Let’s be real: Rejection hurts. It’s particularly hard if you’re denied for a mortgage preapproval, which is one of the biggest hurdles in the home-buying process.
Mike and Brittany Delgado know the feeling all too well. In 2013, the couple tried to get a mortgage preapproval and were denied. Why? Mike’s credit report showed no history or FICO score. “This was a surprise to us,” says Brittany Delgado, adding that her husband had paid off old debts, but the couple had never taken steps to re-establish his credit.
“Our lender outlined exactly what we needed to do and told us to start small — finance some furniture or a laptop — and make payments on time to build the credit back up. She warned us it would take a while.”
The Delgados’ experience is…
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