How Long Before Getting A Score

[BruceBanner]

OK we recently finished my wifes immigration process up (from canada) and she got her SSN early last year. She was unable to get any credit cards at first, but in October we were able to get a joint car loan which has been paid good since then, and in december she got a capital one credit card with a $500 limit, and has been using it and paying it off, it currently only carries a $10 balance. Yesterday we sat down with a mortgage broker to see if we can buy a house, everything went well the only thing holding us back is the fact that my wife has no score at all because of limited credit history. So my question is does anyone know how long it takes to develop a score, or based on the scenario how long it would take? We were told once she has a score above 620, we can buy a house, and once the score shows up it shouldnt be under 620 because the accounts are in good standing, the only thing that may hurt is the lack of credit history. Any info would be appreciated.

[cobaltnv]

I believe the six months of history is needed to generate a score. So if her first trade line is the car loan from october 2008 she should have a score in March or April. You might want to read the understanding your fico score pamphlet which may be found at: www.myfico.com/crediteducation/brochures.aspx

Good Luck 

[Anonymous]

My wife had no credit score and was told it would be 6 months of an open trade line reporting. She had managed to get a creditcard and the 6 months was almost up & she went ahead & signed up for scorewatch for her credit mointering to begin & she already had a fico score. I had put her as an authorized user on one of my creditcards & it had been reporting for over 6 months. This was a new creditcard , so Im not sure if it had been older if the information would have been dated back where a score could of been gotten sooner. I do know for sure though if you have a open creditcard & your name & you add her as an authorized user that she will benefit from the age of that account once she does get a score. If you have one, the older the better, make sure it has no lates, and make sure it is one that has a low balance to credit limit. Then she should be set!

[BruceBanner]

thanks for the info guys, as for the authorized user of a credit card, i just did a search and fico no longer recognizes that. anyways, so the 6 months for the car loan is approaching, will it matter that it is joint, or should it report for both equally?

[Anonymous]

Sorry but Fico does recognize it still. Research some more. It was going to be taken out of the 08 version of Fico ( that is rarely being used because its so new) but it wasnt taken out for an authorized user that is realated to you. They wanted unlawfully AU were people would be put on strangers accounts for age & such. Being added as an AU on a husbands account or parents account does work.

[Junejer]

FICO does still recognize AUs in the scoring model. That is old information that you read. FICO '08 will recognize AU as well, as long as it's not that unethical piggybacking stuff. They have ways of discovering this apparently.

The joint account should report equally on both of your reports.

Edit: I had to answer a phone call in the middle of posting, so tryingtoreach700 beat me to it.

Message Edited by ByrdMan on 02-19-2009 01:07 PM

[Anonymous]

Yes the car will be on her report and should look the same as it does on your credit report.

[BruceBanner]

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@Junejer wrote:
FICO does still recognize AUs in the scoring model. That is old information that you read. FICO '08 will recognize AU as well, as long as it's not that unethical piggybacking stuff. They have ways of discovering this apparently.

The joint account should report equally on both of your reports.

Edit: I had to answer a phone call in the middle of posting, so tryingtoreach700 beat me to it.

Message Edited by ByrdMan on 02-19-2009 01:07 PM

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what do you mean by pickybacking stuff......i have a BOA CC thats been open for nearly 2 years with 1000 limit and a balance of maybe 10 dollars. Would it be wise to add my wife as a AU on this account? My mortgage broker did not say anything about this, he told us we should maybe just open a secured card from our bank for her, considering she already has the car loan and a unsecured card from capital one. do you guys think there might be a score generated for her within the next few months?

[Junejer]

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BruceBanner wrote:

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@Junejer wrote:
FICO does still recognize AUs in the scoring model. That is old information that you read. FICO '08 will recognize AU as well, as long as it's not that unethical piggybacking stuff. They have ways of discovering this apparently.

The joint account should report equally on both of your reports.

Edit: I had to answer a phone call in the middle of posting, so tryingtoreach700 beat me to it.

Message Edited by ByrdMan on 02-19-2009 01:07 PM

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what do you mean by pickybacking stuff......i have a BOA CC thats been open for nearly 2 years with 1000 limit and a balance of maybe 10 dollars. Would it be wise to add my wife as a AU on this account? My mortgage broker did not say anything about this, he told us we should maybe just open a secured card from our bank for her, considering she already has the car loan and a unsecured card from capital one. do you guys think there might be a score generated for her within the next few months?

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I think that it's a great idea to put your wife on that account. It has low util and will help her AAoA. This would help her score greatly, IMO.

Piggybacking is when a stranger buys the use of another person's TL to boost their score. That's what FICO '08 will fight.

[Anonymous]

If you decide to take our advice and do this please come back and post the outcome as it will greatly help other readers in the same situation to know. Thanks & goodluck!