topic Re: No Score after rapid rescore!! in General Credit Topics

No Score after rapid rescore!!

Anonymous — Fri, 28 Mar 2008 21:48:21 GMT

Ok. I can't seem to win. I did some fixes done to my report. I paid off all the collection accounts, had some collections removed, I had a judgement removed and now there is no score for all CRA's

There are still a few collections marked as paid in full on the reports. I have no credit cards, no autoloan, no debt at all.

I was tring to get a house but now my Mortgage guy says no way.

I had scores of 550-570. I needed to get to a 580 or better for the new FHA loans. Now I have 0

Any advice would be great. I'm out of options

Re: No Score after rapid rescore!!

llecs — Fri, 28 Mar 2008 22:02:15 GMT

You probably don't have a score because most of your history was deleted in the repair process. IMO, I would get a secured card somewhere ASAP. That will improve your mix of credit and your scores will be higher. Doesn't have to be for a big amount ($300 comes to mind). A secured loan might help too as the lack of installment accts hurts you. What do your other 2 scores look like?

Re: No Score after rapid rescore!!

Anonymous — Sat, 29 Mar 2008 01:26:20 GMT

nyuplink wrote:
I had scores of 550-570. I needed to get to a 580 or better for the new FHA loans. Now I have 0

FHA is not score driven. Some lenders do require a certain score. Do you have any accounts left on your report?

Re: No Score after rapid rescore!!

Anonymous — Sat, 29 Mar 2008 03:15:34 GMT

Ok. The only thing left on all 3 CRA reports are 4 collection accounts that are marked paid in full with a 0 balance. FHA does want a score of 580 for any loans over $362K. I have been told this by 6 different lenders. I currently have a 0 score on all three CRA I have spent thousands on credit repair and paying everything off on the advice of my mortgage guy. I guess the dreams of owning a home are going to be put off for another few years. What a joke! You have to have debt in this world to be able to get a house. No wonder this economy is falling a part. We are in contract now on a home. I can't wait to tell my wife the great news..

Re: No Score after rapid rescore!!

ngerasimatos — Sat, 29 Mar 2008 03:20:31 GMT

If you get a secured credit card with a decent credit line, you should be able to get a 580 and above in 30 days or less. My B of A secured card displayed on my credit reports within 7 days from the day I opened it.

Re: No Score after rapid rescore!!

Anonymous — Sat, 29 Mar 2008 04:10:12 GMT

Thanks I'm going to get the secured BA card tomorrow. I have to open a bank account there first.

Re: No Score after rapid rescore!!

bott6698 — Sat, 29 Mar 2008 04:14:14 GMT

Yes Sidewinder I also confirm FHA is requiring a score of 580+ where I live too in PA and mine is only for a refinance on 124k. I went fha cause I learned on here about it not using your score BUT recent changes they are making a 580 score is a neccessity atleast where I live....

Re: No Score after rapid rescore!!

ngerasimatos — Sat, 29 Mar 2008 06:22:51 GMT

Open a checking and savings account, at the same time tell the banker you want to open a secured credit card ASAP. The nice thing about having everything linked with B of A is you can transfer money from checking or saving to your secured credit card to make payments, or increase your available credit.

Also, if you ever elect to close the account they will refund your deposit (minus the current balance)

Re: No Score after rapid rescore!!

Anonymous — Sat, 29 Mar 2008 06:26:58 GMT

ngerasimatos wrote:

If you get a secured credit card with a decent credit line, you should be able to get a 580 and above in 30 days or less. My B of A secured card displayed on my credit reports within 7 days from the day I opened it.

Unfortunately, it will take longer than that. FICO requires six months of history on a credit card or installment loan in order to generate a score.

With nothing but CAs reporting now, OP will not have a score for six months, and that assumes s/he gets a new CC today.

Message Edited by cheddar on 03-29-2008 02:26 AM

Re: No Score after rapid rescore!!

Anonymous — Sat, 29 Mar 2008 06:31:06 GMT

ngerasimatos wrote:

Open a checking and savings account, at the same time tell the banker you want to open a secured credit card ASAP. The nice thing about having everything linked with B of A is you can transfer money from checking or saving to your secured credit card to make payments, or increase your available credit.

