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thisledome1 · Sep 3, 2008, 03:41 AM

My Grandson and his girlfriend have just tried to get a mortgage and have been refused because they have no credit rating .
Can anyone tell me how to start to get credit rating .

Fr_Chuck · Sep 3, 2008, 05:59 AM

They have a credit rating, it is just bad most likely.

Ok, first you get or buy some little items on credit and pay for them. Next you get one or two credit cards and buy a few things each month but always pay them off completely at the end of the month.

Now on buying a house, many lenders will also look at how long they have held their jobs, and how much they make compared to all of their debts. Also it is easier to get a loan if you have a larger down payment like 15 to 20 percent so saving money for a down payment is a must

thisledome1 · Sep 3, 2008, 08:00 AM

Hi Fr-Chuck.
I thought that would be the answer they have,nt got a bad rating it is that they are just 19 years of age and never bought anything on credit before ,they do have some money saved and myself and my husband would also help them out a little so that they could put a deposit down ,my grandson went to college after leaving school and worked part time in a supermarket he did 2 years couldn't get a job that he had trained for so went full time at the supermarket as a trainee butcher so he has worked there for about 4 years in all his girlfriend has just got a position at the nat west bank .

Thanks very much for taking the time to answer my question .

ScottGem · Sep 3, 2008, 08:37 AM

If one is refused a mortgage because of a lack of credit history, try other lenders. Another way to mitigate the credit history is use of a larger down payment. Or maybe they need to look at less house.

ballengerb1 · Sep 3, 2008, 08:43 AM

Scott and Fr_Chuck gave you perfect advice. When we got married we had no credit score at all coming out of college. We bought a bedroom set from a department store on their credit. Paid it off in the next 30 days and used that history to get a credit card. Each credit card they get raises their credit limits available to them. If you follow the advice given they should have no problems if they have secure jobs.