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Anyone else who doesn't have a credit score?

Anyone else who doesn't have a credit score?

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by: Retired_Engineer Active Indicator LED Icon 13 OP 
~ 6 years ago   May 27, '17 5:52pm  
This first happened soon after we paid off our house. Our cars were paid for.  The only outstanding credit we had after that was our VISA credit card, which we pay off every month.  My daughter asked me to cosign for a student loan.  The first time, I was turned down because I didn't have a credit score.  I called them and explained my financial situation and they waived the credit score requirement and let me cosign.  The next semester, my daughter had to use a different loan company and they would not let me be a cosigner at all.  They said it was a irrevocable requirement by their company.Chase will show customers their current credit score, but when I try it, it says "insufficient data".I had excellent credit scores when I owed money to the mortgage bank, the car loans, etc.  Now that everything is paid off, I don't even have a credit score!  If we go to buy a car, we'll pay for it up-front.I still request my credit reports annually from the three agencies to make sure nothing has changed. Without a credit score, I don't think anyone will get approved to open a new account in my name! If you haven't checked your credit score in the past year, you really should check it.  In Texas (and most states), it's free each year.https://www.annualcreditreport.com/index.action 4951
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Andreweggplant Active Indicator LED Icon 15
~ 6 years ago   May 27, '17 6:02pm  
I use Credit Karma, it is also free.  Check it every so often... 4951
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ForeCPA90 Active Indicator LED Icon 9
~ 6 years ago   May 27, '17 6:05pm  
I use Credit Karma also. My score dropped 6 years ago when I paid off my car and became completely debt free. Still trying to figure out the metric that makes that a minus. 4951
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Andreweggplant Active Indicator LED Icon 15
~ 6 years ago   May 27, '17 6:12pm  
I use Credit Karma also. My score dropped 6 years ago when I paid off my car and became completely debt free. Still trying to figure out the metric that makes that a minus.

@ForeCPA90:
 
I'm with you on that. Mine went down when I paid off a credit card. Go figure...
 
 
4951
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Retired_Engineer Active Indicator LED Icon 13 OP 
~ 6 years ago   May 27, '17 6:31pm  
I use Credit Karma also. My score dropped 6 years ago when I paid off my car and became completely debt free. Still trying to figure out the metric that makes that a minus.

@ForeCPA90 and @Andreweggplant:  I'm still trying to figure out why I've had almost a perfect credit score for 30+ years, but once I paid off all debt, they don't even give me a score!  I guess they want you to have lots of debt but pay regularly on them.  The higher your debt, the higher your score?!?
 
 
4951
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Jpgurl Active Indicator LED Icon 18
~ 6 years ago   May 27, '17 6:33pm  
Yea credit score will go down if u have no debt- I don't care- working to debt free. Our highest score was 870 back in the day- mortgage, 2 car payments and credit card with a balance- NO thanks 4951
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ET Active Indicator LED Icon 17
~ 6 years ago   May 27, '17 6:38pm  

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>> I use Credit Karma also. My score dropped 6 years ago when I paid off my car and became completely debt free. Still trying to figure out the metric that makes that a minus.
 
@ForeCPA90 and @Andreweggplant:  I'm still trying to figure out why I've had almost a perfect credit score for 30+ years, but once I paid off all debt, they don't even give me a score!  I guess they want you to have lots of debt but pay regularly on them.  The higher your debt, the higher your score?!?
 
The higher the debt, the better you pay, the higher the score. It is all based on risk and if you aren't paying off they don't have any idea how you will pay. Sort of like when you first established credit earlier in life.
 

 
@Retired_Engineer:
 
4951
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Metro07 Active Indicator LED Icon 3
~ 6 years ago   May 27, '17 7:17pm  
No credit score means you are doing something right. They want everyone to be drowning in debt but not everyone is irresponsible as our federal government. 4951
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Stealth83 Active Indicator LED Icon 16
~ 6 years ago   May 27, '17 7:39pm  
Removed By Request 4951
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Ray Active Indicator LED Icon 17
~ 6 years ago   May 27, '17 8:05pm  
I could care less about my score. I know its in the 800's cuz ford told me so.If I need something, I buy it. just that damn simple.Debt free my entire life, never made a loan. Includes the house. I would rather save up till I have enough. We have a credit card, pay it off monthly just cuz its convenient to have and I like the protection if offers. 4951
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OldGuy Active Indicator LED Icon 7
~ 6 years ago   May 27, '17 8:10pm  
@Retired_Engineer: I also tried to co-sign on a car note so my step daughter wouldn't get a high interest rate. They came back in and told me I had no credit score (everything was paid off at the time) and couldn't accept it. Few days later after thinking about it, I went on Credit Karma, and found I had a very good score. I think they just wanted it to go through a high interest place to maybe get a kickback of some sort. The loan wasn't with a bank. 4951
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Retired_Engineer Active Indicator LED Icon 13 OP 
~ 6 years ago   May 27, '17 8:38pm  
@Retired_Engineer: I also tried to co-sign on a car note so my step daughter wouldn't get a high interest rate. They came back in and told me I had no credit score (everything was paid off at the time) and couldn't accept it. Few days later after thinking about it, I went on Credit Karma, and found I had a very good score. I think they just wanted it to go through a high interest place to maybe get a kickback of some sort. The loan wasn't with a bank.

