Qualifying for a Traditional Mortgage Without a Traditional Credit Score | Ep. 344
In This Article
Navigating the world of credit scores and mortgages can often feel like walking a tightrope. For many, securing a mortgage without a stellar FICO score seems an insurmountable challenge. However, in this episode of Money Talk With Tiff, financial coach Tiffany Grant chats with Steve Stewart, who shares how he successfully obtained a traditional mortgage without the requirement of a traditional credit score. Letโs delve deeper into how this was accomplished, the tools used, and what steps you can take to follow a similar pathway.
Understanding Traditional Mortgages
When we talk about a traditional mortgage, it specifically refers to loan products based on the borrowerโs credit score, often a FICO score in the United States. Traditional credit scores are derived from various debt products such as:
- Credit cards
- Car loans
- Student loans
- Mortgages
The FICO score is calculated using five main components:
- Payment History (35%)
- Amounts Owed (30%)
- Length of Credit History (15%)
- New Credit (10%)
- Credit Mix (10%)

These factors collectively give a snapshot of the borrowerโs creditworthiness. Typically, higher scores suggest a higher likelihood of repaying borrowed money, making it easier to obtain a mortgage. But what if you donโt have a traditional credit score?
Steve Stewartโs Journey
As a longstanding advocate for a debt-free lifestyle, Steve Stewartโs aversion to debt meant he didnโt have the traditional array of payment histories that most lenders look for. Despite this, Steve and his wife managed to secure a significant mortgage. Hereโs how:
Living Debt-Free
In 2007, Steve cut up his credit cards and by 2008, had zero consumer debt. His remaining mortgage was paid off by 2015, and by 2017, he had no credit score at all. Living debt-free for such an extended period meant there were no debts for the credit agencies to track, leading to a zero credit score.

Using Technology to Build Credit
Steve leveraged tools like eCredable and Experian Boost to build a non-traditional credit profile:
- eCredable: This service reports non-traditional payment histories like utility bills and cell phone payments to TransUnion, one of the three major credit bureaus in the U.S.
- Experian Boost: Similarly, this free tool scans your bank accounts for recurring bill payments (like utilities and subscriptions) and reports them to Experian.
By using these tools, Steve was able to establish a credit history based on consistent payment of essential bills rather than traditional debt repayments.
Practical Tips for Building Non-Traditional Credit
If you're looking to follow Steveโs lead, here are some actionable steps:
1. Utilize eCredable
By signing up for eCredable, you can start building a credit profile based on regular bill payments. Make sure to link as many utility bills as possible and consistently pay them on time.
2. Sign Up for Experian Boost
Experian Boost is a free tool that links to your bank account, reading your regular payments and adding them to your credit report.
3. Focus on Consistency
Timely payments are crucial. Automate your bill payments to avoid late fees and demonstrate consistent financial responsibility.
4. Keep an Eye on Other Reporting Tools
Research and keep tabs on other tools that might report to Equifax or other credit bureaus not covered by eCredable or Boost.

Pitfalls to Avoid
While these tools are robust, they are not without limitations:
- Accessibility: Not all lenders may recognize or give full weight to non-traditional credit histories.
- Data Security: Linking your bank accounts to third-party tools entails a degree of vulnerability.
Conclusion
Steve Stewartโs story offers an enlightening example of how to navigate the credit system differently โ proving that it is not only possible to secure a substantial mortgage without traditional credit scores but also practical with the proper tools and consistent financial habits. By leveraging services like eCredable and Experian Boost, you can build a credit history that demonstrates your reliability and helps you achieve significant financial goals, all while aligning with a debt-free lifestyle.
As Tiffany Grant pointed out, the traditional focus on credit scores can often be a distraction. By shifting our perspective and utilizing the resources discussed, we can redefine our approach to credit, borrowing, and financial independence.
For more insights and to follow stories like Steveโs, tune in to Money Talk With Tiff and stay informed on innovative ways to manage your finances effectively.
FAQs: Securing a Mortgage Without a Traditional Credit Score
What is a traditional credit score?
A traditional credit score, such as a FICO score, is a numerical representation of a person's creditworthiness, derived mainly from repayment histories on various debt products.
Can I get a mortgage without a credit score?
Yes, it is possible through manual underwriting or by building a non-traditional credit history using tools like eCredable and Experian Boost.
What is eCredable?
eCredable is a service that reports utility, cell phone, and other regular payments to credit bureaus, thus helping you build a non-traditional credit history.
What is Experian Boost?
Experian Boost is a free tool that scans your bank account for recurring bill payments and reports them to Experian, helping to improve your credit score.
Are there risks involved in using these credit-building tools?
While they offer a unique way to build a credit profile, linking personal bank accounts to third-party services does come with risks related to data security.
About Our Guest
Steve Stewart is the Podcast Editor for some of the biggest indie personal finance podcasts like the Stacking Benjamins Show, Afford Anything, and the MilMo Show.
He also created the Podcast Editors Club, now with over 9,000 members, and co-founded the Podcast Editor Academy – which helps individuals build their own podcast services business.
If youโre looking for help with your podcast, Steve is there to support!
Follow Steve Stewart
- Website: SteveStewart.Me
- Social Media: @SteveStewartMe on all platforms