Thanks everybody for advise on my AU question. But now I have a new one. Iâ??m 31 and have rented for over ten years, so I have no house credit, limited credit lines on my current credit cards and a low FICO score 594. My question is just how important is having a mortgage on your credit report?
I think it's important as an open account, but even more important as evidence that you own a house. Creditors figure that if you get in trouble, you can always get a home equity loan or sell the house. Failing that, you will at least find it harder to move away and avoid collections and lawsuits. So it's definitely important.
hatâ??s what I thought. I was an Asst F&I Manager for a car dealer in a few years ago, saw a lot of approvals but saw a ton of declines also. I was the person who called the lenders and pleaded the cases for those declines. I usually started by tell them to get out their box of tissues and come on and listen to a story about a man who couldnâ??t pay attention. 50% of these declines were people who just purchased a home and when I told them they were declined for their Jeep Grand Cherokee they would tell me â??but I just bought a $150,000 plus houseâ?. My standard line was â??you canâ??t hide a house, you canâ??t take a house across state linesâ? so of course it is easier to get a house then a car. Is this still the case?