balance on my credit cards (well I use them every month but I pay them off every month) and my credit score is now 767. I have three credit cards and an unsecured loan. Total available is $25,600 so even if my balance gets reported mid-month the utilization is very low.
CreditKarma and myfico both have pointed to my short credit history as my largest issue, my oldest card is only 5.5 years old, my second card is 2.5 years old, and my loan and recent card are from this year. I don't have a mortgage, but even with a 700+ credit score earlier this year I ran into some issue getting the unsecured loan. The banker told me that generally they easily authorize 200% of your monthly gross, but my loan had to be overridden for less than half that.
I don't know how I'm going to be able to get a mortgage if I can't breeze through an unsecured loan.
*CreditKarma also pointed to my small amount of credit lines as a negative. Thoughts?
Asked by
mjc2
1 year ago
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Keep in mind when you applied we are in the middle of a recession and they really i.e. the banks put the screws on credit. I really don't think your score will give you any problems getting a mortgage unless you don't make enough money. Also, the cc companies are finally starting to relax their standards. You just hit a bad time to apply is all.
camalott4 1 year ago
You are actually more likely to get a mortgage than an unsecured loan. There is actually a reduced risk for the bank with a mortgage, as your house is collateral, and they can foreclose and get most of it back.
Is the unsecured loan an installment payment, or is it a revolving line of credit? You want an installment loan to help balance with your revolving credit.
phnxangell 1 year ago
try a fha loan or fannie may also check into hud because hud has housing grants that can count as a down payment and they can match up to 60,000 on the loan amount making the home much more affordable for you if you qualify for their program.
meowtigora1 1 year ago
The collateral for the mortgage vs unsecured makes sense. Just kinda threw me for a loop considering the banker was wide-eyed about me getting turned down initially as well.
Phnx - my loan is a line of credit, not an installment loan. I try to not buy anything on credit that I'm going to have to let sit there, as I'm hoping this will increase the credit score approaching applying for my mortgage. I'm just not sure if I can apply right now or if I should wait until the end of the year so that I can give the banks my taxes as proof of income which is higher than last year. I carry a lease right now on my condo and would like to get a mortgage ON TOP of the lease so that I can purchase a property to rent out. I'm not sure there is enough income to get me a decent mortgage on top, but my main issue was applying for the mortgage in the first place.
mjc2 1 year ago