2007-04-14 08:48:45 · 9 answers · asked by georgia j 1 in Business & Finance ➔ Credit
No FICO score is one of two things.
Either you have never established credit or you have misused your credit to the point that you fall below the minimum reportable score of 350 and therefore your score is 0.
2007-04-14 09:32:25 · answer #1 · answered by ? 7 · 0⤊ 1⤋
It means that you lack sufficient credit information (history) in your credit file for a meaningful calculation of your FICO score.
Let's say you have 0 or 1 credit entries on your report with a TOTAL credit history of 6 months! You wouldn't have a FICO score because you need a decent "cross-section" of data for the formula to be able to predict your creditworthiness.
Extremely limited or no historical credit information equals no FICO score.
2007-04-14 18:10:32 · answer #2 · answered by DaMan 5 · 0⤊ 0⤋
A FICO score is derived from the three major credit agencies. You have transunion, experian, and equifax. Generally they will pull all three credit, and they will take the middle score that you have. If you do not have any credit I suggest to get a credit card (capital one) is probably the best because they accept "highrisk" accounts (high risk because you don't have any credit) You will pay higher interest rates but you should buy something you have money for and pay it off even before you get charged interest. This is the quickest and easiest way to build your credit. And remember, ALWAYS pay everything ontime and your credit score will get better.
2007-04-14 16:06:27 · answer #3 · answered by Robbyz3 2 · 0⤊ 1⤋
It means you have no credit history. FICO is a numerical index of your creditworthyness. No history = no score.
2007-04-14 15:52:29 · answer #4 · answered by wld_jkr 4 · 0⤊ 1⤋
Congratulations. You are NOT in debt up to your eyeballs. Please continue to spend less than you make and STAY out of debt. The only other person I know without a FICO score is a debt free MILLIONAIRE.
2007-04-14 16:33:15 · answer #5 · answered by STEVEN F 7 · 0⤊ 0⤋
Your fico score is how they judge your credit, and if you don't have one that means that you have no credit established.
2007-04-14 15:51:58 · answer #6 · answered by TmB 3 · 0⤊ 1⤋
It means you are not listed in the three major credit bureau's, It also makes it hard to establish credit without a score.
You may have to get someone to co-sign with you to help jump start your credit.
Good Luck,
2007-04-14 16:01:16 · answer #7 · answered by semi273hemi 4 · 0⤊ 1⤋
You have no credit history. You never have a loan and credit card or you have a credit card, but you haven't use it.
2007-04-14 16:07:48 · answer #8 · answered by Young and Famous 3 · 0⤊ 0⤋
i would think it means you have no credit
2007-04-14 15:51:31 · answer #9 · answered by igottadrive2001 5 · 0⤊ 1⤋