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i would like to get a loan, but I don't carry credit cards, never have. Is there another way to show creditworthiness? Any lenders specialize in these kinds of loans?

by talia.harrison213 from Trinidad, Colorado. Jun 16th 2016 Reply


Lorne Harvey (lorneharvey)
#81 ranked lender in Washington - 419 contributions

Yes, ask your lender about a non-traditional credit program. You would need to document 12 months payments on accounts like: storage unit, utility service, any kind of payments that are documentable and accounts that are in your name.

Jun 16th 2016
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Scott Fix (ScottFix)
#1330 ranked lender in California - 184 contributions

A lack of credit cards is okay if you have other trade lines of credit such as personal loans, car loans or leases etc which show a credit history of consistent payment. Additionally, a lender may use non-traditional credit references which do not report to the credit bureaus such as furniture rental, utility and cable etc. The use of non-traditional means takes a bit longer and your loan officer may have more difficulty placing the loan. If it does not work out where you are not being offered a loan, or a competitive interest rate, establish some traditional lines of credit. Get 3 credit cards, no matter how small the credit line availability and use no more than 10% of the available credit for use. In short, truly get to know how your credit is affected by inquiry, use etc. Look at xperia credit solutions or other sites for some tips on credit building. PS - Do not pay to have someone tell you how to build credit. There are ample amounts of information to help you understand how to positively build and affect your credit. All the best, Scott.

Jun 16th 2016
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William J Acres (William_Acres)
#1 ranked lender in Arizona - 8,044 contributions

Yes.. FHA has an alternative credit guideline that allows for non-traditional credit references.. rental payments, cell phone, utilities, car insurance, etc.. all these can be used as alternative credit references.. to find out if you would qualify, you should 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

Jun 17th 2016
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Jason Hutton (jason.hutton@nrlmortgage.com)
#133 ranked lender in Colorado - 8 contributions

Most lenders should be able to help you with this. there are a couple of programs out there that would still allow you to qualify for a loan. We have closed a few loans at my office based on you situation. If you have any questions or want to get started just email me at Jason.hutton@nrlmortgage.com. Good luck.

Jun 17th 2016
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