Let’s Get This Credit Score Started

I tried to get a conventional 80/20 fixed rate 30 yr. term  and they said they ran my credit and I have NO CREDIT SCORE! 

I do have a small (under $500) collection and maybe a small hospital bill or two. 

I cant get credit because I dont have a credit score? 

what should i do to get a credit score?

Frank

———————

Hello Frank,

Secured credit cards are a great way to start building a credit history. 

To generate a credit score under Classic FICO (the version mortgage companies use), you will need one tradeline with a six-month history – so, it is true that you will have no score, but that doesn’t mean that you can’t obtain a mortgage loan. 

If you have been paying rent and utlities for the past twelve months or more then alternative tradelines may also qualify you for an FHA mortgage loan to purchase your own home.

Also, Frank, there is a great deal written on this site regarding collections.

Thanks for the questions and I sent you contact info for a loan officer that can help you with an FHA loan.  Check your email!

Paul