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What things can i do when my when the only negative thing on my FICO score is time

New Visitor

What things can i do when my when the only negative thing on my FICO score is time

Let me try this again....
 
Here is the situation:
I am relatively young and starting out. I paid for college through a loan in which my parents co-signed for and now i have graduated and have a very nice job. Time to start my life i am thinking. A car, eventually after saving some money, a house. I soon recieved a rude awakening from a thing called credit history. I simply have none. I worked my way through college working in a bar so all my money was cash. I did have a checking and savings account but i paid all of my living expenses with the money from the bar. I signed two leases to rent houses along my college years and i am in one right now. So i go to buy my first car and they run a check on my credit......denied because of lack of credit history. They say it is not because i have bad credit, i just don't have any credit....what they really mean is no credit=bad credit.
 
The advice i got from then on was to have my father co-sign the loan. Of course dealorships make him the primary. From then on i apply for a credit card and get turned down. They send me another application which said to me, well, we see the car loan now so apply again........denied. From what
Message 1 of 8
7 REPLIES
New Member

Re: What things can i do when my when the only negative thing on my FICO score is time

You are probably applying for the wrong cards - setting yourself up for failure.  Have you tried a small secured card?  With $300-$500 as a deposit you can likely start some history.
 
Are you a member of a credit union?  Maybe a short term installment loan secured with a savings account...
 
How long have you owned the car?  How much history is reporting for it? 
Message 2 of 8
Valued Contributor

Re: What things can i do when my when the only negative thing on my FICO score is time

that is great advice, also check with your bank to see if they offer and credit building cards.   You should be able to receive an unsecured one, albeit with a low balance, but it's a start.    also check out this site   www.creditcards.com
Message 3 of 8
Moderator Emeritus

Re: What things can i do when my when the only negative thing on my FICO score is time



Boswd wrote:
also check out this site   www.creditcards.com



-----------------
Bartender, bring another round of FICOtinis please!

9.4.2011: TU 805. EQ 815.
Message 4 of 8
Valued Member

Re: What things can i do when my when the only negative thing on my FICO score is time

It's great to see everyone blindly assume that college is all they need in the world. Happens ALLLLL the time.
 
Orchard Bank is your friend!
Message 5 of 8
New Member

Re: What things can i do when my when the only negative thing on my FICO score is time

A secured credit card and a secured installment loan will go a long ways to wards building credit. Many large banks have secured credit cards, ie Wells Fargo. Chase offers a secured installment loan.
Message 6 of 8
Moderator Emeritus

Re: What things can i do when my when the only negative thing on my FICO score is time

Travis, what are your credit scores?
Message 7 of 8
Valued Contributor

Re: What things can i do when my when the only negative thing on my FICO score is time

The good news for you is that if you don't have any major baddies on your accounts, you can increase your FICO relatively quickly. You may have to go for a secured card at first, but you won't have to keep it for long. After a year or two you should be able to either graduate those CCs or get unsecured cards (assuming you keep your payment history clean).
- - - -
in a credit-scoring postnuclear Stone Age...
Message 8 of 8