High Risk Approval for having No Credit

[lifeisgood]

I have always paid cash for everything - my house is paid off and so are my 2 cars. My salary is decent and I own no credit cards - therefore I am not showing a credit history on any of the credit bureaus - but why am I given a high risk quote?

[Surety Wizard]

You are getting a High Risk quote because the Surety Company can not make an educated judgment on how you handle your personal finances. Unfortunately, cash is here today and gone tomorrow. The Surety Company needs to have a basis for making a assessment of risk and they use your personal credit information to make a determination of the risk involved.
With nothing to base the personal financial history on they place the client as a High Risk for them.

[grasshopper]

What if I was able to provide past years personal financial statements? Would they take these statements into consideration?

[Surety Wizard]

Unfortunately, I don't think providing your past years personal financials will help you very much. They are old statements and do not reflect your actual personal financials for current time. Many things happen financially in a year and the personal financials are changing daily. They are not going to be a good representation for a current bond quote.