Need advice from some experts!!

[Anonymous]

I checked my credit score several months ago and I had a 740 FICO score from Equifax.  I am now looking to purchase a vehicle and when I attempted to get both TransUnion and Equifax.  I received the message stating that I have not had any activity reported in the past 6 months therefore no score could be generated.  I now this is true because I paid off all my debt (auto loan and personal loan) about a year ago.  Now I'm afraid I won't get approved for a loan because of this.  Anyone ever have this problem?  or have any advice on how I should proceed?  I was able to get an Experian Vantage Score and it showed I had a 704 score, but I know this is not my FICO score!  Thanks in advance for any advice!

[Anonymous]

Are you saying that the only debt you have (or had) was just the auto loan and personal loan, both paid off and you carry no credit cards?  From my point of view you ARE able to pay an installment account with ease. However if you do not have any revolving tradelines reporting that just may raise an eyebrow for some lenders. I'm impressed with your scores if in fact you have no credit cards!

You might be in good shape for an auto loan, BUT if you don't have any credit cards, I'd suggest getting one or two and your score would benefit even more.

Your credit scores benefit more from revolving accts(credit cards) than installments accts (personal loans, auto loan).

Hope I could help.