How do you get back your credit score (BLANK) when you don't have one, due to not using credit based monies?

Question

Here is the situation... I called two of the three scumbag credit agencies. My credit score was up there in the mid 700's. I have had two new car loans back to back (one after the other). Never had a missed or late payment for that matter. However, since I haven't used a credit card or had ANY bills in about two years I have a BLANK credit score. Not even a 001. Just blank. When I called the company they (along with everyone else I have asked about this scenerio) were sitting on thier thumbs and rocking back and forth while scratching thier heads. How can you lose a credit score that you built up and have it go blank for "being ahead of the game" and not having bills. This is complete and utter b with a lot of s afterwards... Is there anyone who can explain how I can leave the game with a mid 700 and try to get a best buy card for $10 and not have any success? I could walk in and just buy a car but since I hate credit cards and don't use them I now have a blank score...

Here is the situation... I called two of the three scumbag credit agencies. My credit score was up there in the mid 700's. I have had two new car loans back to back (one after the other). Never had a missed or late payment for that matter. However, since I haven't used a credit card or had ANY bills in about two years I have a BLANK credit score. Not even a 001. Just blank. When I called the company they (along with everyone else I have asked about this scenerio) were sitting on thier thumbs and rocking back and forth while scratching thier heads. How can you lose a credit score that you built up and have it go blank for "being ahead of the game" and not having bills. This is complete and utter b with a lot of s afterwards... Is there anyone who can explain how I can leave the game with a mid 700 and try to get a best buy card for $10 and not have any success? I could walk in and just buy a car but since I hate credit cards and don't use them I now have a blank score...

Answer 1

This is very common

You have no qualifying accounts that are being reported over the past 6 months. .

If you open just one new accounts that reports to the 3 bureaus it will open up a score.

Try a secured card or piggybacking

Read this article: http://www.expert-credit-advice.com/building_credit.htm

Vote me as best answer if you like it!

Answer 2

I used to work for Equifax (probably one of the scumbag credit agencies you mentioned ; ) ) and I'm a licensed credit analyst so here's my take on the matter.

An active credit file relies solely on how often you use your cards whenever you make an inquiry (like when you purchased your two cars) and it's different from when you buy groceries. Since most inquiries may lower or put a damper on your credit score, a sporadically active card may hardly gain any points to the point that it'll lose them all because you're buying something that requires a credit check for a loan or child support (for the divorced only). The three major credit reporting agencies (Equifax, TransUnion, and Experian) get all of their information from banks, businesses and even from the Union to see if they have been spending their hard-earned money on something (useful or otherwise). A rating of 630 to 650 points is the most sought after on Equifax's take, considering that it's been in business for over a hundred years, and many businesses rely on this while the other two might give you something higher. I guess it's all about second opinions from one doctor to another. Just think of eBay and feedbacks, and not a lot of people will judge you all because you have one negative rating, and the same goes with the next bank who wants to give you a loan despite of your credit score.

So it may seem unfair that your credit score has gone to a slump all because you've been paying cash for your bills and such. I don't see anything wrong with that, and I find it good since it doesn't give you that proverbial gorrila on your back to burden you financially. But given the case, it's just about the same thing when you swipe your card on a $20 purchase and you can head to the bank afterwards to pay it off just as easily, then why not use it?

I hope this answers your question and you can contact the credit card reporting agencies on how to improve your credit score. The Fair Credit Reporting Act can also give you tips as well.

Answer 3

go to www.annualcreditreport.com and get your 3 credit bureaus and see what is on them. If you have an auto loan(s) it is possible the bank does not report your paid auto(s) to all 3 bureaus - your score is mainly determined by credit cards (with low balances). I would get some credit cards start with the bank your auto loans are with and keep your balances under 20% of your credit limit. PS where are you seeing that you have no score - some banks, etc. do not order the score when when they pull a bureau. However, if that is not the case and you do not have a score that means you have no recent account activity so my guess is that either the auto loans have been paid off for a while or they are not reporting on the bureau you are looking at.

Answer 4

What you are probably going to have to do is put money in a savings account ,Don't touch the money and borrow that same amount from the bank in which you bank with. You can do small amounts at a time for six consecutive months or do a larger amount that will take you six months to a year to pay off. Have the money directly deposited out of your account. It might sound a little weird but every six months when you have a open balance with activity it is reported to the credit agencies. I hate to use cards also but this really does work. You can also get a secured credit card that is coming from money that you already have . I hope that this advice will help you . Good Luck and God Bless

Answer 5

I process mortgage loans and see this every single day. It doesn't matter how good your credit was 2 years ago. If you don't keep a credit card or something reporting monthly to the credit bureaus, then they have nothing to report and then you lose your scores.

People so commonly think paying off their debts and closing their credit accounts is the answer to good credit, but that is just not the truth. In order to keep a good credit score, you have to have credit reporting monthly to the credit bureaus. Creditors want to see good, recent credit. That is great that you paid your cars off with no lates, but that was two years ago. Creditors are going to wonder why you haven't had any established credit since then. In their eyes, it makes you look a little risky.

After you build up your credit, you have to keep it built up. I know it sucks, but that is the way it works.

Answer 6

First of all go to http://www.ftc.gov/bcp/conline/pubs/credit/freereports.htm and get a free credit report. See what you come up with then.

If you have no scores, write or call the numbers listed on that link I sent you.

Also find out more about credit at:

http://www.thetruthaboutmortgage.com

You may hate credit cards and credit, but if you continue to hate them, you'll have a lot of difficulty down the line when you need financing for things such as a mortgage.

And credit lines that you close have little value on your current scores (unless they were riddled with lates). So open lines of credit, and keep them open. Regardless of whether you hate credit or not. You gotta play the game.

Answer 7

Dude, you are in the perfect place financially!! Your credit scar, i mean score only means that you are good at spending other peoples money! You don't need one as long as you can save money and buy cars in cash. There are mortgage companies that will loan on your financial history instead of your credit scar (churchill mortgage) so don't worry about not having a fico score. I'm trying to get to that place myself.