David Saks: Real Estate Practice : Lesson 3699

David Saks - Real Estate Broker - The Real Estate Mart of Tennessee, Inc. - 4040 North Watkins-Suite #4 - Memphis, Tennessee 38127 - Phone (901) 357-4663

Real Estate Practice : Lesson 3699

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Applying for, being approved for and responsibly meeting your debt obligations are the earmarks of integrity when it comes to the privilege of having credit.

The lender wants to see, in the bureau reports, in the requests for information about your accounts, how you manage money.

If there are no records demonstrating how you manage money then it stands to reason that the lender has no frame of reference to go by which will serve as an indication of your creditworthiness, and will deny your loan requests when it comes to the big ticket items, such as an automobile or a home.

Lenders are going to review the kinds of loans you've taken out over the years and the way you pay them back. If there's no history demonstrating your experience with a creditor it's going to get rough.  

Excellent and poor credit profiles show that there are many different types of debt in them, and also show the lender how you deal with these different types of debt, i.e., mortgages, revolving lines of credit at the department store or your regular credit cards for everyday purchases, including gas cards, student loans and automobile payments.

Having a good credit history is a must when applying for a home loan.

What are your thoughts?




David Saks



Time&Temp Memphis

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Comment balloon 2 commentsDavid Saks • September 22 2014 02:26AM

Comments

David, Your "Unsatisfactory Credit Experience" is a great example!  We have witnessed lenders frown on transactions where the buyer simply paid cash and they had no bad credit but also they had no established credit.  In those cases we had to work with the lender and the buyer to help establish alternative credit such as utility bills, cell phone bills and the alternative credit seems to be a bit more challenging after the shift in the economy but so far so good for us.

Posted by Sam Miller, Knox County Ohio Real Estate Specialist (RE/MAX Stars Realty) over 5 years ago

Lenders don't want to accept or deal with the possibility laundered proceeds in a cash deal, Sam, and the credit history establishes the degree of integrity and ability of the borrower to ante up the bill. Thanks

Posted by David Saks ((retired)) over 5 years ago

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