Home Equity Loan - No credit history, need home equity loan.?

No credit history, need home equity loan.?

I own my home free and clear - value at 150k, paid cash three years ago. I have no credit cards, no car loans, and have paid cash for everything for the past 15 years... therefore, I have NO credit - not bad, not good, just NONE reported. I tried to get a 30k home equity loan for personal needs, but was denied because of "no reported credit". I have an income of about 2500 per month (gross) and I have no debt. Do I have other options? I don't want to take a 1st mortgage out, please tell me that this isn't my only option. As a follow up - this is pretty time sensitive. Would love to have 30-60 days to establish credit. I just never believed that it would be a problem since I own my home.

Public Comments

A home equity loan and a mortgage are the same thing, so whats the difference? If you want to establish credit, open a credit card, buy something and then pay it off.
no cell phone, utilities, school loans either? Either get a cc and establish one there or get a phone or something. I guess it depends on how fast you need to get the money / establish a credit history. If you own your house outright and are the sole owner I would think you shouldnt have a problem borrowing against your house.
You can probably build credit pretty quick. Step one. Get a store card (Macy's) and charge something. Pay it off. Viola, you have a credit history. Get a credit card... pay it off! now you have a good credit history. Tada! If you are really in a jamb, I hate to say it, but go buy a car. There isn't a dealer in his right mind that would turn you down, then you have a credit history. Also, check out Clark Howard... he answers this question from time to time.
You have no debt, so you would have the 30K in 12 -15 months. Just save up.
your only hope is to go to a bank...They have the option to make "common sense" loans which are based on your collateral and ability to re-pay. Not many Mortgage companies will be able to help you....try many banks (perferrably one you have a realtionship with for a long period of time) You can generate a score by getting a couple of credit cards. You can find them at the link. You really need to do this .No credit is worse than Bad credit now a days http://www.creditcards.com/bad-credit.php?a_aid=1004&a_cid=1045&a_did=31352&CMP=KNC-GooglePaid&gclid=CKPLi_eV7ZMCFQ5kgQodn28QWQ
Hello, I am David earl. I am from Saudi Arabia but reside in Mexico. The subject you are talking about (loan) can barely be gotten from the internet, because it is certain that about 60% of those who claim to be private lenders are fraudulent and would want to rip you off your money and disappear. If I were you, I would start by checking my credit score to try getting a loan from the bank or something like that .I am telling you this because I do not want you or anybody else to be a victim of fraud. I have lost too much money in various ways to those I do not know in the internet. Most of the lenders in this forum are fraudulent. But Wait, if your credit score is so low that you cannot obtain a loan from the bank, try contacting this address: d_l_s@webname.com. The manager is a private loan lender He offered me a loan in 2004 when I needed a business capital which yielded me a lot of gain. I do not know if he still offers loan actually but try contacting him anyway, in regards to this loan, if he is no longer a private lender, I would advice you to try and obtain a loan from the bank or forget it because it’s almost certain that you will end up being scammed by these fraudulent people. Have a nice day.
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