TU & EQ scores are 0!!!

[Anonymous]

My TU & EQ scores are both zero (EX is 634)! I'm trying to buy a house but I need a score from all 3 bureaus. The only thing I have that I'm making payments on is my car note and they only report to EX (I've already asked them to report to the other bureaus). I've tried to get a couple of credit cards that report to all 3 agencies, but I always get turned down. What can I do to build my TU & EQ scores quickly?!

[Anonymous]

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I don't think anything is going to be that quick.

You need 6 months of Credit History to be reporting, most mortgage companies actually require at least 3 credit lines reporting positively for at least 12 months with no lates.

The only way I can think of that *might* work is do you know anyone (s.o. or family) who have older accounts (more than a year open) with no negatives on them and low utilization (but with the card having been used in at least the last couple of months even if paid off just so it has stayed active)

IF they do and they are prepared to then you could check with those companies whether they report Authorized Users and if so is it to all three CRBs.  Get added as an AU on thos - but do make sure that those people who are helping are not going to be maxing out the card or missing any payments

[Anonymous]

Thanks for the advise, but unfortunately, I don't have anyone that I can turn to for help.

[Imhotrodcrazy]

Q,

Go in and talk to a local credit union.  They sure helped me out when I needed them.  My credit union reports to all three. It may be worth a try.  Good luck. 

Message Edited by Imhotrodcrazy on 05-18-2009 10:54 AM

[Anonymous]

Well other than that you are probably looking at 6 months to get reporting.

Try getting a secured card and maybe one that pulls the CRB that you do have a score for.  Make sure you only have $10 on one of the cards on the statement date and then PIF before the due date to get the best score increase... will still be a little while but will get you underway

[Anonymous]

Thanks for the credit union and secured credit card ideas, I'll look into both. Does anyone have a suggestion as to where I should get the credit card? -I've seen alot of scams out there and don't want to get ripped off.

Thanks again,

Q

[Anonymous]

Bank of America pull Experian (at least down here)

If you want a secured card they have a 99/500 card (search and you will see it on here) or a full secured card (you deposit $1000 and they give you a card with a limit of $1000) if you pay it on time, use it and PIF for 9 months then the card will become unsecured and your initial deposit returned whilst you will keep a card with a limit that is unsecured.  Just make sure you only let a small balance report and always pay off on time!

[Anonymous]

Thanks for the speedy advise! I'll apply today for the BofA card. I'll let you know how it goes.

Wish me luck!

Q

[Anonymous]

I would recommend speaking directly to a lender or LO and let them guide you through exactly what you need to get into a house with your situation. Otherwise, it's all guesswork.

Good luck.

[Anonymous]

Where did those scores come from?

You are not required to have scores to get qualified in all cases. So, before you do anything-- check with your LO for certain!

If FHA, I think they will take alternative proof, such as utility payment history, rental history, proof of your car payment history, etc.