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Member
Posts: 18
Registered: ‎01-21-2011
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I have no credit, how long does it take to generate credit score?

I have only one account on my credit from mitsubishi motor credit. It is now 4 months old and I still have no credit score. how long before a store will start being calculated?

EQ 652 TU 686 EX 676

Home depot 5.5k, tire kingdom 3k,Cap one 1.5K, Discover IT 1.5k, CITI 12K, Pen air FCU 10K, Eglin FCU 10K, and many other various store cards. 3 Open autos
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Posts: 17,393
Registered: ‎07-14-2009
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Re: I have no credit, how long does it take to generate credit score?


leeloo2013 wrote:

I have only one account on my credit from mitsubishi motor credit. It is now 4 months old and I still have no credit score. how long before a store will start being calculated?


Hi and welcome to the forums.

 

In order for a FICO® score to be calculated, a credit 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).

 

 

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".

Member
Posts: 18
Registered: ‎01-21-2011
0

Re: I have no credit, how long does it take to generate credit score?

thanks for the kind welcome! I got 0 percent on a new eclipse convertible thanks to college grad program, and have been paying every month on time. Just wanted to know when I should see a score...

I actually wonder what it will be, being that I will only have that one installment loan, and its paid on time.

EQ 652 TU 686 EX 676

Home depot 5.5k, tire kingdom 3k,Cap one 1.5K, Discover IT 1.5k, CITI 12K, Pen air FCU 10K, Eglin FCU 10K, and many other various store cards. 3 Open autos
Moderator Emerita
Posts: 28,094
Registered: ‎04-01-2007
0

Re: I have no credit, how long does it take to generate credit score?

Well, you don't have any revolving credit, which is a big driver of FICO scores.

 

Those new to credit (just hitting 6 months) generally seem to have scores around 680 or so. I don't know if yours would be that high, since you only have installment.

 

In the long run, it would be wise to have a couple of CC's, but there's no hurry. The longer you wait, the better a deal you're apt to get. I would certainly wait until you have six months of history on your auto loan reporting before getting a first card, and then I'd recommend waiting a second six months (year total) for a second card.

 

That will give you time to do some research and figure out which card or cards might make the most sense for your usage. Think "rewards."  Smiley Wink

* Credit is a wonderful servant, but a terrible master. * Who's the boss --you or your credit?
FICO's: EQ 781 - TU 793 - EX 779 (from PSECU) - Done credit hunting; having fun with credit gardening. - EQ 590 on 5/14/2007

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