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Loan denied because I don't have open credit accounts?

by j_briggs79776 from Wykoff, Minnesota. Jul 8th 2016 Reply


Scott Fix (ScottFix)
#1330 ranked lender in California - 184 contributions

You would think that if you have good credit without much if any debt, you would surely qualify for a loan, right? Well, unfortunately, credit history as well as length of open accounts carries quite a bit of weight in the lending world. The open accounts show consistent credit behavior as well as payment. Contact Matthew Mincks at http://www.xperiacredit.com/ He can advise you on how to most quickly get your credit in shape for a loan. He will cover the 3-3-3 concept of credit. Good Stuff! All the very best, Scott.

Jul 8th 2016
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William J Acres (William_Acres)
#1 ranked lender in Arizona - 8,055 contributions

Try contacting a mortgage broker vs. the local bank or credit union.. FHA allows for alternative credit references for manual underwrite's.. however, most lenders wont mess with these tricky loans.. but the broker will.. For limited credit borrowers, we can use your payment history for utilities, cell phone, car insurance, health or life insurance, rent, even storage lockers.. any of these can be used as a credit reference for qualifying purposes.. the trick is finding the mortgage broker with a relationship with a lender who allows for alternative credit.. The best advice I can give you is to 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

Jul 8th 2016
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