12-06-2013 07:03 AM
My fiance and i bought our home this year with a bit of difficulty due to no credit history. Since then we have both opened 1 credit card each in hopes of upping our credit scores. Mine is currently around 715 and his is about the same. I had recently applied for a secondary card simply due to the holidays, but it was decliend with the reasoning of not having enough history.
I am hoping to also purchase a new car after the first of the year, but i am hesitant due to i was declined for a credit card. Also, wiht th new mortgage, i am unsure how easliy i could get an auto loan. The fiance is willing to co-sign on the vehicle, but i would like to avoid that if at all possible.
We have never made any late payment on anything, and i always pay up to 800-1000% more than whats due on my credit cards each month. ( i.e $min payment $30 but i pay $200-$300 2x per month) . Is it simply that i do not have a lengthly credit history that i am having difficulty getting a loan? I have consulted a C.U as well, with no luck. They stated they would approve me for 4.55%APR but i would need the fiance to cosign.
Please help! I am getting very frustrated. I work as a bankruptcy paralegal, and i have clients go out the day after their bankruptcy and buy brand new vehicles at somehwat decent APRs !! Grr.
Any advise would be helpful!!!
12-06-2013 07:28 AM
To be honest, im not sure. Ive been to afraid to attempt to pull a FICO or a Credit score , due to the numerous applications ive done ( 3 total in past month). I understand that numerous pulls can drop your score dramatically.
Mortgage was finalized in June 2013. ( Although we were in the process since Oct. 2012, i.e credit pulls since then). First credit card opened was roughly a year ago.
Income is around 25k for myself, 50k combined with fiance and myself.
12-06-2013 08:29 AM
12-06-2013 10:25 AM
I'm also 23 and just got a car loan in July with a ton of student loan debt and also limited credit history...I opened my first CC in January '13. All I can say is that I recommend joining a CU and getting the loan through them. Easier on all levels with a CU (payment, service, etc) and they provide the lowest rates. I locked in a 5 year financing at 1.9%.
12-06-2013 10:26 AM
Well the good news is now you should have a rico score. you are going to have to pull that to see what your score is. It will be a soft pull and will not effect your credit. but a real rico will show were you are at. If you have been paying all your balances on time then you should have nothing to worry about, especially since you got a mortgage with no history which is amazing
Is buying a real fico score, say through myfico, a soft pull? I would hate to have a HP on all three bureaus from myself just checking my score.
12-06-2013 10:33 AM
12-06-2013 10:38 AM
btw, the only real fico score you can buy is through this site. Some credit card issuers offer free fico scores in your statement each month also
Thanks for the update about SP for when you order a fico score on yourself! Also, I do get my TU score through Barclay already. Not sure if they use the latest model or not but I assume it doesn't matter...likely close enough.
12-06-2013 11:08 AM
myFICO is the consumer division of FICO. Since its introduction 20 years ago, the FICO® Score has become a global standard for measuring credit risk in the banking, mortgage, credit card, auto and retail industries. 90 of the top 100 largest U.S. financial institutions use the FICO Score to make consumer credit decisions.>> About myFICO