topic Re: No Fico score? Help in General Credit Topics

No Fico score? Help

Anonymous — Tue, 08 Nov 2016 01:02:55 GMT

I have not used any credit for a very long time due to some past credit issues and just not wanting to get under water again.

So I recently wanted to purchase a used vehicle and had started steps to improve my credit by applying for a credit card, I got approve about 5 months ago.

A couple of weeks ago I decided to finally take a look at my credit score and found I was between 620 and 685 according to CK, I then tried to get my actual score with equifax and here and was told I did not have enough credit history and I do not have a Fico score.

I had already given my info for a credit check on a car and was declined but when I got the score from one of the providers they said I had a 815 rating through Trans Union, a real **bleep** moment.

But anyway my question is how long and how much credit history shoud I have before trying again, I have since appliedf or another card through Capitol One and have been approved.

Should I try and get another card or just wait until these cards get me a history.

I have really learned a lot from this site, I actually joined penfed as well for future purchases and refi if needed.

I will have 6 months history on a WF card next month will that change anything and how long should I wait before trying to buy a car?

Would not be adverse to a high interest if I know I could build my credit and refi within a year.

Thanks in advance.

Re: No Fico score? Help

iv — Tue, 08 Nov 2016 02:13:15 GMT

@Anonymous wrote:

I will have 6 months history on a WF card next month will that change anything

Yes. Assuming that a FICO score wasn't generating for you, that card is likely your oldest account on your reports?

FICO requires at a minimum, at least one account that is 6+ months old.

As soon as that card reports as 6 months old, a score can be generated... wait until that happens to get a better idea for where you stand for the car loan. If all your past negative credit items have fallen off your reports (seems likely, if no score can be generated right now), then you may end up with a fairly good score next month.

Re: No Fico score? Help

Anonymous — Tue, 08 Nov 2016 02:37:53 GMT

Yes that is my oldest account.

Will that make me eligble for a car loan or will I still be too thin on history?

Does any FICO score improve your odds that much?

Also does the amount of limit on card count it's only 300?

I got a report back from Cap One and they said I have a 815 from equifax does that increase my odds with evrything else?

I don't want to have any more hard hits if I still don't have a good chance.

Re: No Fico score? Help

iv — Wed, 09 Nov 2016 05:40:45 GMT

Being "scorable" at all will certainly help with most loan applications.

The dollar value of your credit limits do not directly affect your scores (just the utilization ratio).

It is likely that the Equifax score from CapOne was not a FICO score, since you didn't yet have a 6 month old account, so that's not too meaningful.

Wait for the 6th month of that account to report, and check your scores then, you'll have a better idea where you stand for the car loan. (But it sounds like you'll be in fairly good shape.)

Re: No Fico score? Help

Anonymous — Wed, 09 Nov 2016 06:05:20 GMT

Awesome advice from iv..

While you are waiting for your score, you can be reviewing your reports. There are free services that provide all three reports (EX, EQ, TU) once a month or even more often.. Have you reviewed all three and made sure you understand what's on them?

Also there is a way to sign up for a free monthly FICO 8 score that is drawn on Experian data. You can get it from Discover and don't need to have an account with them already.

Finally, there's a way to improve your score that does not involve an additional inquiry. It's designed for people who currently have no installment loans. It would be a nice way to improve your score by an additional 30 points prior to getting the car loan. It would mean delaying your car purchase until mid-Dec (or possibly mid-Jan).

Let me know if you want info about any of this.

Re: No Fico score? Help

Anonymous — Wed, 09 Nov 2016 16:13:55 GMT

Thanks

But with one card showing in the history will it change much from no history.

I guess I am asking is my current issue more of no history than little history.

Should I try again with the 1 credit card?

Re: No Fico score? Help

Anonymous — Wed, 09 Nov 2016 16:18:43 GMT

I have checked my scores with Trasnunion and Equifax that's where I got the 615 and 655 from.

Doyou know why capitol One gave me a score of 815 when they sent my decline letter?

And yes I am interested in the boost you are talking about, those dates is when I would be looking to try again for a vehicle.

