Thin Credit?

As you have probably heard, the credit guidelines have continued to get tighter. As a result, a first time homebuyer is able to get a loan without a credit score. However, all other buyers must have at least one credit score. We teach clients with no scores to get a secured credit card. This helps to build your credit and get that much needed score. Call me and I can refer you to a company with good secure credit cards. ( one with reasonable fees)



When you get the credit card you should use it every month, but do not charge it up more than 30% of the credit limit. When the bill comes, pay the balance down to $10 immediately. Do this each month for six months for optimum scores. You can do two accounts like this. In fact you can do an installment loan in a secured manor as well.


Once you have credit scores we can move forward as long as your middle score is at the acceptable minimum standard. We will also require that you have at least three active trade lines with a 12 month history. If they do not exist, we will verify that the last 12 months of rent are paid on time. Rent needs to have been paid by check and we will require copies of the cancelled checks. Other trade lines can be utilities (phone, electric, gas, water), cell phone, car insurance, anything that is paid on a monthly basis and can be verified.


I hope this helps you understand what it is we need, how you can bring up your score or even get scores and what you can do to make it happen. Should you have any questions or need help with any of this, please feel free to contact me at my office at 615-777-4663, my cell phone at 615-481-5626 or via email at George.margrave@migonline.com . Don’t forget, this is for folks with no credit scores or limited credit.