How long to go from no score to some score?

[Anonymous]

Experian is currently reporting that I have no score, as I have no installment accounts or revolving credit of any kind.  I recently got an auto loan, and I'm wondering how long it will take for the loan to be reported on my CR.  Will the presence of the loan give me a score, or will I need to wait for a few months of payment history to get some sort of a score?

Thanks in advance!

[Anonymous]

First, make sure the lender reports to EX.  Not all lenders report to all 3 CRAs.

You have to have some type of credit that reports in the past 6 months to have a FICO score.  So, you won't be able to see a score for a while.

I would also try to get an secured CC.  That will help also.

[Anonymous]

Also, it's Experian, so even when a score exists, you won't be able to get your FICO score on your own.

[Anonymous]

Good catch mauve.  I totally spaced on that.  Thanks.

[Anonymous]

Guiness, this is something that confuses me, by the way - you have to have active credit for 6 months *before* you get a score?  I thought it was just *within* the last six months, so, for instance, if you only have installment accounts and you pay the last one off, 6 months later, you don't have a score.  I really am puzzled by the concept of having no score once you have an active account again. 

[Anonymous]

It is within the past 6 months.  I didn't mean to imply it had to report each month for 6 months.

As far as I know, it has to be an open account that will update with the CRAs.  A closed account doesn't.

[Anonymous]

Ah, so the delay is simply in getting the new account to start reporting.  That makes a lot more sense than what I previously thought you were saying.

[MarineVietVet]

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@Anonymous wrote:

It is within the past 6 months.  I didn't mean to imply it had to report each month for 6 months.

As far as I know, it has to be an open account that will update with the CRAs.  A closed account doesn't.

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I'm not too sure about this guiness. I found this information about minimum requirements for a FICO score:

• 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).

I read that as saying the account has to be open at least 6 months. Perhaps I'm misreading it. Here's where I found it.

http://www.myfico.com/CreditEducation/questions/requirement-for-fico-score.aspx

From a BK years ago to:
9/09 EX pulled by lender 802
3/10 EQ- 800
6/10 TU -772

You can do the same thing with hard work

Credit Scoring 101
Common Abbreviations
Frequently Requested Threads
Whats In Your FICO Score

[Anonymous]

Isn't that what I said?   If the OP has a loan reporting for 6 months, sometime within that 6 months it needs to update with the CRA.

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).

[MarineVietVet]

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@Anonymous wrote:

Isn't that what I said? 

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).

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Yes but does it not have to meet all three requirements not just one? If there has not been at least one account open for 6 months or longer there can be no score generated.

Now the information could be written incorrectly. If the word "OR" was at the end of the sentences that changes the meaning completely. For example:

• At least one account that has been open for six months or more OR
• At least one undisputed account that has been reported to the credit bureau with in the past six months OR
• 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).

But the way it is written it seems like all three things are required.

JMO. I've been wrong before.