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Repay History

Are there any lenders that go by repay history rather than credit score? by ColtPistols774 from Randolph, New Jersey. Jul 9th 2016 Reply


Scott Fix (ScottFix)
#1325 ranked lender in California - 184 contributions

There is not enough information to give you a direct answer, but I will cover a few things. If your credit score is poor, this is a reflection of derogatory information on your credit file (Poor repayment History). Though you may have had some hiccups in your payment history, a lender will typically want to see an extended period of time where consistency can be shown. Regardless, many will insist upon a credit score that meets their model. Too much of a risk for the lender, if your score does not meet their parameters. If this is the case, contact Matthew Mincks at http://www.xperiacredit.com/ He and his team can go through your credit file, for a (small month to month fee) to restore your credit score to an acceptable (lend worthy) score. The upside is a better score equals better rates. Be patient with the process. He will also help to educate you on how to properly build and maintain your score. Once you have a better score, find a reputable local loan professional and seek their advice and guidance for a good loan with great rates. All the best, Scott.

Jul 10th 2016
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William J Acres (William_Acres)
#2 ranked lender in Arizona - 7,797 contributions

More info needed.. but in general, ALL conforming loan programs must take into account your credit score (assuming you have scores) when determining a borrowers eligibility.. If you have no scores, then there is a way to use "alternative credit references".. but aside from that, if you have scores, they must meet the minimum eligibility requirements otherwise, you will be denied.. If you have low scores, but good repayment history, then this is usually the result of high credit card balances.. in which case, you can raise your scores by paying down the balances below 30%.. 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 11th 2016
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Correct William J Acres. I have no credit score. My two loans were paid off and on time, but after so many months of no open accounts, I no longer have any score. I have read about FHA's alternative credit and believe I understand it, but have yet to meet a lender that will use it. They all claim that it can only be used to help someone with a bad credit score. When I had my student loan, I was the co-signer. Same with the auto loan. Both said it would build credit history. But it didn't. All paid off and on time, but I don't have a score. I could get a letter from the landlord to verfiy rent has always been paid off and on time. Home is in West Virginia if that makes a difference.

Jul 16th 2016
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