No credit score

I was pre-qualified for a mortgage in October of 2009. In December I found a
bank owned house that I wanted to buy I but in an offer and was approved.
My lending company started all the paperwork to proceed with the purchase.
The beginging of January 2010 she told me she had to run a new credit report because
every month they change. When she pulled it this time all of my scores were
lower and equifax could not even give me a score because all of my information
was too old. I paid off my car in April and I do not use credit cards. I only have
a Jitterbug cell phone that I make monthly payments on. I have a 20% down
payment and my income is well over the amount to cover the monthly mortgage
payments. But, no one will finance me. My closing is supposed to be March 12, 2010.
Can anyone help me? Or should I just forget it?
Thanks,
Denitesttest

You've learned the very hard way that it does take credit to get credit. Consumers who are conservative and don't use much credit often find their credit scores are harmed by the lack of current credit references. I'll check with our mortgage expert, Randy Johnson, with regard to your options for getting a loan.

I wouldn't recommend you do anything new to your credit before you figure out your home buying strategy. But once that's behind you, I would strongly encourage you to start building at least a couple of positive credit references. You may need to start with a secured credit card, which requires you to place a deposit with the issuer. You can find secured cards at Credit.com, along with more helpful information for building your credit rating back up.

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