I have no credit how long to build it?

[Anonymous]

I just need a fico. Right now I have no fico. On an fha loan you must at least have a fico score. I figured if I could get added to my dads card it would at least generate some type of score in the next few weeks am I incorrectcto think this?

[Gunnar419]

Could you explain a little more about where you are in the process? Because what you're saying is confusing and doesn't exactly make sense. I don't know of ANY lender who just requires you to have a score, any score. Mortgage lenders check credit with all three bureaus and usually require that your middle score of the three be at a certain level or higher.

It sounds as if you've already made an offer on a property and are required to close soon but have not actually sat down with a lender. Is this correct?

[Anonymous]

My offer has been accepted and I am working with a lender however prior to going to underwriting they are telling me my file would be denied due to no fico score. I figured if my dad added me to his credit card maybe in a couple of weeks I would have an actual fico

[jamie123]

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@Anonymous wrote:
My offer has been accepted and I am working with a lender however prior to going to underwriting they are telling me my file would be denied due to no fico score. I figured if my dad added me to his credit card maybe in a couple of weeks I would have an actual fico

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Okay...I'm going to read between the lines here.

I think that your lender was trying to let you down gently and didn't want to come staight out and tell you that you ARE denied. The person you were probably talking to doesn't have the authority to make those decisions so they can't tell you straight up that you will be denied. The job of the person that you were talking to is to gather complete and accurate information about each applicant and then present that information to the loan approval board for consideration. The loan approval board in a financial institution is generally the ONLY group of people that have the authority to approve OR deny mortgages.

Lending decisions, especially high value loans like mortgages, are determined by examining the SCORES and CREDIT HISTORY of an applicant. The score part of the equation is only the initial hurdle. Once they see that your scores are comprised of one AU credit card from your Dad, you will fail the second part of the equation because really, YOU don't have any history.

I know this is a tough pill to swallow. Buying a house is a very emotional expierence for most people. (That's why most Realtors are women!) You need to start establishing your own credit history and really should have at least 3 credit cards and 1 installment loan in your history and try this again in 2 years.

[mitchblue]

Either get a secured card or unsecured with a cosignor, your dad. But you won't get a fico score in a few weeks. No idea if you'll get a lone but the fico score will not appear that quick..I'm sorry to say..

[Mantis350]

I hate to burst your bubble but with zero credit, you will not get approved.  Don't go trying to eat the elephant in one bite.  You must establish a credit history before attempting to purchase a house.  Get a couple of secured cards (or possibly some CU cards that may be unsecured) and BUILD your hitory.  Mortgage lenders will require a history before extending any credit to you.  What kind of down payment are you trying to put on the purchase?  Will your father be co-signing?  Think of it this way, if you cannot get a CC for a couple of thousand of dollars then how do you expect someone to lend you much more than that for a house?  The lender is correct in saying that you need a FICO score but you also need the MID score to be high enough to be even considered.  AU accounts will not be considered in this process.  Some CCC won't even report an AU account to the bureaus.  I am sure another great deal will come along for a house in the future.  For now, just ake small bites and practice a healthy buildup of credit.  Remember, this is not a race. Credit is a journey.

[Kirmie2010]

My wife had no credit file, I made her an AU and 1 month later she got approved for cards she was denied for because of a thin file.

Now it may of worked after a few weeks or a month I dont know.

Express backdated to when I opened the account (4 months previous)  Macys did not backdate but started reporting from that month on in payments.

Seems to depend on the CC company if they backdate or not.  Good luck!

Her score is higher than mine

*edited the timeframes to be more exact off of CR*

I made her an AU end of November, she was approved for her own credit cards mid december and her credit report gave her a score on december 28th.

 An au for 1 month  on a 4 month old account and her own card for 2 weeks gave her a score.  Not sure which part of that did it though.

[Pway]

It all depends.  I would suggest you opening credit cards in your name.  The motgage broker will be able to tell if you have applied for credit or an authorized user on a account just to get the tradelines.  I would tread lightly in this case becoming a authorized user on your father account.  They already know you do not have credit because they have viewed your credit profile.  When that extensive tradeline shows up on your credit they are going to quesiton it and the mortgage lender could deny your loan all together.  Good luck.

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[Anonymous]

To the OP:

I agree with others, your odds of getting a mortgage on your own right in this situation are slim to none. A better course of action for you would be to find someone to co-sign for your mortgage, and get it on the strength of their credit. Sounds like your dad has been helping you along, would he help you get a mortgage? 

If it doesn't work out certainly apply for some creidt cards and other things, but tha'ts going to take at least a year or two to pay off.

Good luck!

[HiLine]

How long to build?

At least 6 months. Preferably 2 years.

Certainly not days or weeks. Sorry if this is not what you were looking for. But this is the reason I encourage people I know to open credit cards and learn how to manage them early.