No Credit Score and Just Opened a Secured Card, Credit Score?

[Anonymous]

Hello Everyone!

I've been snooping through these forums for days and love how helpful the community is so I joined!

Here's my question/situation:

This is more for my fiance but we are working to buy a house soon and then plan our wedding (yay!).

He does not have a credit score!  We've tried all the free sites CK, CS, Quizzle and even paid for an Experian but that was also 'empty'.

So earlier this month (June 5th) we went ahead and signed him up for a Capital Secured Credit Card with a starting limit of $200.  We are in the beginning stages of house hunting but fell in love with a community that is currently being built/developed.  Our lease is up January 2016 for our apartment and we are looking to be able to have the house closed by the end of December 2016.  My scores are in the midst of jumping due to a Student Loan Rehab that I completed and from the forums I've read should land right at the bottom of 700.  So either way I can sign for a loan(I'm guessing FHA) but this is something BIG that we want to do together. 

So with all that said, my question is, how long will it take for him to generate a Credit Score and what is a good guestimate of where it will start?

[gdale6]

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@Anonymous wrote:

Hello Everyone!

I've been snooping through these forums for days and love how helpful the community is so I joined!

Here's my question/situation:

This is more for my fiance but we are working to buy a house soon and then plan our wedding (yay!).

He does not have a credit score!  We've tried all the free sites CK, CS, Quizzle and even paid for an Experian but that was also 'empty'.

So earlier this month (June 5th) we went ahead and signed him up for a Capital Secured Credit Card with a starting limit of $200.  We are in the beginning stages of house hunting but fell in love with a community that is currently being built/developed.  Our lease is up January 2016 for our apartment and we are looking to be able to have the house closed by the end of December 2016.  My scores are in the midst of jumping due to a Student Loan Rehab that I completed and from the forums I've read should land right at the bottom of 700.  So either way I can sign for a loan(I'm guessing FHA) but this is something BIG that we want to do together. 

So with all that said, my question is, how long will it take for him to generate a Credit Score and what is a good guestimate of where it will start?

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He needs 3 open revolving cards to drive his Fico score. It will take 6 months to generate one from the first credit item on file. I wont venture to say where the score will be once its generated.  Those sites you mention are Fakos with the possible exception of EX if you tried to get the Fico score from them. Welcome to My Fico

http://ficoforums.myfico.com/t5/Rebuilding-Your-Credit/Secured-Cards-Database/td-p/3846302

[Anonymous]

Hi gdale6 and thanks for the welcome!

womp womp! I figured that might be the case.  I heard a story of a lady in the same boat who opened 1 Secured Card and 2 months later she had a 650! But there are rules and then there are execptions.

I'll probably see if adding him to my card and then opening another line for him will help by September. Only thing is my card is only as old as April 2015 and its secured as well.  

Thanks for the feedback!

[Anonymous]

I'd go get 2 more secured cards in his name ASAP. You could also get a secured personal loan too so he shows an installment loan on his CR's. Remember, the amounts aren't really important right now. If you've got about 700. - 1K to spare for 6 months to a year, he'd be able to have some decent scores by December, but you need to do this NOW. Adding him as an AU will help some, but he needs his own account's. I'd open a total of 3 secured cards, all from large banks preferably, like BOA, US Bank, Wells Fargo, Cap One, etc... Most credit unions will offer a low, say 500.00 secured personal loan. Best of luck.

[Anonymous]

Hi drewg350!  Thanks, I'm seeing that as our next step.  He has Capital One already so Wells Fargo and Bank of America will be next.  Just wish we would have known sooner!

[Anonymous]

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@Anonymous wrote:

Hi drewg350!  Thanks, I'm seeing that as our next step.  He has Capital One already so Wells Fargo and Bank of America will be next.  Just wish we would have known sooner!

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I would not necessarily rush into more secured cards right away. Do that ONLY if he cannot get unsecured cards after he starts generating a score. No need tying up money now into more accounts that may not "grow", if he can get unsecured lines in just a few months. I would at least wait until the Cap One account shows up on his reports, then apply for an unsecured Cap One account. One inquiry from Cap One isn't going to kill his scores.

[Anonymous]

Hi NormanFH!..

That makes sense.  I guess situations can be different for different ppl.  Some are saying you need 3 TL for at least 6 months but I said in an earlier post I've heard of a woman having a score generate 650 after just 2 months!

I guess my concern is WHEN will it generate and WHAT will it generate.  Only time will tell and patience is not my strong suit HA!

He'll probably wait it out to see what generates eventually and then go from there.  Thanks for the feedback!