topic Re: FICO score without any credit history? in General Credit Topics

FICO score without any credit history?

vanillabean — Wed, 05 Sep 2012 19:26:54 GMT

"I've been reading here that a FICO score is generated after 6 months of credit history."

I too have read that here from time to time. Yet

"ECOA [Equal Credit Opportunity Act] Reg B provides every American with the Federally protected right to build a credit history and credit score simply by paying everyday accounts on time, such as cell phone bills, rent and utilities."

The Best Kept Secret in Lending, Bar None

Re: FICO score without any credit history?

pizzadude — Wed, 05 Sep 2012 19:32:46 GMT

What you have read about the 6 month period to generate a FICO score is correct, and it does not go against the ECOA at all.

Re: FICO score without any credit history?

vanillabean — Wed, 05 Sep 2012 19:44:06 GMT

What I don't recall reading here though is that you can build credit history without a credit card.

Re: FICO score without any credit history?

llecs — Wed, 05 Sep 2012 19:49:52 GMT

You can build credit history without a CC...and even without a FICO. Some lenders will look at alternative scoring methods when a FICO cannot be created. And there are some non-FICOs that take these alternative sources into consideration. So, his statement could be correct though it doesn't apply to FICO scoring.

Re: FICO score without any credit history?

Shogun — Sat, 08 Sep 2012 06:49:40 GMT

There are always other alternatives. Just may be a little harder to accomplish.