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New Member
CreditPhoenix
Posts: 8
Registered: ‎09-22-2012

Credit Ghost Back To Life

Hello Everyone,

 

I was always an 800 or higher credit score.  I've never been late on a payment in my whole credit history.  However, in 2008, after paying off a car loan in full, the only credit I kept active was a credit card through my business.  Big mistake.  I wrongly thought that because I was the guarantor on that card, that it was keeping my credit going.

 

Well, cut to a month ago, 4 years later...   my wife and I applied for a mortgage.  I was absolutely shocked to learn that I had no FICO score for any of the three bureaus.  I had become a credit ghost.  Never late once, but I'm suddenly now considered credit-unworthy.  Horrifying.

 

Accordingly, I was advised two things:

 

1) Become an authorized user on one of my wife's cards.  We did that with her Target card.  Target was supposed to report this on 9/9, but it isn't showing up on my report.  That's a concern.  Also, there seems to be some conflicting views on what will happen once it is reported.  Will I be seeing the account's full history on my report or not?  

 

2) I was told of course to go out and get a credit card which I've already done.  The card got active in August.

 

Having said that, I'm now showing as a 754 at this site with Equifax.  I'm not even sure how or why.  I was told that the new CC wouldn't affect my score for 6 months, but apparently it has.  

 

If someone could please offer advice on the Target Card situation and anything else I could do to quickly raise my score, I'd greatly appreciate it.  I'd like to be a 760 as soon as possible to get the highest mortgage rate.  I named myself the "Credit Phoenix" because I'm looking to get my credit out of the vanishing act and back up over 800.  I have no delinquentcies on my account whatsoever.  Any help you can give me will be greatly appreciated.  Thanks.

Moderator
Shogun
Posts: 12,859
Registered: ‎04-15-2011

Re: Credit Ghost Back To Life


CreditPhoenix wrote:

Hello Everyone,

 

I was always an 800 or higher credit score.  I've never been late on a payment in my whole credit history.  However, in 2008, after paying off a car loan in full, the only credit I kept active was a credit card through my business.  Big mistake.  I wrongly thought that because I was the guarantor on that card, that it was keeping my credit going.

 

Well, cut to a month ago, 4 years later...   my wife and I applied for a mortgage.  I was absolutely shocked to learn that I had no FICO score for any of the three bureaus.  I had become a credit ghost.  Never late once, but I'm suddenly now considered credit-unworthy.  Horrifying.

 

Accordingly, I was advised two things:

 

1) Become an authorized user on one of my wife's cards.  We did that with her Target card.  Target was supposed to report this on 9/9, but it isn't showing up on my report.  That's a concern.  Also, there seems to be some conflicting views on what will happen once it is reported.  Will I be seeing the account's full history on my report or not?  

 

2) I was told of course to go out and get a credit card which I've already done.  The card got active in August.

 

Having said that, I'm now showing as a 754 at this site with Equifax.  I'm not even sure how or why.  I was told that the new CC wouldn't affect my score for 6 months, but apparently it has.  

 

If someone could please offer advice on the Target Card situation and anything else I could do to quickly raise my score, I'd greatly appreciate it.  I'd like to be a 760 as soon as possible to get the highest mortgage rate.  I named myself the "Credit Phoenix" because I'm looking to get my credit out of the vanishing act and back up over 800.  I have no delinquentcies on my account whatsoever.  Any help you can give me will be greatly appreciated.  Thanks.


I believe the TL has to report for at least 6 months.  So if you are AU of your wife's card you inherited her history too.


Starting Score: 504

July 2013 score: EQ FICO 819, TU08 778, EX "806 lender pull 07/26/2013
Goal Score: All Scores 760+, Newest goal 800+

Take the myFICO Fitness Challenge

Current scores after adding $81K in CLs and 2 new cars since July 2013
EQ:809 TU 777 EX 790 Now it's just garden time!
New Member
CreditPhoenix
Posts: 8
Registered: ‎09-22-2012

Re: Credit Ghost Back To Life

Hey Shogun,

 

Thanks for the response, but I'm not sure you understood my post.

 

I had no FICO score at all one month ago.  Since then, there have only been two changes:

 

1) I got a credit card, but that shouldn't affect my score for 6 months, right?

2) I became an AU on my wife's Target card, but that isn't showing on my credit report.  So, I don't believe it got reported.

 

I'm wondering what's going on.  

