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just denied pre-approval... whats next?

I am in the market to buy a new house. I have good amount of saving but not much credit history as the only loan I had taken was 7 years ago for my car. I recently applied to be preapproved but ING Direct denied me saying that I do not have any recent credit history and they didn't even look at my finances. (Just ran a credit check)Now my question is what should I do to get a loan for my new home and establish some credit history before applying for pre-approval again or should I just go for a house first?I have enough money saved to pay 40% down on the house I am looking for but I am not sure if I will get the best rate as I was just denied pre-approval.Any thoughts would be appreciated by pabandjaz from Costa Mesa, California. Oct 27th 2009 Reply


Joshua Crater (Rate1st.com)
#202 ranked lender in California - 47 contributions

Do you know what your credit score is? If it is below 580 it will be very difficult to find a decent interest rate at this time. If your score is above 580 then we have a program that will benefit you right away. Either way please give us a call at 1-877-826-5014 ask for Brock and we will be able to give you some FREE advice on how to proceed. Hope this helps, best of luck on the house hunt.

Oct 28th 2009
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Jonathan Rhode (jrhode)
#183 ranked lender in California - 130 contributions

The best chance for you is to go with a program that offers alternative credit guidelines So, that we can create the required tradelines for you. Feel free to contact me directly at 877-401-1389 xt 103Regards,Jonathan Rhode

Oct 28th 2009
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Joshua Crater (Rate1st.com)
#202 ranked lender in California - 47 contributions

I am familiar with ING Mortgage's portfolio products since they are one of the 52 home loan lenders we are approved with. They do have a "minimum trade-line" requirement, meaning they want 3 open and active accounts reporting to credit. If you have good scores, that would be good enough to go with some lenders with Conventional financing or maybe an FHA loan since those rates are equally very low. I can suggest ways of opening credit accounts, however, let's see if I can get you approved without the trade-lines first. A 40% down payment is a HUGE compensating factor the lenders will like. Brock Hicks 949-287-4058

Oct 28th 2009
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