Need CC with NO credit score that Reports Fast!

[jeffm4688]

" He has a credit history but no trade lines on it now ".

Does this mean he has a credit history but with no ACTIVE or open trade lines currently? I.E. if you pull a report does it have information on it?

In this case i would imagine adding a single open tradeline would solve the problem and generate a score. If you pull a credit report and it has nothing on it then you're in trouble.

Also, couldn't one solve this problem by him getting added as an AU on someone elses current credit card...

[Anonymous]

4 months ago, i had no credit score (just like you). Opened up a secured credit card with Capital One and the minute it reported, my score went from 0-651 overnight. The very next day Synchrony gave me Wal-Mart $300 and Belk's $200.  I dont even have 6 months credit history and carry 5 cards in my wallet. Mostly store cards but it helps do the job i want it too.

[newhis]

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@jeffm4688 wrote:

" He has a credit history but no trade lines on it now ".

Does this mean he has a credit history but with no ACTIVE or open trade lines currently? I.E. if you pull a report does it have information on it?

In this case i would imagine adding a single open tradeline would solve the problem and generate a score. If you pull a credit report and it has nothing on it then you're in trouble.

Also, couldn't one solve this problem by him getting added as an AU on someone elses current credit card...

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I wonder the same, if the only thing needed is a score, then AU from someone close could fix this. If the card has a good payment history and low util of course.

[renclan]

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@Anonymous wrote:
This question is for a client of mine who is trying to buy a house. He has a credit history but no trade lines on it now. As a result, he has no score. A simulator showed that one CC with a small balance would get his score up for a mortgage. (No judgements here, he has 20% down). He did have a score on one bureau a few months ago but hat trade line must have fallen off.

So I need to know which CC he can get that reports to all 3 bureaus within 2 weeks (sooner the better). It can be a secured card. Something that can be used before reporting to bureaus so a small balance can appear.
Thank you all so much! He is already under contract to buy a house, so needing something done fast!

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I wish the lender had given him this info sooner so he would have had the chance to get his score situated beforehand. The fastest reporting card I had was with Old Navy (Synchrony Bank.) It was within a few days of opening the account and my first balance reported was in less than a month I believe. I am just not sure about his approval with no score. It's a bummer that he didn't know about needing a score to get a mortgage before starting the process. Good luck and I hope everything works out for your client!

[renclan]

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@jeffm4688 wrote:

" He has a credit history but no trade lines on it now ".

Does this mean he has a credit history but with no ACTIVE or open trade lines currently? I.E. if you pull a report does it have information on it?

In this case i would imagine adding a single open tradeline would solve the problem and generate a score. If you pull a credit report and it has nothing on it then you're in trouble.

Also, couldn't one solve this problem by him getting added as an AU on someone elses current credit card...

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That is a great idea! I added my hubby as an AU and it was on his report, along with my balance, very quickly!

[Anonymous]

What about adding an installment loan as well or is this a bad idea?

[Anonymous]

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@Anonymous wrote:

What about adding an installment loan as well or is this a bad idea?

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Installment loan probably bad. Unless it's a small amount or his income can support that with the new home loan payment

[Anonymous]

Adding an installment loan is generally ill-advised right before applying for a mortgage. This may be an exception as he needs the score, but I'm thinking an AU account would do the trick, assuming he already has some old history still on his reports.

[chbartel]

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@Anonymous wrote:

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@baller4life wrote:
Fastest reporting cards are Synchrony and Barclays. Less than a week.

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Agreed! Synchrony reported my account before I received the card!

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Barclays is super fast as well, it showed up on my report about 24 hours after I was approved for the card!

[Anonymous]

Discover starts reporting very, very quickly if approved.

I haven't seen them approve for a Discover it with ZERO history, though.