Moderator
Shogun
Posts: 12,859
Registered: ‎04-15-2011

Re: Credit Ghost Back To Life

Where did you get the score from?  That might make a difference.


Starting Score: 504

July 2013 score: EQ FICO 819, TU08 778, EX "806 lender pull 07/26/2013
Goal Score: All Scores 760+, Newest goal 800+

Take the myFICO Fitness Challenge

Current scores after adding $81K in CLs and 2 new cars since July 2013
EQ:809 TU 777 EX 790 Now it's just garden time!
New Member
CreditPhoenix
Posts: 8
Registered: ‎09-22-2012

Re: Credit Ghost Back To Life

I got the score here...  my Equifax FICO.  754.

 

So, I went from having no score to 754.  All that's changed:  

 

1) One new CC, and it's been less than a month.  

2) AU on wife's Target card, but it's not showing up on my report.

Moderator
Shogun
Posts: 12,859
Registered: ‎04-15-2011

Re: Credit Ghost Back To Life

OK..  you got me on that one!   If the AU was showing up, I could understand it.  But with just the one month old CC reporting, I don't get it.


Starting Score: 504

July 2013 score: EQ FICO 819, TU08 778, EX "806 lender pull 07/26/2013
Goal Score: All Scores 760+, Newest goal 800+

Take the myFICO Fitness Challenge

Current scores after adding $81K in CLs and 2 new cars since July 2013
EQ:809 TU 777 EX 790 Now it's just garden time!
Moderator Emeritus
llecs
Posts: 32,880
Registered: ‎08-04-2007

Re: Credit Ghost Back To Life

1) Check around within these forums for Target AUs. IIRC, there had been some discussions about that. I'm not 100% sure if they report an AU or not. They might. Dunno. Generally if the AU were to report, I'd look towards the statement date. Generally it'll first start to report 3-4-5 days following your statement date.

 

2) The drop would likely be due to the new credit. Also, 4 years is a long time ago in terms of credit. Maybe in that time you had some older accounts age off and that can hurt your FICO. When you add a new account, you'll also see a ding due to the new credit and impact to AAoA. Over the next few months you will see much of those points return. Based on what you posted though I don't think you lost 50 off the CC. Maybe half at best. The added Target AU may or may not be an issue too. Depends on the age in relation to your AAoA and/or impact to your util.

 

 

 

New Member
CreditPhoenix
Posts: 8
Registered: ‎09-22-2012

Re: Credit Ghost Back To Life

[ Edited ]

Hey Guys,

 

Maybe I wasn't clear enough in my first post.

 

One month ago, I had no credit score.  Nothing.  Not a bad credit score.   None.  Now that I'm a 754, it's a good thing, not a deragatory thing.

 

My questions is:  why did I go from no credit score to a fairly good one?  

 

I have the new CC from August, but I thought that won't reflect for six months in terms of my score.  

 

I'm an AU on my wife's Target card, but that isn't showing on the report.

 

So, how did I go from 0 to 754?  

 

And I'm also wondering why the Target card isn't reflecting, but maybe that just needs more time.  You did address that issue.  Thanks.

Moderator Emeritus
llecs
Posts: 32,880
Registered: ‎08-04-2007

Re: Credit Ghost Back To Life


CreditPhoenix wrote:

 

My questions is:  why did I go from no credit score to a fairly good one?  

 


Because you still had an old history of closed accounts reporting. Once the new TL was added and it showed activity, that length of history and higher AAoA was captured and scored.

 


CreditPhoenix wrote:

 

I have the new CC from August, but I thought that won't reflect for six months in terms of my score.  

 



New cards factor into your FICO.  Maybe you're thinking of the 6-month rule for a FICO to be generated? In your case it didn't apply because you already had old accounts reporting, even if closed.

 


CreditPhoenix wrote:

So, how did I go from 0 to 754?  

 



Because you already had old accounts reporting. Insta-history once you had an open account reporting.

New Member
CreditPhoenix
Posts: 8
Registered: ‎09-22-2012

Re: Credit Ghost Back To Life

Okay cool, that's what I thought.

 

So I guess the only issue now is the Target Card and my being an AU.  If I inherit my wife's account's history, my score should really jump in theory.  She's had the card for a year and a half and has never missed a payment.  

 

I guess now we just need to find out why it isn't showing on my report.

 

Am I correct to assume that once this shows, it should bump up my score higher?

 

And thank you so much for your responses.


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