Please give any info you have.

Re: No Fico score? Help

Anonymous — Wed, 09 Nov 2016 16:44:41 GMT

@Anonymous wrote:
Thanks

But with one card showing in the history will it change much from no history.

I guess I am asking is my current issue more of no history than little history.

Should I try again with the 1 credit card?

No. What you should do is get very familiar with all three credit reports. By doing so you will know when it is that your credit card account has become six months old.

You should NOT attempt to apply for the loan again until all of the following are true:

(1) Your credit card is 6.2 months old

(2) You can see that you have a FICO score. You will be able to tell this at very low cost to you in a number of ways. We can elaborate about these a bit later. Expect that you will not have a FICO score until at least 6.2 months have passed. Do not use "Applying for a loan" as a method of checking your FICO score, since every time you do that you will get an inquiry and harm to your score. The low-cost methods we will explain do not generate hard inquiries.

(3) You have accomplished all the ways you can think of to maximize your FICO score. This would include (a) have a small positive balance reporting to the bureaus (such as $5-10) and (b) using the Share Secure Loan technique (link given below). The SS Loan Technique is optional, but it is a good way for a person with no installment loans to prepare for his first installment loan.

This explains the SSL Technique.

http://ficoforums.myfico.com/t5/Understanding-FICO-Scoring/Adding-an-installment-loan-the-Share-Secure-technique/m-p/4506756

You only need to read the first 2-3 posts. The technique apparently gives most people 30-35 extra points.

Re: No Fico score? Help

Anonymous — Wed, 09 Nov 2016 17:42:03 GMT

Thanks that is what I was trying to figure out.

When you say get familiar what do mean?

I have done the 1 dollar thing on all 3 so I have an idea of my scores and I did the credit thing on Capitol One.

They are showing the 1 credit card and no other history, i have no late payments and low credit baance.

When Iget the FICO what should it be before I try again?

I am going to look into the SSL you posted, should I wait the 60 days before trying or does that depend on what my FICO score looks like?

Re: No Fico score? Help

Anonymous — Wed, 09 Nov 2016 18:46:04 GMT

By "the one dollar thing" you probably mean the $1 trial membership at Credit Check Total... is that right? If you did that, I assume it said that you had no FICO score? CCT is a good cheap way to see your FICO 8 score, but you should wait until your credit card is at least 6 months old + a week (just to be sure).

By "get familiar with your credit reports" I mean print them out, review them, make sure you understand all the sections of them, etc. To give you just one example, you will want to confirm that your reports no longer have any "derogs" on them: lates, collections, chargeoffs, liens, judgments, public records, etc. One of the commenters on this thread alluded to the importance of that. It sounds like you may have done that.

You'll also want to see exactly what accounts you have on the report (possibly only one account -- the one credit card) and you'll want ideally all three reports to be saying the same thing (same accounts, etc.). Look especially at the DATE OPENED for the credit card you have been talking about. You'll need to when the date is according to the credit reports so that you can time your next CCT (Credit Check Total) pull.

Read up on the SS Loan Technique. If it feel right for you, get started on it soon. That way you will have your SS loan in place and paid all the way down well before it Nov 30, which is when Alliant reports all its loans to the credit bureaus. Continue to monitor your credit reports and wait until the new loan appears on all three bureaus before pulling your CCT score one last time. It will be the highest it can be at that time and you can apply for your car loan then -- rough guess would be mid-Dec.

Re: No Fico score? Help

Anonymous — Thu, 10 Nov 2016 23:00:39 GMT

Thanksfor evrything I amnow going to get the share loan and wait until my WF card post at 6 months.

I talked with someone at penfed and they are gung ho about having pre qualify but it'sno use until I generate a score.

Can you tell what wht that score was that was given when Cap one did a hard pull?

It said 815 from trans union.

Re: No Fico score? Help

Anonymous — Fri, 11 Nov 2016 00:19:14 GMT

I went back and raed through your posts again. It sounds like the following is a summary of what happened:

* You applied for a car loan with Cap One.

* They sent you a letter saying No.

