You should have a score within a couple of months Dbmom. Now what kind of score depends on what you do with your credit card. Rule of thumb, keep your credit card balance at a 33% balance to limit ratio. If you were given a card with a $1000 limit, never have more than $330 balance. Preferably, use your card to pay for gas and pay the card off at the end of the month. This way you will establish some "good" credit history fast and get your score up there. Best of luck. FYI, if you are looking to buy a house, only one (1) trade line most likely will not be sufficient for an underwriter to approve your loan. You will most likely need a verification of rent (VOR) and another alternative trade line. If you rent with a management company, i.e. apartment complex or rental management company, then you are all set. If you rent from an individual, then you will need 12 months canceled checks to prove rental history. The other alternative can come from car insurance, utilities, cell phone carrier, etc. Hope this helps.

Joshua Lerette - The Tampa Bay Mortgage Pro
Innovative Mortgage
727-488-7355
Josh@thetbmortgagepro.com

Well good news for me. I just found out my credit union approved me for a credit card. So at least now I'll have something that can start reporting. Does anyone know how long it would take build up enough credit to have a decent score?

Dbmom,

It sounds like you need to write letters to the credit bureaus showing proof of the debts and have them accurately report your trade lines. Just write a letter to all three bureaus with proof of the tradelines to have them reported properly. If you would like, I can assist you with this. Feel free to contact me.

Dbmom,

I'm sorry to hear about this situation, it sounds like you're caught in a catch-22.

Have you tried some of the retail-based credit cards like a Sears card? They tend to be much easier to get and will allow you to establish a credit history. Obviously you'd want to be responsible with them since many carry high APRs. A second recommendation would be to contact your local bank branch and take out a very small loan. Just make sure that the loan isn't secured to your home. Unfortunately, without some means of determining your credit profile lenders won't touch your file, even if you are responsible.

Good luck!

Kind regards,

Jason Diperstein
E Mortgage Management
800.793.9633 ext. 156
jdiperstein@emmloans.com

Yes, I have looked at my report and my student loans aren't on there. Neither is a mortgage I had with my ex for over 10 years. I applied for a credit card and was denied for lack of credit history. I talked to my credit union and they pulled my report and found the same thing. So without any credit, it seems that no one will give me credit, although I have a good job as a teacher and always pay my bills on time.

Dbmom,

Marty is correct, if you have a student loan reporting you should have credit history and thus scores. Have you ever pulled your credit scores? You can do so once per year for free at: https://www.annualcreditreport.com/

NOTE: This is NOT freecreditreport.com from the commercials, there are no fees or sign-ups to pull your report once per year from the other link.

If you check and you still have no credit, you should consider opening a few tradelines and making small purchases and paying them off each month. A few months of timely payments will generally help establish good credit. Good luck!

Kind regards,

Jason Diperstein
E Mortgage Management
800.793.9633 ext. 156
jdiperstein@emmloans.com

Dbmom,

We may be able to build you credit through alternative trade lines such as rent, car insurance, cell phone bills, etc. For more information, you may contact me at any time.

Joshua Lerette - The Tampa Bay Mortgage Pro
Innovative Mortgage
727-488-7355
Josh@thetbmortgagepro.com

Most lenders will not touch a no score, but with a student loan, you should have a score. Have you checked your credit?

I am a Loan Officer. If I can be of assistance, please let me know.

Martin.Smith@Emeryfed.com

Martin