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Technically you can still get loans and credit. It's just a lot harder and requires more underwriting and proof instead of having a single, handy Credit Score n
by Spellman 7y ago
Technically you can still get loans and credit. It's just a lot harder and requires more underwriting and proof instead of having a single, handy Credit Score number attached to you from various agencies.
- thedanbob 7y agoI wonder. When I bought my first house it was a very simple process because my finances were very simple. For the second, which I’m still in the process of finalizing, it’s been an absolute nightmare. Both my wife and I have credit scores above 800, but add just a few unusual financial elements to the mix and the underwriters start having aneurysms. Take away those nice shiny credit scores and I imagine many banks would flat out refuse to touch us.
- blackflame7000 7y ago> a few unusual financial elements to the mix Isn't this the definition of a red flag? All you are is a profile to them so any unusual activity is going to draw scrutiny whether it's warranted or not. They have to do due diligence.
- thedanbob 7y agoWhich is totally fair, I get that. It’s kind of my point: anything financially out of the ordinary, plus the massive (to them) red flag of no credit history, would be a very difficult obstacle to overcome in getting a loan.