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SVTPerformance's Chain of Restaurants
Road Side Pub
N/A credit score.
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<blockquote data-quote="Torch10th" data-source="post: 15492149" data-attributes="member: 15703"><p>That's a good way to be. A lot of people, me included have gotten in trouble with credit utilization. The problem you're finding out is that now you don't have any paper trail or proof that you're a good candidate to loan money to, now that you need it.</p><p></p><p>It's kind of like knowledge in this day and age. You can gain a lot of knowledge and talent on your own, but many employers want to see that piece of paper that says you got your knowledge from an accredited source. It's proof of accomplishment.</p><p></p><p>We can debate the merits and the ethics behind that until the cows come home, but the fact is that the world we currently live in wants that burden of proof. It's stupid I agree, but see where not playing that game has put you?</p><p></p><p>You're in a situation now where you want to purchase a home but have zero credit. You can't build credit overnight, so that leaves you just two basic options.</p><p></p><p>1. Find a bank that will underwrite your circumstances manually. You're likely going to pay extra for this and may see a higher interest rate offered as a result. </p><p>2. Put your wife solely on the property and attempt to use your income to show supplemental funds for her. That's always some tricky business there and while it may help, going this route will probably result in your buying power being reduced only to what your wife takes home herself, reducing the amount of home you can "afford."</p><p></p><p>This is a specific reason why going the route of never utilizing a CC or any type of other credit can have very negative consequences. Like I said, you don't have to spend a dime in interest to get a good credit score, but man even if you had a crap score below 600, you'd at least be able to co-sign with your wife and show your income easily.</p></blockquote><p></p>
[QUOTE="Torch10th, post: 15492149, member: 15703"] That's a good way to be. A lot of people, me included have gotten in trouble with credit utilization. The problem you're finding out is that now you don't have any paper trail or proof that you're a good candidate to loan money to, now that you need it. It's kind of like knowledge in this day and age. You can gain a lot of knowledge and talent on your own, but many employers want to see that piece of paper that says you got your knowledge from an accredited source. It's proof of accomplishment. We can debate the merits and the ethics behind that until the cows come home, but the fact is that the world we currently live in wants that burden of proof. It's stupid I agree, but see where not playing that game has put you? You're in a situation now where you want to purchase a home but have zero credit. You can't build credit overnight, so that leaves you just two basic options. 1. Find a bank that will underwrite your circumstances manually. You're likely going to pay extra for this and may see a higher interest rate offered as a result. 2. Put your wife solely on the property and attempt to use your income to show supplemental funds for her. That's always some tricky business there and while it may help, going this route will probably result in your buying power being reduced only to what your wife takes home herself, reducing the amount of home you can "afford." This is a specific reason why going the route of never utilizing a CC or any type of other credit can have very negative consequences. Like I said, you don't have to spend a dime in interest to get a good credit score, but man even if you had a crap score below 600, you'd at least be able to co-sign with your wife and show your income easily. [/QUOTE]
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SVTPerformance's Chain of Restaurants
Road Side Pub
N/A credit score.
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