Fico says NO Score

[Anonymous]

I do not have a credit score.   I do not own any CC.  I had one Auto loan 4 years ago.  I paid it off 1 month early , never late and my bank is dragging their feet about reporting it.   

I applied for a secured CC to try and build a score. 

my question is :    Approx how long should it take before I see results of a score?

Also because I never use CC, if I charge something small , like $25.00 and pay it off in a week before the statement is due, will that help??

I appreciate all your help and time!

[llecs]

Welcome to the forums!

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

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).

So, if you get that secured card, it would be 6 months before a score is generated. Once generated, it'll factor in your closed account(s) as well.

Per CC usage, it really doesn't matter what you charge on it. What does matter is what balance it reports in relation to the credit limit (CC utilization). If you get approved for $500, for example, then your goal should be to get less than $45 to report. For max points, you want all of your CCs reporting $0, except one, and get that remaining CC to report less than 9% of the reported CL (hence the $45). If it goes above that you may see a more of a ding, but don't dispair, CC utilization and FICO scoring is only a snap shot and the score, based on utilization) would fully recover when you get the balance down the following month. Typically, CCs report the balance they had on their statement date. Some are oddballs, like HSBC/Orchard. In those cases, they report the balance you had on the last biz day of the month and report that about two weeks later in the following month.

[Anonymous]

I now have a score!!!   I'm  happier but also very sad.

My car was reported and that took me from no score to a  657.  Yay me right?   Well not so fast, I found a nasty old * 09/01/2009* medical bill for 90.00 stinking dollars on my credit.   I quickly called the CA and spoke to a very nice guy.   I explained that it was an honest mistake.  I wanted to pay it in full but I was concerned that It would show up as a nasty.    He proceeds to explain that he doesn't think it can be removed BUT that they can put on the file it was PIF.   I know this was a mistake but I just wanted to pay it and move on down the road.   I received mail from this CA yesterday *i paid in full on the 4th of Aug* that reads:

Our records indicate your accounts has been paid in full since 08/04/2010.  If you find the credit bureau records to not match our current recors, you need to fill out a DV form with your CB.   And then it gives me the CB ACCT NO

So my question is this,  Do I have a fighting chance to get this from a baddie to a nothing???   

I'm trying to get my ducks in a row to buy a home and that was t he ONLY icky I had on my report.   It was my fault for not paying closer attention. 

Advise is appreciated!!!

[llecs]

Unfortunately a paid CA is just as bad as an unpaid CA per your FICO score. They suggested a dispute if reporting inaccurately. I'd advise not to, but rather send them a GW letter asking for a deletion.

[Anonymous]

Why not dispute?  I just ask because I really do not know why it would hurt.

Also even if it does not bump my score, isn't it better to show a future creditor that I paid it rather than ignore it?   Right now i'm just trying to make sure I have no old debt and since it was really my fault, I deserve the ding in score, I just paid it to be done with it.

Again, thank you for all your time.

[llecs]

What reason would the dispute be based on? You can't say it's not yours because they have proof of payment. Maybe you can dispute if something is misreporting.

The challenge with disputing is that the CRA asks the OC/CA, "Is this his/hers?". The OC/CA usually says "Yep" and almost always comes back as verified. Regretfully, some OCs/CAs seem to take it personally and getting a baddie removed via a GW in the future becomes much more challenging.

Per lending, under a manual review, it will be taken into account that it was paid. But under automated applying, you can still be denied for having a CA report (even if paid).

[Anonymous]

Ok I gotcha now.   I'll see if I can get them to help me after the fact.    If they don't , then nothing I can do about it now other than feel good knowing I paid it off.  If they do help me, then yipee!! 

I'm going to keep all my paperwork together just in case as back up.    

Again, thanks a bunch for being so very helpful.