Also, if you ever elect to close the account they will refund your deposit (minus the current balance)

BofA will not give a secured card with no score. BofA secured is one of the more difficult secured cards to get.

I have heard that Cap1 issues cards with no score. Orchard Secured is a possibility, too.

Re: No Score after rapid rescore!!

Anonymous — Sat, 29 Mar 2008 11:22:19 GMT

Great. I guess I'm done.. Well I tried to get this to work. I see why people turn to these fake tradelines. The system really doesn't give them a choice.

There should be a law. If you use my credit report to see if I can open an account. You should have to report that account to the CRA's. Power company, Cable company, Cell phone, car insurance all these industry's use your score to set your deposit level and open your account. They should have to report.

I don't know if i should keep trying or if I should cut my losses and give up. I have till may 15 to make something happen. If I don't I may be sued by the sell for the deposit and there lawyer cost. Plus I will need to pay my lawyer, inspection.

Im out easy $20K

Re: No Score after rapid rescore!!

Junejer — Sat, 29 Mar 2008 13:36:27 GMT

nyuplink, try the crown jewelers and other merchandise cards. Those might be a way to give your score a jolt. Unfortunately, like Cheddar said, if the scores are non-existent now, then it will take six months to generate one.

Re: No Score after rapid rescore!!

Anonymous — Sat, 29 Mar 2008 16:51:51 GMT

http://www.myfico.com/CreditEducation/questions/requirement-for-fico-score.aspx

What are the minimum requirements for a FICO score?

There's really not much to it; 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).

Re: No Score after rapid rescore!!

Anonymous — Sat, 29 Mar 2008 17:39:19 GMT

Ok Thanks Sidewinder and everyone else also I found that 3 Collections accounts listed on the reports show recent activity. But they also show they are in dispute. The only thing on the reports are collection accounts and a old trade line for 5K closed I don't know I think there should be some type of score. I think its the items in dispute

Re: No Score after rapid rescore!!

shawnette — Sat, 29 Mar 2008 18:35:07 GMT

Do you know anyone who can add you on as an AU? Does your wife have any open positive accounts that she can add you to?

Re: No Score after rapid rescore!!

Anonymous — Sat, 29 Mar 2008 18:41:44 GMT

Would it be possible to generate history by becoming an authorized user on someone elses credit card that was open longer than six months? I have no idea how authorized user works, but thought I'd throw that out there and see if anyone knows.

Re: No Score after rapid rescore!!

Anonymous — Sat, 29 Mar 2008 18:55:13 GMT

A secured credit card is a great ides EXCEPT it will take you more than 6 months for that cc to report to the bureuas......

Re: No Score after rapid rescore!!

Anonymous — Sat, 29 Mar 2008 19:05:29 GMT

This is just an option you might try. I talked to my bank yesterday about CD. They said I could buy $500,$ 1000 etc in a CD and turn around and get a loan on it, I know my bank puts it on your CR within a week. May or may not work. Thought I would mention it.

Re: No Score after rapid rescore!!

Anonymous — Sat, 29 Mar 2008 20:57:46 GMT

nyuplink wrote:
Ok Thanks Sidewinder and everyone else also I found that 3 Collections accounts listed on the reports show recent activity. But they also show they are in dispute. The only thing on the reports are collection accounts and a old trade line for 5K closed I don't know I think there should be some type of score. I think its the items in dispute

I thought you said the only thing was the CAs. You didn't mention the old tradeline. In that case, yes, you should have a score already, as long as there is at least six months of history associated with it.

CAs listed on reports are not tradelines in the sense we are talking about here, so they don't count for account history.

Re: No Score after rapid rescore!!

Anonymous — Sat, 29 Mar 2008 20:58:34 GMT

gtree wrote:
Would it be possible to generate history by becoming an authorized user on someone elses credit card that was open longer than six months? I have no idea how authorized user works, but thought I'd throw that out there and see if anyone knows.

Yes, that would work, as long as the current vesion of FICO scoring remains in effect, which is expected to be until sometime later this year.