No Fico score? Help

[Anonymous]

I have not used any credit for a very long time due to some past credit issues and just not wanting to get under water again.

So I recently wanted to purchase a used vehicle and had started steps to improve my credit by applying for a credit card, I got approve about 5 months ago.

A couple of weeks ago I decided to finally take a look at my credit score and found I was between 620 and 685 according to CK, I then tried to get my actual score with equifax and here and was told I did not have enough credit history and I do not have a Fico score.

I had already given my info for a credit check on a car and was declined but when I got the score from one of the providers they said I had a 815 rating through Trans Union, a real **bleep** moment.

But anyway my question is how long and how much credit history shoud I have before trying again, I have since appliedf or another card through Capitol One and have been approved.

Should I try and get another card or just wait until these cards get me a history.

I have really learned a lot from this site, I actually joined penfed as well for future purchases and refi if needed.

I will have 6 months history on a WF card next month will that change anything and how long should I wait before trying to buy a car?

Would not be adverse to a high interest if I know I could build my credit and refi within a year.

Thanks in advance. 

[iv]

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@Anonymous wrote:

I will have 6 months history on a WF card next month will that change anything

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Yes. Assuming that a FICO score wasn't generating for you, that card is likely your oldest account on your reports?

FICO requires at a minimum, at least one account that is 6+ months old.

As soon as that card reports as 6 months old, a score can be generated... wait until that happens to get a better idea for where you stand for the car loan. If all your past negative credit items have fallen off your reports (seems likely, if no score can be generated right now), then you may end up with a fairly good score next month.

[Anonymous]

Yes that is my oldest account.

Will that make me eligble for a car loan or will I still be too thin on history?

Does any FICO score improve your odds that much?

Also does the amount of limit on card count it's only 300?

I got a report back from Cap One and they said I have a 815 from equifax does that increase my odds with evrything else?

I don't want to have any more hard hits if I still don't have a good chance. 

[iv]

Being "scorable" at all will certainly help with most loan applications.

The dollar value of your credit limits do not directly affect your scores (just the utilization ratio).

It is likely that the Equifax score from CapOne was not a FICO score, since you didn't yet have a 6 month old account, so that's not too meaningful.

Wait for the 6th month of that account to report, and check your scores then, you'll have a better idea where you stand for the car loan.  (But it sounds like you'll be in fairly good shape.)

[Anonymous]

Awesome advice from iv..

While you are waiting for your score, you can be reviewing your reports.  There are free services that provide all three reports (EX, EQ, TU) once a month or even more often..  Have you reviewed all three and made sure you understand what's on them?

Also there is a way to sign up for a free monthly FICO 8 score that is drawn on Experian data.  You can get it from Discover and don't need to have an account with them already.

Finally, there's a way to improve your score that does not involve an additional inquiry.  It's designed for people who currently have no installment loans.  It would be a nice way to improve your score by an additional 30 points prior to getting the car loan.  It would mean delaying your car purchase until mid-Dec (or possibly mid-Jan). 

Let me know if you want info about any of this.

[Anonymous]

Thanks 

But with one card showing in the history will it change much from no history.

I guess I am asking is my current issue more of no history than little history.

Should I try again with the 1 credit card? 

[Anonymous]

I have checked my scores with Trasnunion and Equifax that's where I got the 615 and 655 from.

Doyou know why capitol One gave me a score of 815 when they sent my decline letter?

And yes I am interested in the boost you are talking about, those dates is when I would be looking to try again for a vehicle. 

Please give any info you have.

[Anonymous]

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@Anonymous wrote:

Thanks 

But with one card showing in the history will it change much from no history.

I guess I am asking is my current issue more of no history than little history.

Should I try again with the 1 credit card? 

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No.  What you should do is get very familiar with all three credit reports.  By doing so you will know when it is that your credit card account has become six months old. 

You should NOT attempt to apply for the loan again until all of the following are true:

     (1) Your credit card is 6.2 months old

     (2) You can see that you have a FICO score.  You will be able to tell this at very low cost to you in a number of ways.  We can elaborate about these a bit later.  Expect that you will not have a FICO score until at least 6.2 months have passed.  Do not use "Applying for a loan" as a method of checking your FICO score, since every time you do that you will get an inquiry and harm to your score.  The low-cost methods we will explain do not generate hard inquiries.

     (3)  You have accomplished all the ways you can think of to maximize your FICO score.  This would include (a) have a small positive balance reporting to the bureaus (such as $5-10) and (b) using the Share Secure Loan technique (link given below).  The SS Loan Technique is optional, but it is a good way for a person with no installment loans to prepare for his first installment loan.

This explains the SSL Technique.

http://ficoforums.myfico.com/t5/Understanding-FICO-Scoring/Adding-an-installment-loan-the-Share-Secure-technique/m-p/4506756

You only need to read the first 2-3 posts.  The technique apparently gives most people 30-35 extra points.

[Anonymous]

Thanks that is what I was trying to figure out.

When you say get familiar what do mean?

I have done the 1 dollar thing on all 3 so I have an idea of my scores and I did the credit thing on Capitol One.

They are showing the 1 credit  card and no other history, i have no late payments and low credit baance.

When Iget the FICO what should it be before I try again?

I am going to look into the SSL you posted, should I wait the 60 days before trying or does that depend on what my FICO score looks like?  

[Anonymous]

By "the one dollar thing" you probably mean the $1 trial membership at Credit Check Total... is that right?  If you did that, I assume it said that you had no FICO score?  CCT is a good cheap way to see your FICO 8 score, but you should wait until your credit card is at least 6 months old + a week (just to be sure).

By "get familiar with your credit reports" I mean print them out, review them, make sure you understand all the sections of them, etc.  To give you just one example, you will want to confirm that your reports no longer have any "derogs" on them: lates, collections, chargeoffs, liens, judgments, public records, etc.  One of the commenters on this thread alluded to the importance of that.  It sounds like you may have done that.

You'll also want to see exactly what accounts you have on the report (possibly only one account -- the one credit card) and you'll want ideally all three reports to be saying the same thing (same accounts, etc.).  Look especially at the DATE OPENED for the credit card you have been talking about.  You'll need to when the date is according to the credit reports so that you can time your next CCT (Credit Check Total) pull.

Read up on the SS Loan Technique.  If it feel right for you, get started on it soon.  That way you will have your SS loan in place and paid all the way down well before it Nov 30, which is when Alliant reports all its loans to the credit bureaus.  Continue to monitor your credit reports and wait until the new loan appears on all three bureaus before pulling your CCT score one last time.  It will be the highest it can be at that time and you can apply for your car loan then -- rough guess would be mid-Dec.