Message Boards
FORUM:   Getting Out of Debt
TOPIC:   Credit Building


 
  Reply Create A New Topic
     
  I Liked This Topic Subscribe to this Discussion Share
Add This to My SparkFavorites
SparkPeople advertisers help keep the site free! Learn more

Author: Message: Sort First Post on Top

PINKSPARKLEME
PINKSPARKLEME's Photo Posts: 56
4/4/14 3:57 P

PINKSPARKLEME's SparkPage
Send Private Message
Reply
Hi! I am a big follower of Dave Ramsey (if you haven't checked him out before, I recommend it!) and a person asked this question. He said to ask if the mortgage company does "manual underwriting". This is apparently where they go in and actually look in-depth at your income and out-go (if that's a word lol). Most banks have just gone the lazy way and base their decisions on the FICO score without looking deeper. Hope this helps!



 current weight: 186.0 
 
198
183.5
169
154.5
140

CMNOVAK
CMNOVAK's Photo SparkPoints: (15,050)
Fitness Minutes: (2,528)
Posts: 119
6/19/13 10:09 A

CMNOVAK's SparkPage
Send Private Message
Reply
So I guess my question isn't really about getting out of debt so much as just building credit. My problem is that I basically have no credit and the three things that are on there aren't so hot. I had a credit card 9 years ago, but got rid of it because as a broke 19 year old just starting out I relied on it way too much and dug myself into a hole. I've been terrified of credit cards ever since. Then I had a tiny student loan for a vocational school I attended. I paid mostly on time except for one 2 month period.

Since then I haven't taken out any loans or credit cards because I don't want to spend money that I don't have. The problem now is that since 50% of my small and old credit history is bad I can't qualify for a mortgage or get a decent rate on an auto loan. What is the best strategy to build my credit?

Cassie in Colorado


 current weight: 160.0 
 
210
191.25
172.5
153.75
135


 
Page: 1 of (1)  
     

I Liked This Topic Subscribe to this Discussion Share
Add This to My SparkFavorites
Report Innappropriate Post


Thread URL: http://www.sparksavings.com/messageboard.asp?imboard=173&imparent=31282559

Review our Community Guidelines