No Fico score? Help

[Anonymous]

Thanksfor evrything I amnow going to get the share loan and wait until my WF card post at 6 months.

I talked with someone at penfed and they are gung ho about having pre qualify but it'sno use until I generate a score.

Can you tell what wht that score was that was given when Cap one did a hard pull?

It said 815 from trans union. 

[Anonymous]

I went back and raed through your posts again.  It sounds like the following is a summary of what happened:

*  You applied for a car loan with Cap One.

*  They sent you a letter saying No.

*  In their letter (where they declined the loan app) they told you that you had a credit score of 815 based on data drawn from TransUnion.

Is that right?  If so, the letter should tell you what kind of a score it was.  A score of 815 is very good, so that can't be the reason they declined you. 

To get a better understanding of what happened, you'd have to find that letter and then tell us word for word exactly what it said. 

As far as the SS Loan technique, be sure to follow those step by step instructions carefully.  Good luck!

[Anonymous]

I got one letter from WF it said only no credit history with no score.

The letter from capitol One said a score of 815, source Equifax

Time since most recent account opening is too short

Number of established accounts

lack of installment loan information

Proportion of balances to credit limit too high on bank account.

I have since paid down that balance it is only a 300 limit.

what should I keep it at?

[Anonymous]

Because you credit limit is $300, you need to make sure it reports an amount between $5 and $26.  The card will report whatever the balance was at the end of your billing cycle, which is when the statement prints.  So after the statement prints you can run up the card as much as you want -- just make sure it is paid way down (e.g. to $5-10) well before the next statement prints.

[Anonymous]

Thanks again will get down to that.

Any idea where that 815 trans union score came from?

I got a report from the actual site that said 622.

[Anonymous]

No idea.  We'd probably need to see an exact replica of the letter to make a guess.  If you really feel like tracking it down, you could make sure you have the letter in front of you, then call Cap One and see if they can eventually transfer you to a loan specialist who can explain what the score meant.  The loan specialist would need to be able to pull up the letter on his end too to see the exact wording.

My feeling is it would be more work than it is actually worth.  You know the steps you need to take, which are implementing the SS loan technique and also quickly paying your credit card down to $10 and keeping it there.  Do that.   Keep watching your reports.  Wait until everything is reporting the way you want ($10 CC balance, CC age of > 6.1 months, new loan with a balance < $44).  Then finally pull your scores through Credit Check Total.  You'll finally have an idea where you are and you can go look for a loan.

[Anonymous]

Ok.

That's what I am going to do.

If I get the loan this week it should post next month right? 

[Anonymous]

Yep, if you get started on the loan soon then Alliant will report it on Nov 30.  Alliant reports all its loans for all customers at the end of the month.  Just bear in mind that it will then take several business days after Dec 1 for the loan to actually get updated inside each bureau's database.

You are using Alliant right?  And you will be following that step-by-step guidance I gave you?

The only slight change I'd make to the guidance in your case is to just pay the whole thing down to $44 as soon as possible (before Nov 22).  The guidance suggests doing it in two pieces, so that you make the final paydown after you have cancelled your autopay.  But in your case you are really pressed for time, so I would just pay it down all the way to $44 immediately.  That will probably mean that you will have one autopay go through before you are able to cancel the autopay.  But that's not a big deal. 

[Anonymous]

Yeah going through alliant.

I missed the step about putting money n the savngs account before applying shoud I do that now?

I set up a transfer but it has not been approved yet. still needs to sync with WF.

I.

[Anonymous]

The reason that the guidance was created is so that people would know what to do.  (And so we wouldn't have to reinvent the wheel in terms of answering questions about what to do in hundreds of threads.)

Creating a savings account with Alliant is step 1.  Unsure how you missed that,

I encourage you to slowly read the first three posts of that thread.  The third post is long and has all the step by step guidance.  When you get to the step by step guidance read it very slowly.  If you need to, print it out, take notes, do whatever you need to do to make sure you understand it.

It gives you everything you need to know.