I'm Struggling To Get A Mortgage With No Credit History

I'm Struggling To Get A Mortgage With No Credit History

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[Macarthurmaintenance]

Of course Dave will never tell you this, but just get a credit card, put your groceries on it for a few months, pay it off in full each month, get the mortgage, and then cancel the card. If you’re looking for the quickest path, there it is.

[chuckanderson]

In previous videos Dave has made it sound really easy to get a mortgage with no credit. Reality is now a days you really need a credit score, unless u got cash to buy a house.

[scoobydoo]

I clicked on this video just to read the comments.

[Soljarag]

I had to buy my first house with a 0 credit score.... It was an absolute nightmare...(I even had a big down payment). When I sold it, and bought my 2nd house it was soooo much

[OscarMartinez]

Credit cards are amazing for building up credit the only ones who say otherwise that they're bad are those who can't control their spending habits smh 😐

[InvestingHustler]

And this is exactly why I don’t think having credit card or building credit is a bad thing. Dave seems to hate credit cards 🤔

[jvolstad]

Is there a problem with having a good credit score? Just don't carry a balance beyond the end of the billing period. That means you will not be paying any interest.

[tkordik]

00:40 - “Usually you have to pay your landlord early or on time for two years, have a strong downpayment and be steady on your job for two years, and then with no credit score, you can get the same mortgage you can get with a credit score.” WRONG. I have posted a number of times on Dave’s videos about this issue. This is just not true. All things being equal (downpayment amount, . Rental history, job history, etc) you CANNOT get the SAME mortgage as a person who has a high credit score compared to your zero score. Your interest rate WILL BE HIGHER. You will get the mortgage, but you will NOT get the same rate that a high FICO score will earn you (all other things being equal). How do I know? I went through the process last year for my mortgage with Churchill (who promptly sold the mortgage to Wells Fargo) and found out only too late that the above is true. Somebody please prove me wrong?

[BrianVelez]

Define expensive rental? I’m living a very small apartment (450 sq feet) for $825 a month in Fort Lauderdale

[AARONKAYE]

He reminds me of me. It sucks but he needs to get credit, at least for this, and then get himself debt free again.

[minutemansmonitor]

Step 1: Move out of Seattle
Step 2: Save a whole bunch of money just from that
Step 3: Profit!

[elik]

So let me get this straight. This dude is in Seattle, where rent is very expensive. Let’s be very conservative and say his rent is $1000 a month. Dave’s advice is actually for him to spend $24, 000 over the next two years in order to build a rental history so that he can get a mortgage without a credit score, rather than opening a credit card, paying it off every month, paying zero interest, and being able to apply for a mortgage after 6 to 8 months. And this is sound financial advice? Dude, you’re costing this guy over $15, 000 in wasted rent money just because you can’t stand a credit card. This is nothing short of pigheaded.

[sarahlisa]

Caller: I'll be getting married in a couple of months and we'll be having a baby.
*Thirty seconds later:
Dave: Baby's on the way?
Called: ....No
Dave: Okay...?

[jeetpatel]

If the furnace breaks you as the home owner have to fix it if you rent then the landlord has to fix it. The part of owning a home blows my mind since it does not include maintenance costs like a broken Appliance which you will buy by putting yourself in debt.

you don’t own shit if you pay
property taxes. My phone is my property since there is no tax on me using it.

[richardm]

Don’t forget debit cards don’t offer the same protection as credit cards do . Use the credit card pay it off each month. Build your credit score. Other wise you won’t get a mortgage that easy!

[chrisdexter]

If you have to rent for two years and throw away money, how is this worth it? This kid sounds responsible, I am sure he could have responsibly built credit. Now he will just have to pay an extra two years on his house... "renting is cheaper than owning a house." Umm not in 90% of the country. Ask your landlord why he is paying more to own the house than you are paying him to rent it...

[SunRayBabyJ]

Dude get a credit card. This is too extreme.

[marcarrera]

This was very interesting not in the 0 credit score or the advice but the logic of the caller he couldnt see any other way to do things and was just eager to get a house and was about to do something as Dave would say stupid lol
This really made me reflect on myself and all the times I have done things without trying to see another way out. I will definitely be paying closer attention to my choices.

[koolkidangel]

So what if your landlord doesnt report to credit bureaus? Where i live its all private landlords. Half of them dont even run a check on anything as long as you pay on time. Then what do you do?

[Its_Josiah]

can i just rent from my parents and stay at home? if so how should i document that