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New Visitor
someguy240
Posts: 3
Registered: ‎06-11-2013
0

Credit score is 0

So a month ago I tried to apply for a auto loan. I found out although I have no blemishes and have always had a steady job since high scool , that I have no credit score.

Well every place turned me down because of limited credit experience. Even my credit union turned me down citing the same thing. You have zero credit score and not enough credit experience. In january of 03' I got a secured credit card from my bank. Hoping that would boost my credit. It doesn't seem to help.

Also, I just signed up for a free trial at equifax and that reports my credit score as 572. So I'm really confused. I really don't understand.

 

Valued Contributor
p-
Posts: 2,655
Registered: ‎06-05-2008
0

Re: Credit score is 0


someguy240 wrote: I just signed up for a free trial at equifax and that reports my credit score as 572. So I'm really confused. I really don't understand. 

Have you looked at your report?  Are there any negative accounts?  572 is pretty low for just short history.  What was the statement balance on the card vs. limit, and how many inquiries do you have?

12-15-14: FICO EXP: 813 - EQU:802 - TRAN: 756 - AVG: 790 +240 points from JUN 2008 - MY CREDIT JOURNAL

Moderator
guiness56
Posts: 22,406
Registered: ‎01-17-2008
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Re: Credit score is 0


someguy240 wrote:

So a month ago I tried to apply for a auto loan. I found out although I have no blemishes and have always had a steady job since high scool , that I have no credit score.

Well every place turned me down because of limited credit experience. Even my credit union turned me down citing the same thing. You have zero credit score and not enough credit experience. In january of 03' I got a secured credit card from my bank. Hoping that would boost my credit. It doesn't seem to help.

Also, I just signed up for a free trial at equifax and that reports my credit score as 572. So I'm really confused. I really don't understand.

 


You got a card in Jan 2003 and you have no score?  Is the card still open and reporting?

New Visitor
someguy240
Posts: 3
Registered: ‎06-11-2013
0

Re: Credit score is 0

At the time the balance to limit ratio was about 55%. So far I have about 14 Inquiries. :-/

New Visitor
someguy240
Posts: 3
Registered: ‎06-11-2013
0

Re: Credit score is 0

Yes it's still open, I've been either paying it off in full before the due date or paying half and the other half a couple weeks later after I get paid again. I for the pass few months I've been keeping at least a 30% utilization on the card..

Regular Contributor
ReaLiLJ
Posts: 143
Registered: ‎09-17-2012
0

Re: Credit score is 0

[ Edited ]

Your best bet, is to check when your secure card statement will close again, and before that date try to get it down to 1-2% 9% (lowest you should go) and soon as it reports, call up Cap1, as you say your a student and ask for the Student Journey Card. (The perfect credit repairing/building your credit as a student card) and use that card for 3-6 months. I say 6 as from what it appears you need a bigger file for tha auto loan. Worst case scenario you will get denied, but if you do get approve they will start you off at either 300 or 500, wherever they start you off use the card for normal purchases and pay it down to 0% as your paying off your secured card and when 3 months hit you should try to have your secured card reporting at 0% and your cap one reporting a 1% util rate overall. At this point you should go through the cap1 regular credit increase system, and it should move you up about $250. At this point you can try to apply for an auto loan (if this amount is low) but if its going to be a high car loan, you should wait the 6 months, go through the cap1 exec office, refer to this guide ( http://ficoforums.myfico.com/t5/Credit-Cards/How-to-get-a-PC-or-CLI-from-Capital-One/td-p/1690104 ) ask for a pretty good starting limit 2k-3k and then apply for your loan after that 2k-3k limit reports. (1 month after) This way you have 6 months established credit, payed off your secure loan, and have at least 1 major credit card with a reasonable limit. And since it seems as if you had the same situation as my brother, so if you can succesfully go through with this method your new scores should increase +70-80 points and your score will be in the good mid-high risk zone and around the mid 600 mark and your app for an auto loan will look way better, then how it is looking now. Now if this fails, your best bet is to continue to get build your credit, or just find a dealer that will in house finance you either before this method or after, because it is hard nowadays to just walk in and get a car with no credit, or good enough down payment, that will justify the blank credit history, as you are very high risk right now! Hope this helps though, if you have any questions on the process or just in general let me know. -LJ

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