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This is the message I received when attempting to access the free ScorePower trial for my mother today. I obtained her EQ credit report today free. She has no open accts and several medical collections (2009) totaling near $60k and two utilities collections totaling near $1500. The two utilities are also listed as negative accounts. She filed Ch. 13 in 2002. It seems to me she has enough info although all negative to maybe formulate a score. Now I'm wondering if I added her as an AU to two of my low limit $300 CC that I just opened this month, and PIF after each purchase with utiil under 10%, would it help to build her credit.
I am also wondering if I did add her so that she could at least have enough information to calculate a score, would all the negative information, which the majority are as recent as last year, bring the score down so much that it would negate the fact of even having a score?
Here is the message from ScorePower:
We regret we are unable to fulfill your Score Power order request because your credit report does not currently contain enough information to meet the minimum scoring criteria required to calculate a FICO® score. In order for a FICO® score to be calculated, a report must contain:
The minimum criteria is designed to ensure that there is enough recent information in the report on which to base a FICO® score.
Adding her as an AU should give enough information to generate a score but not all issuers will report AU's to the CRA's. You'll need to find out about this. Also she could apply for a secured CC and have something new in her name although that account would have to age for 6 months.
From a BK years ago to:
EX - 9/09 pulled by lender 802, EQ - 10/10-813, TU - 10/10-774
"Some people spend an entire lifetime wondering if they've made a difference. The Marines don't have that problem".
Thanks for your response. The secured card is an excellent idea. So regarding having enough info to calculate I saw that the CA have reported status as recently as last month so I suppose that because she doesn't have any open accounts within the last six months is the reason a score can't be calculated.
@dblue1 wrote:Thanks for your response. The secured card is an excellent idea. So regarding having enough info to calculate I saw that the CA have reported status as recently as last month so I suppose that because she doesn't have any open accounts within the last six months is the reason a score can't be calculated.
I believe that is correct but I'm not certain. (How's that for covering all bases? )
From a BK years ago to:
EX - 9/09 pulled by lender 802, EQ - 10/10-813, TU - 10/10-774
"Some people spend an entire lifetime wondering if they've made a difference. The Marines don't have that problem".
What are the minimum requirements for a FICO score?
There's really not much to it; in order for a FICO® score to be calculated, a credit report must contain these minimum requirements:
- At least one account that has been open for six months or more
- At least one undisputed account that has been reported to the credit bureau with in the past six months
- No indication of deceased on the credit report (Please note: if you share an account with another person this may affect you if the other account holder is reported deceased).