@abundancejones wrote:
@Themanwhocan wrote:Well, you just need to have one 'undisputed account' report to the credit bureaus any time within the past 6 months, and then you'll be golden. All those closed accounts will still provide credit history.
So apply for a secured card, buy something with it, and once it reports you should in theory have a good Fico score.
Thats what I thought. However, I called FICO and they said that the new account needs to be six months old before I can generate a score. She did have to ask someone, so maybe she was wrong?
What is an "undisputed account"? A regular secured card right?
An account that you are not in the process of disputing erroneous information.
See this link, from myfico, that explains the requirements to generate a fico score:
http://www.myfico.com/crediteducation/questions/requirement-for-fico-score.aspx
Edit: generally when people ask that question, they need 6 months on the new card to satisfy both the "one account open for 6 months" and the "one undisputed account that has reported within the last 6 months". In your case, for the next year or 2, you have those closed yet positive credit lines that satisfy the 6 month long requirement, but you just lack the "reported to the credit bureaus within the last 6 months" requirement.
So thats the way I read it, you just need something current to report, and suddenly all those closed accounts will get scored , and you'll have a nice long credit history. For a year or two that is.
@abundancejones wrote:Hello Everyone!
I have a "thin" file. Basically, I have five positive closed accounts and no active tradelines. I can't pull any FICOs because of this. All are 8 years old and include a car loan, Chase credit card, USAA credit card, and two Sallie Mae loans. I don't have any inquiries on my reports within the last two years and have an income over 90K.
What card issuers will be able to work with me? I'm hoping to at least get one 10K card...is this possible?
I'm not sure you could get a secured card with a 10k limit. My suggestion try for a BoA card and they may offer a secured card of $99 for a $500 CL if denied for a unsecured card.
Discover IT $17k / US Bank Ace (VSig) $13.5K / US Bank Cash+ (VSig) $13.5k
I would try for a secured card or Cap One.
You can get a secured card with a $10k limit. I did it with BOA and my local credit union. A local credit union may give you an unsecured card but I don't know abot $10k right out of the gate.
Starting Score: 648
@abundancejones wrote:
@red259 wrote:
@red259 wrote:
@abundancejones wrote:I don't have any active tradelines over six months. You need those for FICO.
I've read of someone on here getting a CSP with only 3 months of history. Surely someone will bite.
CSP with three months of history isn't likely, unless there was a prior chase relationship with a decent credit line that ended on good terms. You may have to get a secured card. The types of cards you should focus on first are cards that you will be keeping long term, since you want to build up your history. I would look for a few non-AF cards that you can SD and forget, but that will help your long term AAOAs.
Since you had a prior chase card, maybe they will consider giving you a freedom so you can start your relationship back up with them. Cap 1 gave me a 5k credit line when I had no open card, but I had student loan payments reporting for years.
Yes, I'll probably try Chase. I'm wondering if he called UW for reconsideration.
Anyway, this is what a poster said about getting CSP. It seems he only had a checking and savings account with Chase before:
My credit history:
11/26/2013, got Discover 500, Freedom 600.
12/21/2013. got Green, BCP 2000,
01/07/2014, got SPG 2000.
02/21/2014, got CSP 5000.
That's all my U.S. credit history!
I really want to thank you guys, especially Lexie and Ron and many many other members who replied my question a lot! I will graduate May, 2014 and start my first job at Amazon in Seattle. I will get married this summer, so I got plenty works to do now. I will return to this forum maybe later next year when the time for my first mortgage.
Although my credit card journey is end for now, I will never forget this forum and all you guys!
WIsh you all the best and see you!
David F. Zeng
It sounds like he had other credit history outside the US and there is no telling how much money he had on deposit with Chase. I would guess he had to call recon. The fact he was got a SPG card with less than 2 months credit history tells me there is something more going on there which isn't mentioned.
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