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credit score from 560 to 0 WHAT!!!

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MsTucker09
Regular Contributor

credit score from 560 to 0 WHAT!!!

Okay my husband and I are working with a credit repair agency to improve our credit before we close on our home.  my credit score is good but his middle score is 560 (as of 1/30/09).  when we first started in sept 08 middle was 461.  He has medical collections and other collections that were removed from his report (about 4 things total about 3 left).  the rep that we keep in contact with tells us that when they finish he will have a score of zero because he wont have anything bad on his credit and she couldn't really explain to me how that is possible.  so I added him as an AU on 3 of my accts.  he was thinking about getting a secured card but we think the inquiries will hurt his score. we are confused about what we should do because he had a credit card but it went into collections and now he has nothing but a couple of negatives on his report.

 

If anyone has any suggestions I would appreciate it. thanks.


Starting Score: EQ 462 9/30/11
Current Score: TU 577 4/10/12 EQ 607 4/10/12 PLUS 627 4/10/12 Beacon 5.0 621 lender pull 4/13/12
Goal Score: 650


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Message 1 of 11
10 REPLIES 10
Anonymous
Not applicable

Re: credit score from 560 to 0 WHAT!!!

If he will have no accounts whatsoever on his report, he will not meet the minimum requirements to have a FICO score.
Message 2 of 11
MsTucker09
Regular Contributor

Re: credit score from 560 to 0 WHAT!!!

so he doesn't meet the requirements even if the CRA are reporting him as AU from my accts that have been open >6mos?

Starting Score: EQ 462 9/30/11
Current Score: TU 577 4/10/12 EQ 607 4/10/12 PLUS 627 4/10/12 Beacon 5.0 621 lender pull 4/13/12
Goal Score: 650


Take the FICO Fitness Challenge
Message 3 of 11
Anonymous
Not applicable

Re: credit score from 560 to 0 WHAT!!!


@MsTucker09 wrote:
so he doesn't meet the requirements even if the CRA are reporting him as AU from my accts that have been open >6mos?
yes he does meet the requirements  if the CRA are reporting him as an AU.

 

 

Message 4 of 11
MsTucker09
Regular Contributor

Re: credit score from 560 to 0 WHAT!!!

thanks is it possible for him to have no negatives on his acct but just the AU from my accts and still have score above 620

Starting Score: EQ 462 9/30/11
Current Score: TU 577 4/10/12 EQ 607 4/10/12 PLUS 627 4/10/12 Beacon 5.0 621 lender pull 4/13/12
Goal Score: 650


Take the FICO Fitness Challenge
Message 5 of 11
Anonymous
Not applicable

Re: credit score from 560 to 0 WHAT!!!

Possibility, depends on age and util.

 

He really needs some accounts of his own.

 

Because of the issues that surround AU accounts, some creditors will not accept a report with only AU accounts, even if it is all positive and has a good score.

 

 

Message 6 of 11
Anonymous
Not applicable

Re: credit score from 560 to 0 WHAT!!!

my friend has an account 6 months old and score was 644.
Message 7 of 11
Anonymous
Not applicable

Re: credit score from 560 to 0 WHAT!!!

A similar thing happened to me: I had a cc about 15 years ago, and closed the acct. and never had another. Now that we're trying to buy a house, we can't use my score b/c I don't have one! I've had to open a cc just to get a score! I don't like having it, but if I want a house...
Message 8 of 11
MsTucker09
Regular Contributor

Re: credit score from 560 to 0 WHAT!!!

with mortgage companies is it true they only look at the score and if you have BK or foreclosures

Starting Score: EQ 462 9/30/11
Current Score: TU 577 4/10/12 EQ 607 4/10/12 PLUS 627 4/10/12 Beacon 5.0 621 lender pull 4/13/12
Goal Score: 650


Take the FICO Fitness Challenge
Message 9 of 11
Anonymous
Not applicable

Re: credit score from 560 to 0 WHAT!!!


MsTucker09 wrote:
with mortgage companies is it true they only look at the score and if you have BK or foreclosures

 

I believe they look at it all.

 

You might ask over on the mortgage forum though.

Message 10 of 11
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