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maggiemooandyou · #1 02-21-2008, 11:13 AM

have one credit card, that I've had for approx six months. I'm trying to build my credit score. (just started w/ credit, no history other than credit card) I applied for a personal loan through Regions, and was not approved. They told me that I would need a co-signer. Unfortunately, both parties, I depend on are unable to co-sign at the moment. I ran my credit report, and got a score through the annual credit report website. My score was 637. When I spoke with my bank, they said that I didn't even have a score show up. WHY would this happen? What is the next course of action? I need to build my credit...I'm getting married next year, and we are planning to take out a Medical Loan within the next year. What other options do I have? How are you supposed to build credit when no one trust you?

Additional Details:
The medical procedure I'm having done, costs around $15,000. I was told by the bank that I would have to have a co-signer, I believe with collateral. (For a personal loan...the loan I applied for was only $3000 [minimum personal loan amt] Also, I have rented in the past. My fiancee is currently overseas, getting a Masters degree, and will return in June to get a PhD. So it's non stop schooling, and a part-time job on the side for him. Since he is away, I do not have any bills in my name since I have moved back in with my parents. For some reason the Renters history only shows up on his credit report and not mine. Also the bills were always in his name. I have two checking accounts. Both with regions.

WhatTheFrank.com · #2 04-12-2008, 08:24 PM

Is the credit card reporting to all 3 credit bureaus? Banks will only pull one report and if you do not have a score it could be that the credit card does not report to the one they pulled.
I recommend 3 credit cards. That would give you some depth to you credit report. You are not alone in your situation. There is another way and that is if your parents could place you as an authorized user on a couple of their accounts in good standing that have been established for quite sometime. I am referring to any credit cards. If not don't worry about it, you will have to take the long road but it will better help you appreciate your credit. You can also consider secured credit cards or a secured loan? Make sure if you add any new accounts that they report to Transunion, Experian and Equifax. You might also take the 637 of whatever report it's from and call around. Find out what lender will check that specific report. If they say they don't know ask a manager or supervisor. If they say it is randomly taken from any report. They don't know what they are talking about and ask for the manager or supervisor. Don't let them conn you into applying until you know for sure.

xavier11 · #3 07-08-2008, 02:20 PM

Hello, your advice was excellent and it really works for beginner also.
Thank you!

NightStar · #4 07-08-2008, 05:42 PM

A credit report will not have a score if the accounts on the report are less then 6 months old, or if they became inactive for long periods of time.

Right now you can see if family can add you as authorized user on one of their accounts. Just give the au card back to them and don't use the account. It is for score purposes only.

Be careful of au accounts, if the owner defaults down the line it could hurt your credit. So only keep the au account until you get more accounts of your own. Then ask to be removed.