Hi All
Apologies if this is the wrong forum. I have been in the U.S for 3 years, married & greencard and am looking to buy a house here. Problem is that I have applied for credit a few times (the last a few weeks ago) and I am consistently refused for having no or limited credit.
I am the breadwinner and my wife’s credit isn’t fantastic but we do have 20% to put down.
Based on my poor credit/immigration status, can anyone recommend suitable/sympathetic lenders or has been through this and been penalized etc
Thanks in advance
You don't say where you reside.
Have you tried your regular bank/credit union.
Most do mortgages and they should be able to tell you if they will lend to you and at what rate before you plonk down any money.
Try a mortgage broker, that way you can get multiple offers from lenders all at once and they should be able to help you get the best rate for your situation.
Being refused for credit cards over and over is not good for your credit rating either.
Getting a small loan and paying it off quickly but over time from your bank will start to build credit.
The old standby is always to get a secured credit card.
You give them $500 which they keep in an account and you use the card upp to that limit but still paying it off. After a lenght of time they will raise the limit and at some point give you your $500 back.
Weird. I was here a little over 3 years before we got our mortgage and my credit was golden. I don't think I did anything special, just had a couple fo apartments, paid bills on time and that's about it.
I had a nightmare getting credit (outside iof a mortgage).....even now having been here 5 years, and spent over $250K on a secured card, I still cannot get an unsecured credit card...
Mortgage however was easy...........but I did it as soon as i get over here and only on a visa - got a couple of references from the UK banks I used and got an FHA loan........
Hi,
You can use what they call, "non-traditional" credit to prove your credit worthiness. Items such as proof of rent payments for 2 years, mobile phone bills etc.
Did you own a property previously? As proof of paying a mortgage, in any country can be used via an international credit file.
With 20% down, lenders are more interested in you than your credit file, so I would find a good mortgage broker and explain your situation to him/her. They should be able to find something for you, or suggest ways of improving your credit.
Hope that helps,
Michelle
I got a couple of store cards (Best Buy, Sears) to start my credit off. Initially the limit was $500 or so and I just used them to pay with credit, they paid them off straightaway. That must have done the trick. I think cell phones are a good way to get started too since they always seem to you your credit when you start an account.
I bought a car and presented a couple of years worth of British credit card statements to get approved for the credit. Also got a credit card from my credit union (with a low credit limit) and used that responsibly.
After that, getting credit was easy although I've let a lot of my accounts go dormant or closed them by request, after paying off the balances in full.