* In their letter (where they declined the loan app) they told you that you had a credit score of 815 based on data drawn from TransUnion.

Is that right? If so, the letter should tell you what kind of a score it was. A score of 815 is very good, so that can't be the reason they declined you.

To get a better understanding of what happened, you'd have to find that letter and then tell us word for word exactly what it said.

As far as the SS Loan technique, be sure to follow those step by step instructions carefully. Good luck!

Re: No Fico score? Help

Anonymous — Fri, 11 Nov 2016 02:11:15 GMT

I got one letter from WF it said only no credit history with no score.

The letter from capitol One said a score of 815, source Equifax

Time since most recent account opening is too short

Number of established accounts

lack of installment loan information

Proportion of balances to credit limit too high on bank account.

I have since paid down that balance it is only a 300 limit.

what should I keep it at?

Re: No Fico score? Help

Anonymous — Fri, 11 Nov 2016 05:12:38 GMT

Because you credit limit is $300, you need to make sure it reports an amount between $5 and $26. The card will report whatever the balance was at the end of your billing cycle, which is when the statement prints. So after the statement prints you can run up the card as much as you want -- just make sure it is paid way down (e.g. to $5-10) well before the next statement prints.

Re: No Fico score? Help

Anonymous — Fri, 11 Nov 2016 14:43:38 GMT

Thanks again will get down to that.

Any idea where that 815 trans union score came from?

I got a report from the actual site that said 622.

Re: No Fico score? Help

Anonymous — Fri, 11 Nov 2016 15:19:55 GMT

No idea. We'd probably need to see an exact replica of the letter to make a guess. If you really feel like tracking it down, you could make sure you have the letter in front of you, then call Cap One and see if they can eventually transfer you to a loan specialist who can explain what the score meant. The loan specialist would need to be able to pull up the letter on his end too to see the exact wording.

My feeling is it would be more work than it is actually worth. You know the steps you need to take, which are implementing the SS loan technique and also quickly paying your credit card down to $10 and keeping it there. Do that. Keep watching your reports. Wait until everything is reporting the way you want ($10 CC balance, CC age of > 6.1 months, new loan with a balance < $44). Then finally pull your scores through Credit Check Total. You'll finally have an idea where you are and you can go look for a loan.

Re: No Fico score? Help

Anonymous — Fri, 11 Nov 2016 17:47:05 GMT

Ok.

That's what I am going to do.

If I get the loan this week it should post next month right?

Re: No Fico score? Help

Anonymous — Fri, 11 Nov 2016 19:29:25 GMT

Yep, if you get started on the loan soon then Alliant will report it on Nov 30. Alliant reports all its loans for all customers at the end of the month. Just bear in mind that it will then take several business days after Dec 1 for the loan to actually get updated inside each bureau's database.

You are using Alliant right? And you will be following that step-by-step guidance I gave you?

The only slight change I'd make to the guidance in your case is to just pay the whole thing down to $44 as soon as possible (before Nov 22). The guidance suggests doing it in two pieces, so that you make the final paydown after you have cancelled your autopay. But in your case you are really pressed for time, so I would just pay it down all the way to $44 immediately. That will probably mean that you will have one autopay go through before you are able to cancel the autopay. But that's not a big deal.

Re: No Fico score? Help

Anonymous — Fri, 11 Nov 2016 19:41:24 GMT

Yeah going through alliant.

I missed the step about putting money n the savngs account before applying shoud I do that now?

I set up a transfer but it has not been approved yet. still needs to sync with WF.

Re: No Fico score? Help

Anonymous — Fri, 11 Nov 2016 20:13:39 GMT

The reason that the guidance was created is so that people would know what to do. (And so we wouldn't have to reinvent the wheel in terms of answering questions about what to do in hundreds of threads.)

Creating a savings account with Alliant is step 1. Unsure how you missed that,

I encourage you to slowly read the first three posts of that thread. The third post is long and has all the step by step guidance. When you get to the step by step guidance read it very slowly. If you need to, print it out, take notes, do whatever you need to do to make sure you understand it.

It gives you everything you need to know.