In order to qualify for a mortgage loan, most banks require the purchaser to have TWO established lines of credit appearing on the buyers credit reports.
These two accounts must have a TWELVE month payment history with NO late payments exceeding 30 days late.
If a home buyer does not have established credit, it will be difficult to obtain mortgage financing. The solution to this problem is obtaining open credit and paying your required monthly payments on time. Secured Credit Cards are a way to establish TWO opened credit accounts as well as helping boost your credit scores.
SECURED CREDIT CARDS
MONITOR YOUR CREDIT