04-09-2009 04:29 PM
minimum requirements for FICO score
In order for a FICO® score to be calculated, a report must contain these minimum requirements:
· At least one account that has been open for six months or more
· At least one undisputed account that has been reported to the credit bureau with in the past six months
· No indication of deceased on the credit report (Please note: if you share an account with another person this may affect you if the other account holder is reported deceased).
Something has to still be reporting. Mortgage, maybe? Or a closed account that is still updating?
ariesdreamer, if it's the second, and these accounts are from 1999, they're on borrowed time. Depending on when they were closed/ paid off, etc., they're about to start dropping off his reports. I'm sure you already realized that, but the second shoe finally dropped for me, lol.
Hmm...its probably his Macy's card then! The status says its still open....this is interesting....yet confusing.
04-09-2009 04:30 PM
04-10-2009 05:43 AM
We applied for a Chase CC last night but it did not give us an immediate response. We have to await for a letter now. I did tell him about the Macys thing so we're gonna go to Macys when we have a chance!
Thanks for the great info everyone!
04-10-2009 10:59 AM
Update: We tried applying for a CC through our bank and it was denied. Well, first, they said they'd review the application. Then it gave a number to call to check status. We called and was told (through their automated system) that it was denied due to a 'low ratio' of something and that he had too many inquiries in the last 12 months. I don't understand the inquiry thing since he's only had 3 inquiries in the last 12 months.
Anyhow, it looks like the Chase CC will probably be declined as well.
Should he start out with department store cards then? Aside from his Macys, should he open one more department store card to get his credit rolling??
04-10-2009 02:55 PM
04-10-2009 03:16 PM
Absolutely agree. My credit is not as good as OPs. I have an OCs CO and its CA on my TU from 2006. Otherwise clean report adn I have a couple of rebuilder cards open since Jan 09. Score on TU is 604. I also have a CITI GW'ed to no lates with a 2 yr history (04-06)
So basically, I do have a derog and lower score but I do have recent history.
I tried for Juniper carnival and BOA platinum plus (I was told this is the way to go to receive an offer for 99/500 or secured by that online chat rep..)
I got denied and I tried recon.
Denied on recon not for the derog but because, they need to see - a CURRENT and GOOD history for a period of time. Atleast 6-9 months. They were more concerned with alck of history. The BOA analyst actually told me that the derog is not as much a concern as the lack of recent history. She wanted to see that I have recovered from whatever happened in the past by consistent good payment history for 6-9 months and which would indicate that I am doing okay now.
So I think the best way to go would be a couple of good secured CCs from a CU and with over 6 months of good behavior and with those high scores, OP should be ready for 1 or 2 of the high prime cards. Atleast, CITI, BOA, AMEX delta etc...
myFICO is the consumer division of FICO. Since its introduction 20 years ago, the FICO® Score has become a global standard for measuring credit risk in the banking, mortgage, credit card, auto and retail industries. 90 of the top 100 largest U.S. financial institutions use the FICO Score to make consumer credit decisions.>> About myFICO