No Score after rapid rescore!!

Anonymous · ‎03-28-2008

Ok. I can't seem to win. I did some fixes done to my report. I paid off all the collection accounts, had some collections removed, I had a judgement removed and now there is no score for all CRA's

There are still a few collections marked as paid in full on the reports. I have no credit cards, no autoloan, no debt at all.

I was tring to get a house but now my Mortgage guy says no way.

I had scores of 550-570. I needed to get to a 580 or better for the new FHA loans. Now I have 0

Any advice would be great. I'm out of options

llecs · ‎03-28-2008

You probably don't have a score because most of your history was deleted in the repair process. IMO, I would get a secured card somewhere ASAP. That will improve your mix of credit and your scores will be higher. Doesn't have to be for a big amount ($300 comes to mind). A secured loan might help too as the lack of installment accts hurts you. What do your other 2 scores look like?

Anonymous · ‎03-28-2008

nyuplink wrote:
I had scores of 550-570. I needed to get to a 580 or better for the new FHA loans. Now I have 0

FHA is not score driven. Some lenders do require a certain score. Do you have any accounts left on your report?

Anonymous · ‎03-28-2008

Ok. The only thing left on all 3 CRA reports are 4 collection accounts that are marked paid in full with a 0 balance. FHA does want a score of 580 for any loans over $362K. I have been told this by 6 different lenders. I currently have a 0 score on all three CRA I have spent thousands on credit repair and paying everything off on the advice of my mortgage guy. I guess the dreams of owning a home are going to be put off for another few years. What a joke! You have to have debt in this world to be able to get a house. No wonder this economy is falling a part. We are in contract now on a home. I can't wait to tell my wife the great news..

ngerasimatos · ‎03-28-2008

If you get a secured credit card with a decent credit line, you should be able to get a 580 and above in 30 days or less. My B of A secured card displayed on my credit reports within 7 days from the day I opened it.

Try not to become a man of success but rather to become a man of value
Albert Einstein 1879 - 1955

800+ Club

Anonymous · ‎03-28-2008

Thanks I'm going to get the secured BA card tomorrow. I have to open a bank account there first.

bott6698 · ‎03-28-2008

Yes Sidewinder I also confirm FHA is requiring a score of 580+ where I live too in PA and mine is only for a refinance on 124k. I went fha cause I learned on here about it not using your score BUT recent changes they are making a 580 score is a neccessity atleast where I live....

10/11/2017 EQ 640 TU 639 EX 652 12/10/2016 EQ 621 TU 607 EX 626 10/10/16 EQ566 TU591 EX 587
01/31/2008 EX 502 EQ 466 TU 481
3/14/2008 EX 578 EQ 539 TU 543
4/16/2008 EX 622 EQ 532 TU 578
5/19/2008 EX 604 EQ 591 TU 592
1/1/2009 EQ 625 EX 576 TU 569
02/13/2009 EQ 648 EX 617 TU 590
09/28/2009 EQ 568 TU 591
Thanks to all Fico supporters for your encouragement and advice

ngerasimatos · ‎03-28-2008

Open a checking and savings account, at the same time tell the banker you want to open a secured credit card ASAP. The nice thing about having everything linked with B of A is you can transfer money from checking or saving to your secured credit card to make payments, or increase your available credit.

Also, if you ever elect to close the account they will refund your deposit (minus the current balance)

Try not to become a man of success but rather to become a man of value
Albert Einstein 1879 - 1955

800+ Club

Anonymous · ‎03-28-2008

ngerasimatos wrote:

If you get a secured credit card with a decent credit line, you should be able to get a 580 and above in 30 days or less. My B of A secured card displayed on my credit reports within 7 days from the day I opened it.

Unfortunately, it will take longer than that. FICO requires six months of history on a credit card or installment loan in order to generate a score.

With nothing but CAs reporting now, OP will not have a score for six months, and that assumes s/he gets a new CC today.

Message Edited by cheddar on 03-29-2008 02:26 AM

Anonymous · ‎03-28-2008

ngerasimatos wrote:

Open a checking and savings account, at the same time tell the banker you want to open a secured credit card ASAP. The nice thing about having everything linked with B of A is you can transfer money from checking or saving to your secured credit card to make payments, or increase your available credit.

Also, if you ever elect to close the account they will refund your deposit (minus the current balance)

BofA will not give a secured card with no score. BofA secured is one of the more difficult secured cards to get.

I have heard that Cap1 issues cards with no score. Orchard Secured is a possibility, too.