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Valued Member
dblue1
Posts: 29
Registered: ‎09-26-2010
0

CR does not contain enough info to calculate FICO???

[ Edited ]

This is the message I received when attempting to access the free ScorePower trial for my mother today. I obtained her EQ credit report today free. She has no open accts and several medical collections (2009) totaling near $60k and two utilities collections totaling near $1500. The two utilities are also listed as negative accounts. She filed Ch. 13 in 2002.  It seems to me she has enough info although all negative to maybe formulate a score. Now I'm wondering if I added her as an AU to two of my low limit $300 CC that I just opened this month, and PIF after each purchase with utiil under 10%, would it help to build her credit.

 

 I am also wondering if I did add her so that she could at least have enough information to calculate a score, would all the negative information, which the majority are as recent as last year, bring the score down so much that it would negate the fact of even having a score?

 

Here is the message from ScorePower:

 

We regret we are unable to fulfill your Score Power order request because your credit report does not currently contain enough information to meet the minimum scoring criteria required to calculate a FICO® score. In order for a FICO® score to be calculated, a report must contain:

  1. At least one account which has been open for six months or more.
  2. At least one account that has been updated in the past six months.
  3. No indication of deceased on the credit report.

The minimum criteria is designed to ensure that there is enough recent information in the report on which to base a FICO® score.

 


Starting Score: 656
Current Score: 698
Goal Score: 700s


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Moderator Emeritus
MarineVietVet
Posts: 14,084
Registered: ‎07-14-2009
0

Re: Credit Report does not contain enough info to calculate FICO???

Adding her as an AU should give enough information to generate a score but not all issuers will report AU's to the CRA's. You'll need to find out about this. Also she could apply for a secured CC and have something new in her name although that account would have to age for 6 months.

 

 

 

From a BK years ago to:
EX - 9/09 pulled by lender 802, EQ - 10/10-813, TU - 10/10-774

"Some people spend an entire lifetime wondering if they've made a difference. The Marines don't have that problem".

Valued Member
dblue1
Posts: 29
Registered: ‎09-26-2010
0

Re: Credit Report does not contain enough info to calculate FICO???

Thanks for your response. The secured card is an excellent idea. So regarding having enough info to calculate I saw that the CA have reported status as recently as last month so I suppose that because she doesn't have any open accounts within the last six months is the reason a score can't be calculated.


Starting Score: 656
Current Score: 698
Goal Score: 700s


Take the FICO Fitness Challenge


Moderator Emeritus
MarineVietVet
Posts: 14,084
Registered: ‎07-14-2009
0

Re: Credit Report does not contain enough info to calculate FICO???


dblue1 wrote:

Thanks for your response. The secured card is an excellent idea. So regarding having enough info to calculate I saw that the CA have reported status as recently as last month so I suppose that because she doesn't have any open accounts within the last six months is the reason a score can't be calculated.


I believe that is correct but I'm not certain. (How's that for covering all bases?  :smileytongue:  )

 

 

From a BK years ago to:
EX - 9/09 pulled by lender 802, EQ - 10/10-813, TU - 10/10-774

"Some people spend an entire lifetime wondering if they've made a difference. The Marines don't have that problem".

Moderator Emerita
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Epic Contributor
haulingthescoreup
Posts: 28,115
Registered: ‎04-01-2007
0

Re: Credit Report does not contain enough info to calculate FICO???

What are the minimum requirements for a FICO score?

There's really not much to it; in order for a FICO® score to be calculated, a credit report must contain these minimum requirements:

  • At least one account that has been open for six months or more
  • At least one undisputed account that has been reported to the credit bureau with in the past six months
  • No indication of deceased on the credit report (Please note: if you share an account with another person this may affect you if the other account holder is reported deceased).

 

 

* Credit is a wonderful servant, but a terrible master. * Who's the boss --you or your credit?
FICO's: EQ 781 - TU 793 - EX 779 (from PSECU) - Done credit hunting; having fun with credit gardening. - EQ 590 on 5/14/2007

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