How can a no credit finance angel be considered bad?
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Written on: 02.11.2009 [16:55]
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White
White
Topic creator
Posts: 0
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I have no credit, finance myself from a reasonable salary and always pay bills on time. When I went to the bank to enquire about a mortgage I was told my credit score isn't 'the best' – why not? |
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Written on: 06.11.2009 [16:42]
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Martha
Martha
Posts: 2
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This may seem unfair to you, especially if you made a conscious decision to be 'credit free' until absolutely necessary, but you can do yourself a disservice by NOT having any kind of credit. The problem is this: if you have a credit card, make the payments, default on a couple but basically keep yourself out of trouble, your credit record reflects this and potential lenders know what kind of debtor you are. If you have never had any kind of credit before, you are an unknown quantity for them and could turn out to be a terrible debtor who consistently fails to make payments! Having said this I would imagine that your credit score isn't 'bad' if what you say is true. I'm sure you'll still be able to get a mortgage! Did you ask your mortgage advisor for more information? |
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