My boyfriend has established excellent credit from a young age, he currently has no credit cards. We've been house hunting for YEARS and we are finally close to closing on one, been working with mortgage people and everything has been fine. Cut to today and the mortgage company "runs the numbers" and he is showing up with a score of ZERO! Absolutely nothing! I can't even find any information of this ever happening, nor anyone who it has happened too. The mortgage people are "on it" but I am way to curious, what the hell happened here?
2007-07-25 16:31:19 · 11 answers · asked by Anonymous in Business & Finance ➔ Credit
My boyfriend has established excellent credit from a young age, he CURRENTLY has no credit cards, but has in the past, thus establishing his good credit. We've been house hunting for YEARS and we are finally close to closing on one, been working with mortgage people and everything has been fine. Pre-approved and up until now he has shown a high score (don't want ot give the actual number) Cut to today and the mortgage company "runs the numbers" again (don't know why they had to again?) and he is showing up with a score of ZERO! Absolutely nothing! I can't even find any information of this ever happening, nor anyone who it has happened too. The mortgage people are "on it" but I am way to curious, what the hell happened here? How can you have established credit and than it goes away?I believe it to be a glitch and am hoping this gets sorted out, but I am definitely looking for insight on this.
2007-07-25 16:51:33 · update #1
"0" is impossible to have. Check the information they entered. Like SSN, DOB's, current, and past addresses. etc.
2007-07-25 16:38:10 · answer #1 · answered by Anonymous · 0⤊ 3⤋
Well how does he have an excellent established credit history if he has not credit cards and no mortgage. It does not sound like he has a credit history at all. Maybe he had an auto loan from a long time ago and because it has been so long since he paid it off or sold it that it no longer positively affects his score anymore. No credit is not a good thing when you need to finance things and you want to buy a home. While it may help for debt ratio purposes and such. It will not help for qualifying purposes. I have never heard of this happening in my 10+ years in the credit fields and it sounds a bit odd to me. However, without seeing his reports and everything else it is almost impossible to give you a good answer as to what happened. Good luck and I hope it all works out for you. If not, try FHA to get financed through as they will take people with no credit and no score.
2007-07-25 23:42:58 · answer #2 · answered by dzwreck 4 · 0⤊ 0⤋
More than likely he has a split file and the credit bureau is putting the blank file out instead of the one with the info on it.
A split file means that his credit file had split into two files.
When that happens "one" of the files could contain all of the negatives, all of the positives, a mixture of some of the negatives and some of the positives OR it can be blank with all of the credit info on the other file that nobody sees.
Generally it could happen with people who have quite a few accounts, something in the personal info section OR if there has been quite a few credit inquiries.
If you have been house hunting for years, the mortgage companies usually do not pull one single report, the reports are pulled many, many times.
Your boyfriend needs to contact the credit bureau and inform them of the split file and have them merge the files.
Split files happen more than people realize - even the credit bureau's regular CSR's are clueless about it sometimes.
The CSR should transfer your boyfriend to the Special Handling Dept. of the credit bureau. If they don't automatically transfer him, he should request that they do.
2007-07-26 00:18:32 · answer #3 · answered by echo 7 · 1⤊ 0⤋
If you get a zero, it means that the credit repository does not have a file on him. Tell the lender to make sure they have submitted the correct social security number and date of birth. When a mortgage lender pulls a credit report, it is tri-merged and will show 3 different scores from the three different bureaus. The three bureaus are Experian, Transunion and Equifax. I would contact each bureau and ask them whats going on. Their contact information is on the credit report. If you would like a second opinion on what the lender is telling you feel free to shoot me an email.
2007-07-25 23:46:57 · answer #4 · answered by Justin 3 · 0⤊ 0⤋
Nobody starts from a credit score of zero. The neutral score is 600 and you either work it down to 350 or work it up to 850. So reporting a credit score of zero should definitely raise a flag even for the loan officer.
2007-07-26 00:43:39 · answer #5 · answered by kumanina 2 · 0⤊ 0⤋
I am pretty sure that is an error. It isn't possible that he has a zero, in fact. Therefore, he only has a zero in error. So don't worry to much, the bank will get to the bottom of it. they want to make the loan.
It's great that he has no credit card debt, but it is a serious mistake for him to have no credit cards at present. Having open established lines of credit is a good thing to keep his credit report in good shape for years to come.
2007-07-25 23:58:21 · answer #6 · answered by Aden 1 · 0⤊ 0⤋
Hi.
Veryfay with your boyfriend if he has provided the correct information, also were the company asked for his credit score. The most comon one is equifax. once has has done this he can check with that company to very fay that all his information is there. Also no creditt score can go to zero the only way that tha can happen is that there are no records. And for the things that you say he has a record. The lowest score is 300 and that is a very bad credit. If all is ok re atttempt.
2007-07-25 23:51:15 · answer #7 · answered by nastya0391 2 · 0⤊ 0⤋
Do they still have the information from your preapproval? Do you have copies of your credit reports showing you had "near perfect credit" (you should always print out the free credit report you get each year so you can prove things are wrong).
I have never heard of things like this. I have a feeling that they may have keyed in an incorrect SSN and that is why they are having a problem finding his score.
2007-07-25 23:37:23 · answer #8 · answered by Anonymous · 0⤊ 0⤋
I believe the minimum credit score u can have is about 500.
A zero score means he has NO credit history.
He has no credit cards, and he probably has never had a loan. Therefore the zero credit score says he has no history.
A mistake a lot of people make. U have to have credit to generate a credit score. Paying cash doesn't do it. He needs to get credit cards. Even paying them off every month will generate a score.
2007-07-25 23:42:56 · answer #9 · answered by Bill R 7 · 0⤊ 1⤋
I've never heard of this happening ever unless they are inputting the information wrong. Pull a credit report yourself and check on it.
2007-07-26 00:27:40 · answer #10 · answered by prprincess 4 · 0⤊ 0⤋
I've never heard of such a thing either. My guess is there was a glitch when his credit was pulled. I wouldn't worry too much about it until you get a chance to delve deeper...
2007-07-25 23:37:37 · answer #11 · answered by Web G 3 · 0⤊ 0⤋