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FORUM:   Getting Out of Debt
TOPIC:   Credit Building

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

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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!

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CMNOVAK's Photo SparkPoints: (15,050)
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6/19/13 10:09 A

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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

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