Hi All...
I live in Cleveland, Ohio. My house has no mortgage and I only have one credit score from a car I bought and made no late payments for and my two utilities are never late either... I have worked at the same place for 17 years and I cannot get a loan using my house why is that and where can I get loan?
THANKS in advance
Welcome Beardbuster!
Which credit bureau is reporting the score?
You need to contact a good mortgage broker. Where in Ohio are you? I am in Cleveland. I can tell you there are programs out there that will use 1 score. I can not tell you if you can get a loan or not without looking at other things such as income, assets, and how high your score actually is.
The credit bureau is trans union…
I purchased a van then car to simply establish credit and it looks like I need more… I only have two bills I pay monthly which are cleveland public power and dominion east ohio gas…
How high was your 1 score with trans union?
I have no idea what the score was… I have tried to get a loan through preferred mortgage and they had told me I had only one score…
Seems that since I live in Cleveland and that is where the house is I was told it would be very hard to get a loan period because of some law called the Jane Cambell Law??
Well some of it can be blamed on Jane and previous Mayor(s) It is a Section 32/predatory lending issue. Several Major Banks will not lend in Cleveland. What is the value of your property/how much are you trying to get out??
I have tried to get a loan through preferred mortgage and they had told me I had only one score...
As Shaun mentioned there are Lenders that will do a mortgage, depending on the parameters, with one score.
How long ago did you pay off the home?
The number of lenders that will do it in Cleveland is a lot less than the number of lenders that would do it anywhere else in Ohio. I guess first things first, you need to find out what the credit score is and what you are trying to accomplish. Then someone on the board here can better assist you.
My home is valued between 55-60K more once I get a loan and do some repairs then up to 70K easy…
The home has been paid off since 1988 hell I paid cash then… My major mistake is never needing/using credit I guess… I am looking to get 25K… I have been seperated/divorced for 4 years and need to pay off debts, home repair and build 3 rooms in my brothers house to move in there with him then rent my home for additional income…
a bit of advise would be to open some type of credit to start building a credit score on all 3 agencys. I know this may not help you right now, but 10 years from now you will be glad you did. When I was first starting out I did not have any credit. I got a signature loan from a bank and used the money to pay the loan back every month. after a year pay the loan off complety and you have a year worth of good credit history and a loan paied off with very low costs. Just pay a large portion of the loan back in the first few months so that your intrest stays low
Some more advice would be to open up some credit card card accounts. They’ll usually do it pretty quickly over the phone. There are some cards out there that will pay you back 1% and if you pay off the whole amount every month, it doesn’t really cost you anything and you make a little money on top of it too.
Sound advice all…
I have started that process too but will not do anything till I have secured a loan or not…