No credit score at all!

[Anonymous]

In addition to working on my own credit I've also been doing my partners. He had one baddie charge off which I was able to get removed thru a BBB complaint. Today we went to see a friend of ours who is a banker to get him set up with a revolving account and an installment loan. To our suprise the banker ran his credit and says he actually has no credit score. And we left without either being approved or being denied for either installment or revolving account. We did get a call about an hour later asking how long he has been at his current employment . He makes $40k a year and has $0debt. But we can't seem to get him credit anywhere because he has no credit score. He does have a paid off mortgage and car from.his first marriage 10 years ago but that's it
The car comes up on his credit report but not the mortgage. Has anyone ever been in this situation before? If so how did you handle it? I called capital one today and added him as AU on my $3000, 5% utilization card.

[rmduhon]

How old is your Cap1 card? If it's older than 6 months then he should get a score the next time the card reports. In order to have a score you have to have an account that has been active and reporting for at least 6 months. Being an AU can jump start that if the card is 6+months old. With no score he may have to go the secured route.

[Anonymous]

It's only 1 month sadly. We did try for a secured discover it card for him but got a notice to wait for the 7-10 letter. Still waiting for the letter but I told him that sounds like a denial to me.

[rmduhon]

Does he have anyone else that would be willing to add him as an AU to a non-Amex card for 6 months or so until he can get a card of his own reporting for 6 months? I say non-Amex because Amex doesn't report the history of the card's so that would defeat the purpose

[ucdcrew]

I had this happen because I had not used credit in like 5 years.  Mine didn't take a full 6 months to generate a score, as soon as my new card reported my score came back.  However I still had paid off installment and revolving accounts (closed in good status, due to non-use) reporting.  US Bank gave me a card - but I've had cards with them in the past.

[Anonymous]

That's good to hear. He does have closed and paid off accounts so hopefully it won't take 6 months!

[Anonymous]

Self Lender or an Alliant Credit builder account will add an installment loan to his credit profile. 

[Anonymous]

We got great news today from the credit union banker! He was approved for an unsecured card AND and overdraft protection loan for his checking account that reports as a revolving account! Still wait for final word on the CLI for both accounts. He had to bring his paystubs in today to finalize the loan. Thank God for credit unions! Oh yeah we got word back from discover on the 7_10 letter.. a big fat NO
So honestly so grateful to the local credit union!

[Anonymous]

Update: my cap1 reported to my partners account and he went from no score to a 745 on EX and EQ!!

[myscorerocks]

I'm almost jealous because he gets to start from scratch. Don't get into trouble and learn from our mistakes! Read some of these posts and see how much a late payment or charge off can affect your life! While his score is high, he has a thin file (new) and it doesn't mean as much as someone with years of credit history. Take your time, but get some more cards. I would stay away from store cards. Check the pre-approval sites, but a few are not real pre-qualifiers. You can research the ones that are true like Capital One, Amex, and Chase I believe. Good luck!