HELP! HOW LONG TO GET MY CREDIT SCORE BACK?

[Anonymous]

Hi - hope you can help:

I'm 38 and have mantained a perfect credit history, which until recently included a mortgage and credit cards- all in good standing.

About 6 months ago I sold my home, and about 4 months ago I cancelled my last remaining credit card (I know... stupid)

So I had no open revolving accounts whatsoever, and thusly discovered that in a matter of 4 months my 720 Credit Score went down to NOT HAVING A CREDIT SCORE, because I didn't have ANY lines or credit open.

In the past 2 weeks I opened a secured $2,000 loan from my Credit Union and got a Visa Credit Card from them as well ($5,000 limit). I also have an AmEx CC on the way.

I am going to keep my credit use low (under 30% of max) and make payments on time.

My question is how long will it take for my Credit Score to pop back up? I've heard 2-4 months? I have an unexpected opportunity to buy a house in 5-6 months and need to have a credit score to get a loan.

Thank you,

SVRI

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[Anonymous]

I don't understand how your score disappeared. I thought old credit accounts continued to report up to 10 years after closed. I believe that if your brand new to credit it takes six months of reporting to get a score. In your case you already have existing closed accounts. I would think as soon as your new account reports you should have one. But don't quote me on that.

[Anonymous]

Even with no active lines of credit, you still have history. TLs dont just disapear because you close them, they have to continue to report like the poster above said, its the law.

At worst, you would have taken a credit score hit because you had no active credit, but your score would still exsist, and so would your history.

Now, if you dropped off the grid for 10+ years, thats a whole nother thing.

Soooo...what are we not being told?

[Anonymous]

After talking with a local Credit Counselor I guess Credit Cards will no longer report after you close your account with them..

So from my understanding as soon as you no longer have any lines of credit then you do not have a credit score.

I just would like to know how long it will take now to pop back up, but I guess it's just going to be a mystery...

[Anonymous]

I wouldn't pay any mind to whatever this suposive credit advisor says. They are no expert. I searched the web right after answering you the other day and trade lines stay on your report for 10 years just as I thought. Negative ones will stay for 7. They don't just disappear. If you try to pull your score right now I guarantee you will have one.

[Anonymous]

In any respect, a credit score should begin as soon as the first trade line begins to report, tho it probably wont be a pretty score for quite some time.

Keep in mind that there are 3 major credit reporting agencies, so it may take some time for all three to show any new trade line.

You should be able to ask your lender when they report, it varies for each.

Good luck.

[Anonymous]

Thank you very much for taking the time to respond! I really appreciate it.

As far as my credit score goes, my lender as well as AmEx pulled my history in mid October, both said I have no credit score. Both also noted I previously had an AmEx CC in June and a mortgage in March.. This is verified by my Experian report.

I really hope it will recover to at least mid 600 by April (as I mentioned before I have a secured 2k loan and 2 CC lines open)

On a separate note, CreditKarma sucks. They told me I have a 712 score when I had none..

Thanks again

[takeshi74]

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@Anonymous wrote:

I have an unexpected opportunity to buy a house in 5-6 months and need to have a credit score to get a loan. 

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Probably too late for that.  General recommendation is no new credit or HP's 6 months to 1 year prior to a mortgage.  Good luck with it.

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@Anonymous wrote:
On a separate note, CreditKarma sucks. They told me I have a 712 score when I had none..

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CK isn't a FICO anyway and they don't use AAoA, they use AAoOA.

[TheGardner]

If you see accounts on your CR you have a score..

Lenders may rate you a 0 internal score with no active tradelines.

You can purchase your FICO 08 scores here and see that you do in fact have a score.

Good news, when your AMEX Reports you will have an aged CC reporting assuming you didn't open your last AMEX In January and close it in June. If you opened it in 2013 it will show the new card opened Nov 2013 giving you 1 year of history on it.

Good luck!

[Anonymous]

I agree with CG Defende.  A bank is certianly going to consider past credit history and I will also give you a good mark for having no debt!  They will look at your debt to income ratio, which I think will be excellent.  And I also agree with another person who asked how it could disappear altogether.  But the fact that you were able to obtain a Visa Card and  small line of credit is an indication that things will go well there at the bank.

Just keep that Visa balance under 30% of max.  And keep that line of credit clean. Best luck.