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Greetings all Happy 2011.
I am on the very frustrating journey of rebuilding credit and trying to get a FICO score so I can get a mortgage.
I was just told by the Bureau that my Mortgage lender used that I have no FICO score because TU,Exper and Equix. are only reporting "consumer scores" not FICO
scores to them? I ordered my reports from three bureau's and saw two with 730 and one with 721, so when Mortgage person said I had no score at all I started to
look into reason why. I got myself 3 , secured credit cards in August and have been paying them in full, I was just told today that 5 months later I STILL have no FICO
because I have been paying them in full and not leaving any balance! so now I guess I will start to pay off 85% of the amount due and the balance next month..
I am trying to get the correct information on how I can get a FICO score going and if it is true about two different scoring systems being used...
Thanks to anyone who can shed some light for me
@mrsbatch wrote:Greetings all Happy 2011.
I am on the very frustrating journey of rebuilding credit and trying to get a FICO score so I can get a mortgage.
I was just told by the Bureau that my Mortgage lender used that I have no FICO score because TU,Exper and Equix. are only reporting "consumer scores" not FICO
scores to them? I ordered my reports from three bureau's and saw two with 730 and one with 721, so when Mortgage person said I had no score at all I started to
look into reason why. I got myself 3 , secured credit cards in August and have been paying them in full, I was just told today that 5 months later I STILL have no FICO
because I have been paying them in full and not leaving any balance! so now I guess I will start to pay off 85% of the amount due and the balance next month..
I am trying to get the correct information on how I can get a FICO score going and if it is true about two different scoring systems being used...
Thanks to anyone who can shed some light for me
I believe you have to wait 6 months from initial 1st time receiving credit to obtain a FICO score. If I am incorrect some one will chime in and correct me.
Good Luck
Thank you
Hello there.
In order for a FICO® score to be calculated, a credit report must contain these minimum requirements:
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".
so now I guess I will start to pay off 85% of the amount due and the balance next month..
Hi mrsbatch - welcome!
Just to be sure - when you pulled your reports - Were the secured cc's reporting that the accounts existed? And with the proper open date? If so, you're fine, even if they don't report a balance.
Generally speaking, it's best FICO-scorewise to only report a balance on one card; and that card should report less than a 9% balance. If you allow all your cards to report a balance, and they're reporting over 9%, you can potentially get a bit of a FICO score drop on both counts. At least, that is, when you actually have a FICO score. If you're prepping for a mortgage application, this advice can be very helpful to keep your scores at their highest.
Best wishes and congratulations on your hard work!
weird thing is I see scores on three reports I order from experian which are 730/730/721
but my mortgage lender said they dont show up on his report he does for me, so he said these are invalid and not from FICO.
the three credit card companies do show on the three reports I purchased...
guess I just need to make sure I leave a balance of 10% or less at all times on each card... i like to pay them in full right away
which is what i have been doing since august, guess that was not theright thing to do
Thanks again
Sorry -- just re-read your answer --- so only keep balance on ONE card? ok will try that
much appreciated
Thanks so much for info
p.s. my spouse is also a VietNamVet and I LOVED how you sign your emails
@mrsbatch wrote:weird thing is I see scores on three reports I order from experian which are 730/730/721
but my mortgage lender said they dont show up on his report he does for me, so he said these are invalid and not from FICO.
the three credit card companies do show on the three reports I purchased...
guess I just need to make sure I leave a balance of 10% or less at all times on each card... i like to pay them in full right away
which is what i have been doing since august, guess that was not theright thing to do
Thanks again
These would be FAKO scores not FICO scores.
The scores are pretty much useless and any information they give you to obtain higher scores is also useless. The Credit Reports are okay as long as you ignore the scores and advice.
Good Luck
what is FAKO???? what a leaning process this is
thanks so much I will figure it out someday