I recently applied for credit to purchase furniture. Although I have had a credit card (no loans or otherwise) for the last five years and have never been late on a payment, I was told I had "no" credit and my credit card showed little activity. I was told this happens when one has had a card less than three months. To resolve this, I contacted Visa who told me to contact the reporting agency. They (the agency) told me to call the Credit Bureau. The Credit Bureau then told me to call the Agency again. This back-and-forth went on for weeks and I was finally told not to worry about it since I had a co-signer; when I paid off this item, I would have good credit and the credit card issue would not matter. How do I resolve this? Were they just trying to get me off their backs or do I really not need to worry about it? Any help would be greatly appreciated. Erin
I'm assuming you were denied credit for the furniture although your message did not specify. If you were denied credit, you are entitled to a free copy of your credit report within 60 days of your denial. You can either do this online at the equifax web site or call them directly. After you receive your copy, carefully analyze it. If you discover a problem and in good faith cannot resolve the problem with the creditor, you can have the credit bureau investigate it for you. The instructions on how to do this will come with your credit report copy. Once the bureau investigates and the problem is unverifiable, the incorrect or negative information has to be erased. Good luck.
If you only have one credit line (your credit card), this is really considered no credit history. Creditors like to see at least 3 trades on your report. Also, remember, you just need to send a copy of your denial letter to the bureaus and be specific about requesting your free report. What you are doing is good to establish credit, but you may want to consider getting another trade besides your furniture loan. (May I suggest a secured card?) There is no guarantee that the furniture loan will appear on your credit report.
