how can i get a mortgage when I don’t use credit cards. I have NO debt.?
I bought my first house, 5 years ago. paid every mortgage payment on TIME, never missed a payment. I bought a car and paid that off in 3 years. I sold my house last year at a profit paid off my mortgage in full and all outstanding debts, including a student loan. Now when I apply for a mortgage, every bank is turning me down. As I do not use credit cards, as part of my spiritual practice of not debting , not incurring new unsecured debt – one day at at time, i have NO credit score. Is there any way to get a secured loan mortgage. I have enough cash saved up ($ 4,000) to put 5% down on a 80,000 house. I have rented a house for past 12 months paying $ 660 per month. I pay ALL my bills on time, utilities, cell phone, etc. This feels insane, because I do not spend beyond my means, i can’t get a mortgage. Any suggestions. I;m looking into getting a SECURED credit card through my bank – but have been advised that it will take minimum of 6 months to a year to 1 year build up a credit history that way. I am retired on disability and have steady income from Social Security of $ 1290 per month NET.