I have been overseas for two years and am now back and need to buy a car. I don't have a credit card, only a debit visa. Before I left I had my dad put me on one of his good credit cards as an authorized user to get my scores up, which really worked. I have just purchased the Suze Orman Fico kit to find out what my scores are and the Experian came back 745, but the Transunion and Equifax came back with a message saying there wasn't enough information to calculate a score! OMG what do I do now? Can I still get a car loan with just one FICO score? Should I apply for a credit card or something to activate my other credit scores? I have no idea what to do from here....help please!
Remember not all creditors report to call three CRAs. Some to one, some to two, and some to all three. That is probably the main reason the scores are all over the map.
You can call the creditor you are au on and ask if they report to all 3 CRAs if so inform them that your account is missing off of the other two agencies. They should fix that for you. If not you are going to want to pull a copy of that Experian report with score and show it to the dealer directly instead of letting him pull so he can see that you do have one credit report with a high score in the 700s. He may have to pull a copy of his own. And should let you know if approved or not. If not ask why, and work to fix that. How much time before you are going to get the car loan? You could get new accounts and age them 6 months then pull for credit scores. Get 2 to 3 cards, no more then that.
Thanks so much for the advice...I had heard that there will be a new FICO scoring system in place where AU won't be used to calculate FICO soon so I want to apply for a card or cards NOW. What do you suggest I apply for? Bank? Department store? I have never really used credit much so I want to get the card that will help most! Thanks so much!
I think there is a site called who pulled my credit. Should be able to do a google search. Look up what creditors pull what bureau. Try to find creditors that pull Experian for approval.
Try an American Express Delta Sky points. They should approve you and they pull Experian. Otherwise, have your Dad put you on a few more accounts or find a reputable company that will do it. That is the easiest way to get a decent score. As for FICO 08, it isn't out due to problems with the ECOA. Simply google FICO 08' - ECOA and you'll find a wealth of information.
