After 7 years I have no credit. Now what?

[dfa5000]

Hello everyone, I'm hoping you can help me as I start over with credit.

I've been through collections, liens and bankruptcy, but after seven years I will soon have no credit accounts. I could really use some advice as to what to do now. My goal is to build a strong credit profile while also enjoying the benefits of having one. Thank you in advance for any suggestions you have.

Some questions I have:

1. Should I open any accounts now? My score according to Credit Karma is 670. I have three adverse accounts until June.

2. Where should I get/monitor my credit scores? Credit Karma is okay but what do you suggest?

3. In June when I have no accounts, should I apply for multiple accounts simultaneously?

[gdale6]

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@dfa5000 wrote:

Hello everyone, I'm hoping you can help me as I start over with credit.

I've been through collections, liens and bankruptcy, but after seven years I will soon have no credit accounts. I could really use some advice as to what to do now. My goal is to build a strong credit profile while also enjoying the benefits of having one. Thank you in advance for any suggestions you have.

Some questions I have:

1. Should I open any accounts now? My score according to Credit Karma is 670. I have three adverse accounts until June.

2. Where should I get/monitor my credit scores? Credit Karma is okay but what do you suggest?

3. In June when I have no accounts, should I apply for multiple accounts simultaneously?

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I would select a couple of select creditors to open unsecured cards before you lose all your accounts, if these do not come thru then I suggest several secured cards to get you going. I would not waste a bunch of inquiries trying to get unsecured like some people do.

[guiness56]

The score from CK is not a FICO score and is derived differently than a FICO.

In order to generate a FICO you need to have a least one account reporting to the CRAs in the last 6 months.

I would try to get at least one FICO score from here and see if you actually have one or not.

If you don't your best bet is going to be secured cards.  They report and are counted the same as a regular credit card.

If you find you do not have a FICO score you will need to let the card(s) report for 6 months.

Another option for a qurck help in score is to be added as an AU on someone elses account until you can get established.

[dfa5000]

Thank you very much, gdale6.

I'm a member of USAA so I can start there. If I decide to pursue a car loan later this year how should I prepare?

[dfa5000]

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@guiness56 wrote:

The score from CK is not a FICO score and is derived differently than a FICO.

In order to generate a FICO you need to have a least one account reporting to the CRAs in the last 6 months.

I would try to get at least one FICO score from here and see if you actually have one or not.

If you don't your best bet is going to be secured cards.  They report and are counted the same as a regular credit card.

If you find you do not have a FICO score you will need to let the card(s) report for 6 months.

Another option for a qurck help in score is to be added as an AU on someone elses account until you can get established.

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Thanks for your response, guiness56. I'll start by finding out my FICO, if I have one, and go from there.