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Can I get a loan without having credit cards? I've never had one and don't really want to take one out if I don't have to.

by jessica973 from Redvale, Colorado. May 24th 2016 Reply


Adam Itchkawich (AdamItchkawich)
#36 ranked lender in Nevada - 8 contributions

It is not necessary. Do you have a score? Have you had other types of loans? On the flip side, using credit cards strategically is one of the best ways to get a really great credit score. My motto is that credit cards can be your best friend; or your worst nightmare if you do not treat them right! :)I also offer FHA with no score if you do not have any credit scores.Thanks!Adam Itchkawich

May 24th 2016
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William J Acres (William_Acres)
#2 ranked lender in Arizona - 7,788 contributions

More info needed, but in general, you do not have to have credit cards to get a mortgage, but it does help if you have credit references.. Car loan, student loans, personal loans, recreational loans (ATV, motor cycle, quad, trailers, etc).. having credit is important and will help, but you don't necessary need credit cards. If you have ZERO credit history.. then you might want to look at FHA financing.. they allow for "Non Traditional" credit.. they can use your rental payment history as a credit reference.. they can also use your payment history on utility payments, cell phone, insurance, etc.. even if you put money into a savings account on a regular basis, this can be considered a credit reference... Again, more info needed, so it's hard to say specifically if you would qualify or not.. for this reason, I suggest you contact a LOCAL mortgage broker and apply with them. Once they see your complete loan profile, they will be better equipped to advise you properly. Also, by applying with your LOCAL Broker, you have an advantage because he's familiar with local customs and works with many lenders with each one offering a different type of lending program. This is unlike the local bank which typically only has a few lending programs. The more lenders, the more lending options, and the more likely your scenario will be accepted.. Plus, the broker is experienced in seeking out the best loan terms for your particular scenario, and he has lower overhead which typically results in lower rates and fees than most of the larger lenders.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com NMLS# 226347

May 25th 2016
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