Mortgage co. needs 3 lines of credit, how do get a pymt history?
found our house thought everything was good to go. now the mortgage co needs 3 lines of credit on my husband, everything is in my name. except the car loan, cell phone, car insurance. I cant get them to give me a payment history stating it was paid on time. I can get when the accounts were open which was over 2 yrs ago. How do i get them to give me a history of my payment? And does the mortgage co. really need the pymt history or just the bills in his name. we are just about to give up, and we found a house and already put down the escrow money. had the "good faith" papers from the mortgage company...hope you can understand my Q...its just we are scared and frustrated...someone please help us. we are 1st time buyers...thanx so so much...
- Anonymous1 decade agoBest Answer
I am making the following assumptions: 1. You need your husbands income to qualify for the mortgage; and 2. The credit report does not show any credit for your husband (or not at least 3 credit lines). If you are not using your husband’s income, then they shouldn't be asking for that information.
Lenders make loans based on credit history. For most of us, that means the history contained in our credit reports. For those individuals that don't have credit that was reported to the credit bureaus, lenders will use what they call alternative documentation. that is, you have to produce at least three references that have granted you credit.
If the companies are not willing to give you that documentation, then you need to go through your records and produce bank statements, cancelled checks, receipts, etc. that can show that your husband is responsible and has a history of paying his bills on time.
As to your inability to get the info from the companies, if they are large, reputable companies you should be able to find someone through their customer service departments that will help you get that info. (If the car loan was from a bank or national finance company like GMAC, which should have been reported to the credit bureaus and then you should only have to come up with two more references.)
I am a Mortgage Broker in Illinois. If you would like to be more specific, email me at email@example.com and I will give you whatever advice I can.Source(s): Real Estate Broker, Mortgage Broker, CPA, State of Illinois
- Anonymous1 decade ago
Sound to me like the mortgage company is looking for an excuse to charge you higher interest because they will say he is a credit risk.
Look you are the one that they should be trying to please. I can understand they might want more documentation but if you have plenty of good credit then what do they want.
Can you buy the house in your name along? I would look around for other mortgage companies. If you are going through a real estate agent there should be lots of mortgage companies they can point out to you. Also, there are mortgage companies on line and you might try them. My friend got almost instant financing with an on line company when she bought her home.
- KarenLv 44 years ago
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I suggest you check around for another mortgage lender. I've never heard of a requirement for 3 lines of credit. You just need a sufficient score and clean report, along with a good debt to income ratio, salary, job history, etc. When you are referring to is piggybacking. FICO changed their score formula to prevent piggybacking. Being added as an authorized user to someone's credit card only counts in FICO scores for spouses and kids. If you have credit cards in your name in good standing, you could add him as an authorized user and the accounts would show up on his credit report. It might take up to 60 days before they show.
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- 1 decade ago
i'm a loan agent ,and if you want for fast resaults this is what needs to be done .first get someone you know that has good credit to just add your hasband to three of there credit cards and within 4 weeks all the credit history from those credit cards will appear on your husbands credit its wierd but it really works.
- ZRX1200Lv 41 decade ago
We just closed on our house (3rd in 6 years, wife likes to move) and the credit report that was given to us had the last 12 months of payment history on it.
You can get a free online copy of yours and your husband report from all 3 major reporting companies:
Federal Trade Commission
has a link to
The only thing you will not get is the actual credit score but it will give you at least the last 12 months.,
Good luck on your house....
- 1 decade ago
I am a Mortgage Consultant that has been doing this for over 6 yrs. There are some banks that help people who have not credit scores. There are many banks that help people in all situations. If you would like my help please contact me.
- 3 years ago
This is a very interesting question
- malissaLv 43 years ago
I think it depends
- 1 decade ago
Hello Sweet Pea -
It sounds as though you might be working with an inexperienced loan officer.
The loan officer before they can even qualifiy you for a loan, must run you and your husbands credit profile, and from that they will have the payment & credit history.
Depending on the lender, they can also take alternative trade lines if your husband does not have more traditional ones.
Being that your a first time home buyer, I've take the liberty to write everything I tell my first time home buyers.
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ABOUT YOUR CREDIT SCORE
Studies show that most Americans would rather see their dentist than have an appointment with a mortgage loan officer. The likely reason is that they are afraid of rejection - afraid of the big bad loan officer who will stamp a big red NO on their application. This is far from reality. Remember, Commissioned Mortgage Originators are in the business of saying YES. We've heard it all and seen it all and we are willing to help you, no matter what your situation is.
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b.) If your credit problem is in the past, is it likely to recur again?
c.) Is whatever it is that caused your credit problem gone, or is it still present today?
d.) How good is the probability that you will pay your bills faithfully every month from now on?
- Judgments - If you have a judgment against you that has not been satisfied, you will not be able to obtain a mortgage loan. To obtain a mortgage loan, the mortgage company will require title insurance. Title insurance cannot be applied against your loan if you have an outstanding judgment.
- FICO Score - Although lenders look at much more than just your 3 digit FICO (credit) score, you should try to keep your credit as clean as possible, because the higher the score, the better!
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As a First-Time Home Buyer, you are going to encounter a lot of new and unfamiliar terms. You should educate yourself on the meaning of these terms. To help you in this process, we would like to give you access to the 'Ultimate Glossary of Mortgage Terms'. To access this glossary, visit our website.
GETTING PRE-APPROVED IS THE SMARTEST MOVE YOU CAN MAKE
In many areas of the country, home sellers won't even speak with you unless they can confirm that you will qualify for the financing to purchase their home. In addition, you need to make sure you know how much you qualify for so you can avoid wasting time and effort inquiring about homes that are priced above what the lender determines you can afford. Get pre-qualified. It's fast, easy and best of all AT NO COST!
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P.P.S - Don't forget that we are in the business of saying YES. We can't wait to shake your hand and tell you 'Congratulations, You're Approved!'Source(s): Darren Meade is a Local and National Real Estate Expert. He has created two FREE websites to help educate the public on buying; selling or refinancing a home. http://www.freemortgageinformationsoutherncaliforn... http://www.freerealestatesecretssoutherncalifornia...