48,000 per year and NO CREDIT. Can i get a Mortgage Loan ? - Posted by No credit

Posted by JohnE on June 03, 2000 at 01:15:08:

click on Financial, it’s on the left side. Look for Kenneth R. Harney. click on recent works.

click on “A Lender Bends Over Backward for Borrowers”. May 20th

The number for B of A is 1-800-642-2244

48,000 per year and NO CREDIT. Can i get a Mortgage Loan ? - Posted by No credit

Posted by No credit on June 02, 2000 at 17:13:53:

Hi,
I have no credit at all.
i get turned down on all credit cards because i have no credit at all.
Will someone appove me for a mortgage ?
Why is it so hard for them to believe that a 27 year old man chose not to run up reckless credit card bills in his youth ? Seems everybody says i don’t have any credit so they refuse to extend me some. I want to get a home. What can i do ?

Building credit vs a mortgage - Posted by Bud Branstetter

Posted by Bud Branstetter on June 03, 2000 at 23:23:32:

Everybody is not the ones you should be talking to. Being from Texas there are many working class families that pay cash for most things. They hurt themselves because of that. There are books and articles out there to give you ideas on building credit. The cascading loans are just one example. Another is a secured credit card. Buy some food and pay at the pump for several months. Then you will have credit. You can also get utility companies or cell phone companies to report your prompt payments.

Re: The place to begin is now - Posted by Lori Samson

Posted by Lori Samson on June 03, 2000 at 24:16:41:

I also was…well…over 35 and had no credit. We had lost our 3rd child to a terminal disease and had to file BK. We lost a second child 10 years later and found ourselves with no credit at all! The stayed on our credit for 10 years before it dropped off. We then were left with no credit and couldn’t even get a Sears card. I got into real estate and knew I had to create some credit. I used a technique called a round robin (learned from one of the visiting Guru’s). I put 1000 in bank A and put it in a savings. I went back a few weeks later and borrowed 1000 securing it with the savings. I then took it to bank B and put the 1000 borrowed from bank A into a savings. I went back a week later and borrowed 1000 secured with the savings. Do this drill with three banks and then when you have the 1000 in your hand again you go back to the first bank (Bank A) and pay off the first loan. When your secured savings money is released you can withdraw it and go pay off Bank B… so on and so on, etc.etc. etc.! ( don’t you just love The King and I?)You can build credit in as little as 90 days and have 3 bank loans showing on your credit report! Lori

“Excuse Me” What’s wrong with this picture? - Posted by Louie P

Posted by Louie P on June 02, 2000 at 19:59:04:

Why would you want to go through a lending institute to buy a house! Didn’t your course material sink into that 27 year old seive head of yours?

Lord please!!! Read your material.

Buy you books and send you to school and what do you do?? (You eat the teacher!!)

Re: 48,000 per year and NO CREDIT. Can i get a Mortgage Loan ? - Posted by Finley

Posted by Finley on June 02, 2000 at 18:16:11:

Check with Bank America. I remember reading they have a program for buyers with no credit.