No Credit Score?

Not all consumers will qualify to have a credit score. Their credit files might not have enough information to generate a credit score with the credit scoring models. This is often called a “thin file.” In order to be “scoreable,” your credit reports need to meet three minimum qualifications:

** You must have at least one account that has been open for 3 months or more. This is determined based upon the listed opening date of the account. Remember, you only need one of these accounts.

** You need to have at least one account that has been updated within the last 6 months. This is determined based upon the date reported to the credit bureaus.

** Your credit files can’t have any sort of “deceased” indicator on them. If you have a joint account with someone who passed away, it is possible that the lender will report the account as belonging to a deceased person. And if you’re a joint holder of the account, that notation can show up on your credit reports too. If it does, you won’t be able to be scored

All consumers are entitled by law to a free copy of their credit reports each year. You may wish to pull your credit reports to verify that the information in your credit files at TransUnion, Equifax, and Experian are accurate. To do so, go to http://www.annualcreditreport.com/ to pull your credit reports for free - once every 12 months. After you pull your credit reports, the site should provide you with contact information directly to the individual credit bureau in question. Please note that annualcreditreport.com does not provide you with your credit scores.

http://www.credit.com/answers/questions/34/No+Credit+Score%3F

Sent by Jennifer Hamby

P.S. I am willing to help with learning or improving our client’s score. Just give me a call at 777- Home (4663) or e-mail at george.margrave@migonline.com. Also It is still possible with a couple of government programs to get a loan without a credit score. However we can’t do it with a Fannie Mae or Freddie Mac loan which means you will have to have mortgage insurance no matter how much you put down. For that reason I believe folks in our time need to maintain credit records which is contrary to the advice of some of our financial gurus of today.