What would be the best way for my son to build his credit in order to qualify for a mortgage?
My son and his wife recently applied to buy a house and were turned down because he has not built up his credit. His wife has great credit. What would be the best way for him to build his credit?
Answers | 2
1) add him to his wife's accounts
2) have him open minor cards somewhere (department store / retail establishment) have him use the account and pay off the account as needed
There are some lenders that will allow a borrower to use what is called "alternative " credit (such as verification of rent payment / utility account payments etc.....) but this approach can be a challenge as compared to using "regular" credit history.
One other idea is that a relative could be a co-borrower for them (if needed)/
I hope this helps.
Thanks and all the best
While it may be tempting, I never recommend that anyone ever seek a cosigner or be one. Cosigning situations tend to end badly for everyone involved.