Limited or no credit

Some borrowers have limited or no credit listed on their credit report. This can effect the ability of a borrower to have a credit score and a borrowers ability to obtain financing for a mortgage. Some lenders offer programs for these borrowers with limited or no credit. These lenders will allow the usage of a letter from rental companies, utility providers, cell phone providers, and many other types of debt to demonstrate a good payment history. Consult a mortgage professional for more information.

Another way to gain credit is through a secured credit card. This is a credit card that is issued to you based on a deposit you put down.

When you have limited or no credit one of the easiest ways to establish credit is to have a family member add you onto a credit card so that you can start to gain a credit history based on their good credit. Make sure that the credit card provider reports an authorized user to the credit company before doing this.