I own my house free & clear I want to borrow $50,000 I have no credit history...

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Paul

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...& bank denied loan? House is worth $400,000 I make $60,000 a yr. I was taught credit cards were bad so I paid cash. I'm learning people who had credit cards are considered better risks than me. What can I do to get loan? Credit reports show nothing negative
 
your problem probably is that you don't have enough credit history.

Credit cards are tools, they're bad if not used properly, but can be good as well, especially if one is trying to establish credit.

I'd start by getting yourself a credit card, and having it for a few months. Pay for some things with it but don't pay the full balance right away. Pay somewhere between the minimum payment and the full ballance that way you can actually accumulate some more credit history
 
Your going to have to build your credit up... And probably now it will be harder to borrow money since the economy is like it is. Can you put your house up as collateral??
 
If they need to repossess something then they would want your house.. but since you don't spend their fake money on a house, it would be harder for the banks to track down all the little things you would buy instead of one big thing when the economy collapses and you can't pay it back..

PS. getting a loan now is like committing suicide :)
 
I am.... in utter awe of the question. WOW. GOOD FOR YOU!
YOU, kind sir, are a RARE and WONDERFUL bird!! And I take my humble half-price bargain bin hat off to you!!

Shame on society for making wonderful, responsible folks like you seem odd. We should ALL be as responsible and credit worthy!! Perhaps you should try to get a smaller loan and one WITH collateral. I am sure anyone would take a kinder look at you under those more acceptable circumstances.

Unless you are pulling our leg. In which case, you almost got
me!! "APRIL FOOL!!" I get it!!! lol lol lol I am soooooooo stinkin' gullible!! Good one!! =high five=
 
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