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Congratulations on being one of the 45 million Americans who have chosen to live free from a FICO® Score. Living a debt-free lifestyle is a huge accomplishment and not an easy one. You deserve a pat on the back!
A lot of weight is put on a FICO® Score because it’s a quick way to provide insights into your credit history and determine the ratio of your credit card balance compared to your actual credit limits. In a traditional loan process, the credit report provides a fast risk assessment, but if you don’t have a credit score because you live a debt-free lifestyle you need to go through a non-traditional loan manual underwriting process.
Here’s the general loan process:
A manually underwritten loan requires more documentation and a little more time because additional credit documentation needs to be reviewed by an underwriter
There are many types of credit that can be used to develop a non-traditional credit history. If you don’t have a FICO® Score you need to provide at least 4 examples of documents with a history of consistent payments over a 12-month period. Don’t forget—there’s a big difference between no FICO® and low FICO®.
Here are some examples of non-traditional credit sources:
If your credit score is zero or if you just have questions about no-score loans, connect with us today!