No Credit At All
What type of score would a lender give if you have paid cash for everything and have no credit history at all? I was told that there is a coulpe of lenders that auto. would give you a 680?[ Edited by BigCity412 on Date 12/04/2004 ]
Lenders do not give you a score they just report your activity.
You should get a few lines of credit going and get some history. This is your first step.
BigCity-
would the "person" without any credit be the LLC you considered creating in another thread or have you found a third partner?
No this is for a good friend he has no credit at all he pays cash for everything. I told him he needs to use credit at least once. He said he was told when he does use credit he will be given a score of 680. I have never heard this before annd then again I have never heard of someone no using any type of credit at all.
no credit shows up as a 0 on the report.
I'm in the same boat..I lived as an expat since 1997, I returned in 04,Paid cash for my house,car,furnishings,etc. After having a few negative items deleted, I still have no score. I'm having a terrible time trying to buy an income property (24 unit) based on its records. I decided to look for partners/investors @ 60/40 Because financing this deal is impossible-Any suggestions??
There are programs out there that will let you buy a primary residence with no score with non-conforming credit (auto insurance, cell phone, etc) as long as you have a 12 month history with each one you will be required to have 4 one being rental history. Ask a broker about a emerging solutions or emerging markets