Credit score affecting loans.

[Adi Habib]

18 year old here, I was wondering how much would a credit score affect a mortgage, if I do not have one. I would have the money for a down payment on a property, and extra money after that. Would I able to get a mortgage without a credit score? I don’t believe I would as I am so young with know borrowing “experience”. Please let me know. Thank You.

[Steve Hall]

@Adi HabibLife is about more than your FICO score. Do you have a good job? How long have you been employed? What is your DTI ratio? Will anyone co-sign for you?

First thing I suggest you do (today) is get a secured credit card. Make sure there are no fees. Don't worry about the interest rate. Charge it only to about 50% of capacity before paying it off completely. (You can charge it up to 50% as many times as you want - just always pay it off when it gets that full.) Do this for 6 months and then request your security back. Soon you will get credit card applications. Open 2 or 3 credit cards and ALWAYS pay off the balance every month, and never be late. In one year you will have a better credit score than most Americans.

I admire your ambition....