Have one year to build credit and don't know what we're doing

For just about anything you want to get off your chest about credit cards.
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JamesMS
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Postby JamesMS » Tue Apr 21, 2015 7:51 am

Vermonster wrote:I really think mrsjperez really needs to invest some money in someone that can sit down face to face and go over every little detail and answer every question. Forums are a great way to get general information, but there area a lot of specific details that many of us can not answer with 100% certainty.


I agree. While some of us on here know how to answer some questions, there are a lot of factors that go into getting approved for a mortgage, every case is different and based on the individual(s). At least, mrsjperez needs to go visit a second bank to get a second perspective on their case.
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JamesMS
Centurion Member
Centurion Member
 
Posts: 151
Joined: Mon Apr 13, 2015 6:17 pm
Location: Fort Worth, TX

Postby JamesMS » Tue Apr 21, 2015 7:53 am

2cents wrote:Alternative credit may be referring to a co-signer


I know what she is talking about now.

"Alternative credit is an option available for borrowers with little or no credit history. Alternative credit usually is in the form of a letter from the company that holds an account that does not normally report to credit bureaus.

Examples of accounts that may qualify as alternative credit are are cellphone accounts, cable TV accounts, car insurance and even cancelled rent checks all can be used as alternative credit. However they all need to be paid on time in the last 12-24 months.

You may also here mortgage professionals refer to alternative credit such as cell phones and cable TV as Alt trade lines. This is an excellent way for someone with very little established good credit to prove their credit worthiness to a lender. It's all about building a case for yourself to the lender. Knowing how to package your information to the lender is a better portion of the mortgage broker's job."
Main Cards:
Amex BCE
Amex Everyday
Bank of America Cash Rewards
Chase Freedom
Capital One Quicksilver
Citi Thank You Preferred

Spark Cash Back (Business), Amex Plum (Business)



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