Lender says rent is not an acceptable form of credit??

It depends on what type of loan your applying for.. if you looking for a mortgage, then yes.. rent is considered an acceptable from credit reference.. some lenders require you have 4 open active trade lines, others don't.. if you trying to get a loan through one of the Big 4 Banks, or a small local credit union, your not doing yourself any favors.. these types of lenders have a very small box the applicant must fit in.. if they don't, they are denied.. instead you should contact a LOCAL mortgage broker and apply with them. Do not use the local "Big" bank, or one of those 50 states internet lenders or nationwide lenders...By applying with your LOCAL Broker, you have an advantage because he's familiar with local customs and works with numerous lenders, seeking out the best loan terms for your particular scenario. Because he has lower overhead, he can offer you lower rates and lower fees than most of the larger lenders.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com

Hi Crista, I don't have a requirement for how many open accounts you have to have for a VA or FHA loan. There are other factors, of course, but I may be able to help you. I am not located in Hawaii, but we have experience closing mortgages there. I actually happen to be working on a loan for a client buying a vacation home on the North Shore of Kauai right now. If you need more information, or a competing rate quote call, email or use my live support button to discuss or get in touch with me. Web Address for live chat or quote is: http://www.loansfromrob.com/quote/ Email is robertlh66@verizon.net and direct phone is 240-752-7549. Good Luck -- Rob Hanson

William, you are absolutely correct, just because a bank or lender says THEY can't use something, doesn't mean that's the rule for all lenders, it just means they aren't able to.We traditionaly can use 2-3 lines of traditional credit (verified rent for 12 months included) as well as non-traditional credit, cell phone bills, car insurance etc.You should definitely reach out to a local lender. Feel free to contact myself or my teammate Chris Cano, 808-441-5738

Call one of the fine lenders on this forum who CAN use rent as a credit factor

Rent can be used as a source of credit reference, but be careful, if you pay rent to a private party versus an actual Property Mangement Company, your Lender may not be able to use it as a reference. I'd be happy to put my 4 decades of lending experience to work for you, please fel free to call me anytime toll free at 877-262-4050 with any other questions taht you may have. Mahalo!Kirk AndersonSr. Mortgage ConsultantBNC National BankNMLS #459105

Rent is usually a supplementary (also called "alternate") credit. Most lenders are ok with just two open, active, positive tradelines as long as they have been open for a year each and your other qualifications are acceptable. You may need to find a different lender.