Ask HN: How can a college student build credit?

Re:Ask HN: How can a college student build credit? by netskrill on Monday June 30, 2014 @12:11PM (#7965801)

> There are ways to get mortgages if you want one even if you don't have a credit history.

I've never heard of this. Even if its possible, You will most likely pay a huge premium, if you want a lender to not use FICO scores to determine how risky of a client they're about to lend money to.

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Re:Ask HN: How can a college student build credit? by joelmbell on Monday June 30, 2014 @01:26PM (#7966277)

Wow, I guess my last post was unpopular here. Look into "Manual Underwriting" its definitely possible to get a mortgage without a FICO store.

My problem withe the FICO score is that it is not an indicator of financial stability. Its entirely based off of debt. If someone wants to live debt free, which most would argue is a great position to be in financially, you're actually punished by FICO. The system is broken, and everyones obsession with the FICO score just feeds that broken system.

If more people did things like Manual Underwriting, and tried to live debt free I think it would drastically help the entire system.

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Re:Ask HN: How can a college student build credit? by phaemon on Monday June 30, 2014 @12:40PM (#7965997)

You'd think that someone who had regularly saved large chunks of their pay for years, and never got in any debt, would be a pretty safe person to give a mortgage to! Perhaps there's a gap in the market there. Or perhaps there aren't enough people like that to make it worthwhile? :)

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