It showed my car payments and a loan with my credit union, all paid on time. Does it make sense? I was told that I needed to get a credit card to establish credit but when I tried to get an gas card, their reply was that I didn%26#039;t have a credit score and I was denied. What can I do about this? Is there a credit card company that I can apply for with NO credit? Is there someone I can contact to discuss my credit situation? Please help.
My credit was checked, I was told that I didn%26#039;t have a credit score but my credit report showed I had credit.
Okay this can happen. Im trying to do a mortgage with a lady right now that has no credit score. I have to go to the agencies and try and get them to report.
Let me give you a few scenarios as to why your gas card company said there was no score and well as the other companies. There are 3 credit reporting agencies. Trans Union, Equifax, Experian.
1. Your credit union that you have your loan with reports only to Trans Union, not all 3. So when the Gas Company checked maybe they checked experian. Nothing will be there.
2. Your car loan was a co-signer. They gave it to you based on your co-signers credit. They may be reporting on the co-signers credit.
3. Your loans are less 6-12 months old. They show but the credit bureaus dont feel there is enough time to give you a score to show your credit worthiness.
Ways to fix these issues.
1. If they are only reporting to 1 bureau contact the other bureaus (links below) and get them to report it.
2. If they are only reporting on the co-signer get the bank to report on yours as well. If they wont get all your cancelled receipts and send them to the 3 credit bureaus to have them added.
3. Cant do anything about 3 but have more time that you have paid.
To answer your other question, yes CC companies like Capital One etc will allow you to get a secured CC. You give them 500 dollars in your savings account. They give you 500 dollars in a credit line. Its not a pre-paid credit card. If you charge 100 dollars, they will send you a bill for 20 bucks a month. If you dont pay it they wont take it out of the 500 dollars. They will charge you a late fee and hit you with a 30 days late on your credit report.
I would suggest getting 2 or 3 of these credit cards. It wont show on your credit report that they are secured. You can get them as low as 200 dollars. Now this is very important. If you have 2 of them at 200 dollars each. Thats 400 in credit. Never keep your monthly balance over 30% of what is availiable. So you give them 400 you have 120 bucks to use. 60 on each. The reason why is because that will change your score massively.
Your score will go up or down depending on this. If you have 70% of your availiable credit, it shows you are responsible and are budgeting. If you have 2% or 0% of your availiable credit thats not good. Your score will plummet. I was doing a loan for a friend, she had a 10,000 CC. She owed 200 dollars on it. Her fico score was 710. Her friend needed a loan so she took it out on her credit card. Her Fico dropped to 580.
Make sure you keep a running balance even if its 30 bucks so they will report every month.
Good Luck
www.transunion.com
www.experian.com
www.equifax.com
My credit was checked, I was told that I didn%26#039;t have a credit score but my credit report showed I had credit.
you dont start a zero.
and if you have a car loan, and you pay it each month, then you dont have a poor credit score either.
just check with chase for a credit card, they have many different cards suitable for different levels of credit.
*** better yet, if you have cash upfront like $300.00, go to your credit union and get a secured credit card. that shows up on your credit report, and just make sure if you use it, pay it off in full the next month
My credit was checked, I was told that I didn%26#039;t have a credit score but my credit report showed I had credit.
The best thing you can do is apply for a credit card through your bank. They understand you have no credit but hopefully you%26#039;ve had accounts with them for a while.
Otherwise, go to Macy%26#039;s an open a credit account. They%26#039;re famous for letting anyone get credit. You may start out with only $100 limit, but you have to start somewhere. Every 6 months you can request an increase. And once you have that card, you can get other cards and start establishing credit.
My credit was checked, I was told that I didn%26#039;t have a credit score but my credit report showed I had credit.
It sounds like the credit check showed an %26quot;invalid%26quot; score. That can happen if you have no credit, or if what you had in the past hasn%26#039;t reported in the last 6 months. Did you finish paying off the loans, then not use anything? If so, you%26#039;re starting over again. You can get some credit cards with no credit history, but expect to pay a deposit( secured card) or an annual fee.
You can call the company who denied you. They are legally obligated to provide you a written response within 30 days of receipt of your application. The decline letter would be your response. Check there for the phone #, they may or may not have published it. If it%26#039;s not there call the customer service number and ask to be transferred or given the # to the credit department concerning a decline. When you get through, make sure your social security # and date of birth were correct on the application. If both were wrong, they may not have been able to get a file.
My credit was checked, I was told that I didn%26#039;t have a credit score but my credit report showed I had credit.
http://creditcard.creditinspector.info has excellent info related to dealing with credit cards. Check it out!
No comments:
Post a Comment