Another question

Discussion in 'Credit Talk' started by Desdemona, Mar 25, 2001.

  1. Desdemona

    Desdemona Well-Known Member

    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?
  2. Richguy

    Richguy Guest

    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.
  3. Desdemona

    Desdemona Well-Known Member

    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?

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