@Anonymous wrote:I doubled checked with credit karma and it said something about "Vantage Score 3.0". Is that an issue. When I pulled with TransUnion it matched exactly the creditkarma score, so I think it's accurate but please educate me if there is anything I should be aware of, thanks in advance
@Themanwhocan wrote:Where did you get those Credit Scores you mentioned. Do the spcifically mention the word FICO?
If you havent had a creit line that has reported in te last 6 months, then you shouldn't be able to generate a FICo score. So its making me wonder about those scores.
I don't know of any lenders that use Vantage scores. They all (that I know of) use FICO scores. Within FICO there are many different versions. First, you need to see if you have any FICO scores. If you do have FICO scores then I would suggest spending the money here later to see what all the different versions show. Mortgage companies use one version, auto lenders another, credit card companies use a different version etc. Start with just seeing if you have a FICO and then come back...
CK is FACO score, not FICO.
If I were you: I would get a shared/secured loan with a CU.
http://ficoforums.myfico.com/t5/Understanding-FICO-Scoring/Adding-an-installment-loan-the-Share-Secu...
wait a month and then apply for Lowes/PenFed/NFCU/Discover. Recon the starting limit if it's low (or attempt to).
Accept or at least consider a secured card if it's countered on your app.
Request CLI as frequent as possible while only letting one card report under 9 percent util each month.
You said you had the means to purchase the property in cash. I would do this and follow at least some of what I suggested above. In 6-12 months you could make use of your credit and equity to do a cash out refinance and use the money on another investment property. This is called the BRRR method and can make you a lot of money if you are patient enough to withstand the possible low SL's.
If I were you: I would get a shared/secured loan with a CU.
http://ficoforums.myfico.com/t5/Understanding-FICO-Scoring/Adding-an-installment-loan-the-Share-Secu...
wait a month and then apply for Lowes/PenFed/NFCU/Discover. Recon the starting limit if it's low (or attempt to).
Accept or at least consider a secured card if it's countered on your app.
Request CLI as frequent as possible while only letting one card report under 9 percent util each month.
You said you had the means to purchase the property in cash. I would do this and follow at least some of what I suggested above. In 6-12 months you could make use of your credit and equity to do a cash out refinance and use the money on another investment property. This is called the BRRR method and can make you a lot of money if you are patient enough to withstand the possible low SL's.
My suggestion is to go to the mortgage forum and give a very detailed account of what you are trying to do...sales price, cost of reno, current cash on hand, is property owner-occupied, flip, second home etc. Ask about loan programs for people with no credit files. There are mortgage brokers that frequent that forum that may be able to help you come up with a plan. I'm not sure what all you're trying to do but check with your local USDA and FHA to see if there are rehab loans available for your circumstances. Depending on where the property is, you may be able to find the financing you need. Good luck! And when you're ready to start building your credit, come see us in the Rebuilding forum!
@Anonymous wrote:
CK is FACO score, not FICO.
If I were you: I would get a shared/secured loan with a CU.
http://ficoforums.myfico.com/t5/Understanding-FICO-Scoring/Adding-an-installment-loan-the-Share-Secure-technique/td-p/4506756
wait a month and then apply for Lowes/PenFed/NFCU/Discover. Recon the starting limit if it's low (or attempt to).
Accept or at least consider a secured card if it's countered on your app.
Request CLI as frequent as possible while only letting one card report under 9 percent util each month.
You said you had the means to purchase the property in cash. I would do this and follow at least some of what I suggested above. In 6-12 months you could make use of your credit and equity to do a cash out refinance and use the money on another investment property. This is called the BRRR method and can make you a lot of money if you are patient enough to withstand the possible low SL's.
It will take him 6 months just to generate a FICO score once he is able to open some sort of account. I am not sure that the lenders you list will approve without a score.
Yes, I finally was able to verify myself with Discover Scorecard and yes I have no FICO. 
. So I just get a small credit card then?
@medicgrrl wrote:
@Anonymous wrote:
CK is FACO score, not FICO.
If I were you: I would get a shared/secured loan with a CU.
http://ficoforums.myfico.com/t5/Understanding-FICO-Scoring/Adding-an-installment-loan-the-Share-Secure-technique/td-p/4506756
wait a month and then apply for Lowes/PenFed/NFCU/Discover. Recon the starting limit if it's low (or attempt to).
Accept or at least consider a secured card if it's countered on your app.
Request CLI as frequent as possible while only letting one card report under 9 percent util each month.
You said you had the means to purchase the property in cash. I would do this and follow at least some of what I suggested above. In 6-12 months you could make use of your credit and equity to do a cash out refinance and use the money on another investment property. This is called the BRRR method and can make you a lot of money if you are patient enough to withstand the possible low SL's.It will take him 6 months just to generate a FICO score once he is able to open some sort of account. I am not sure that the lenders you list will approve without a score.
@Anonymous wrote:Yes, I finally was able to verify myself with Discover Scorecard and yes I have no FICO.
@medicgrrl wrote:
@Anonymous wrote:
CK is FACO score, not FICO.
If I were you: I would get a shared/secured loan with a CU.
http://ficoforums.myfico.com/t5/Understanding-FICO-Scoring/Adding-an-installment-loan-the-Share-Secure-technique/td-p/4506756
wait a month and then apply for Lowes/PenFed/NFCU/Discover. Recon the starting limit if it's low (or attempt to).
Accept or at least consider a secured card if it's countered on your app.
Request CLI as frequent as possible while only letting one card report under 9 percent util each month.
You said you had the means to purchase the property in cash. I would do this and follow at least some of what I suggested above. In 6-12 months you could make use of your credit and equity to do a cash out refinance and use the money on another investment property. This is called the BRRR method and can make you a lot of money if you are patient enough to withstand the possible low SL's.It will take him 6 months just to generate a FICO score once he is able to open some sort of account. I am not sure that the lenders you list will approve without a score.
Yes, but now you have to find someone who will give you a cc without a score. I would go to your bank and start with them. If you have a good amount in savings right now then I would think they would be more willing to give you that first card. Once you have a score later this year, you can start applying for additional cards. If you apply via cold app right now you may end up with small secured cards. You could always try the prequal sites though. Research those more so you understand what is a real prequal vs just an ad of their products.
