Why no credit score now when in july i had 750?

Anonymous · ‎02-23-2011

I got an good faith estimate from Broker/Lender because my score was 750.Now at the time,I didnt have no tradeline.no credit at all but child support and that surprisedd me I was at 750. Builder has completed my custom home and I signed purchase home contract paid down pymnt and now it time to close on home BUT my credit score is not reporting nothing. Im very lost at this point and the Broker say to get 2 more secured card to show tradeline, which I already have 1 limit $300...which opened abt 5mos..and Broker advised to get it and OX Publishhing acct credit limit 5,000 which has been opened about 3mos now and Broker advised to get it.I dont know what to do any suggestions? I need fastest way to get credit score to even report or how does that happen no credit score show at all...PLEASE HELP!!!

RobertEG · ‎02-23-2011

FICO scoring is designed to score current credit risk. If it sees no record of any account activity for more than 6 months, it wont generate a FICO score.

You dont need to open a new account. All you need to do is show some activity on one of your current accounts, and have that reported to the CRA.

Unfortunately, if you go through the normal credit reporting process, the updated usage on the account wont post to the CRA until after the next monthly reporting cycle for the creditor.

Have you talked to your mortgage broker about "rapid rescoring?" It is a process whereby you obtain proof from the creditor that you have undertaken an action that is reportable to a CRA that, once reported, will improve your credit score, such as your situation showing current use of their account. With that documentation in hand, the mortgage broker has the means to get it added to your CR prior to the normal OC reporting. I beleive they charge a fee of approx. $50-$75 for this rapod rescoring service, but it normally results in update of your CR within 72-hours, and thus the ability of FICO to then generate a score.

Many mortgage brokers offer this service.

AndySoCal · ‎02-23-2011

The FICO score criteria is

An account opened for at least six months and not in dispute.

Activity / reported in the last six months.

I sounds like you do not have a trade line that meets this criteria, Do you know of anyone that can make you an AU on there accounts? ( low balance and good payment history. ) Confirm with the LO if this will work as well first then have yourself added as an AU. Doing this will give you three trade active trade lines.

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Discover 09/90 19,000, JCPenney 10/2008 4,700 US Bank Cash 12,000 Citibank Custom Cash 5/2015 11,100 State Dept. FCU 15,000 06/2023 , 02/2024 Redstone FCU Signature VISA 10,000 Banking: Ally Bank Credit Unions: Lafayette FCU Fortera FCU State Department FCU Pelican CU

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llecs · ‎02-23-2011

Ditto to Robert. That 5 month old TL will result in a new score for you effective March 1 when that TL hits exactly 6 months (assuming it was opened in October sometime).

Lenders will pull all 3 scores, not just one. I don't see how you got a 750 since child support isn't factored into FICO scoring at all. Now in some examples, as I've read in the Mortgage Loans board, lenders have engaged in providing non-FICO scores at the initial credit pull and then pulling FICO for the final decisions. Maybe that happened? I dunno.

If you already opened Ox, then keep it for now, or at least until you close. IIRC, they don't report to all 3 credit reports.

To be clear, you have nothing else reporting (e.g. old closed accounts, bad accounts, anything?)? If you haven't pulled all 3 credit reports this month, I recommend you do so ASAP. You can get all 3 for free via annualcreditreport.com. If you only have 2 TLs reporting (the $300 and the Ox TL), then wait until March first to pull your two FICO reports to check the score. It likely won't be at 750.