@OldGuy:  Since you and somebody else mentioned Credit Karma, I went there and got a score of 808.  I don't anticipate ever needing to take out a loan, but it's good to know that I have a good score out there!
 
 
4951
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AuthorMan Active Indicator LED Icon 17
~ 6 years ago   May 27, '17 9:58pm  

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>> @Retired_Engineer: I also tried to co-sign on a car note so my step daughter wouldn't get a high interest rate. They came back in and told me I had no credit score (everything was paid off at the time) and couldn't accept it. Few days later after thinking about it, I went on Credit Karma, and found I had a very good score. I think they just wanted it to go through a high interest place to maybe get a kickback of some sort. The loan wasn't with a bank.
 
@OldGuy:  Since you and somebody else mentioned Credit Karma, I went there and got a score of 808.  I don't anticipate ever needing to take out a loan, but it's good to know that I have a good score out there!
 
 

@Retired_Engineer: What a coincidence- they must give that score to all good looking gents. ((:-))
 
 
4951
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mayorofnothing Active Indicator LED Icon
~ 6 years ago   May 28, '17 1:46am  
Spent the last few months raising my ex-husband's score 135 points to help him buy a new truck w/a good APR. (We aren't your typical ex's, we get along better than ever!)
 
Here's what I know.. Your credit scores* are basically based off of 5 factors.
 
1. Payment history
 
2. Account Mix - both loan (auto/mortgage) & lines of credit (credit cards/home equity line of credit)
 
3. Credit/Account Age (some scores based only on open accounts)
 
4. Credit Usage - How do you use the credit you've been given? Do you max out your cards then pay the minimum? Use then pay off in full every month? Or in @Retired_Engineer's case, no open accounts = no usage at all/no data
 
5. Hard Account Inquiries
 
* The credit bureaus can use dozens of different credit score models based on the requirements of different lenders. As an example, a mortgage lender may use a different scoring model than an auto lender because they each place importance on different factors.
 
Some models only consider active/open accounts, which is why you'd have no credit score for one source, yet, another shows a 800+ score.
 
Though your scores may vary, they're all based on information in your credit reports.
 
Don't close old credit cards just because you don't use them unless they have an annual fee. Even better, pay a bill once a month with them then pay the balance before interest is incurred. Keeps a current, positive credit usage. Your lack of a credit score when cosigning or trying to get non-essential lines of credit is an inconvenience, but what if you someday urgently needed the credit & couldn't get it? Better safe than sorry!
4951
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Retired_Engineer Active Indicator LED Icon 13 OP 
~ 6 years ago   May 28, '17 2:06am  
I also got tired of getting so many offers for credit cards in the mail.  I've been using my Chase VISA for 40 years (as long as we've been married).  Between my wife and I, we would get 2-3 CC offers each week.  I finally signed up for the Opt-Out with the Credit Reporting bureaus and that has reduced, but not stopped, the offers.  www.optoutprescreen. com/?rf=tWhen we first got married, gas stations didn't take VISA.  You had to have all of the major oil companies credit cards to buy gas.  So we had a wallet full of cards for most of the oil companies, but also Sears, Radio Shack, JC Pennys, and a bunch of others.  Gradually, we weeded out those cards when they accepted VISA and that is the only credit card we have. 4951
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Burnsway Active Indicator LED Icon 13
~ 6 years ago   May 28, '17 8:09am  
The higher your debt, the higher your score?!?
 
 
 
@Retired_Engineer:
 
No, the better ratio the higher the score. They want to see that you can use credit and pay responsibly. This is Why we couldn't approve to buy a home. After we got in debt last time we decided cash everything.
 
My credit is bad due to hospital debts so my dad added me to one of his cards with a 8 percent used and 9 yr history. It jumped me 120 points.
 
But my husband's was worst than mine and he had nothing.....NOTHING on his report. It was bad due to no credit history and the ration was 0....they like to see about 15 percent used so my MIL added him to a card she had 15 years and about 17 percent used balance wise.
 
It jumped him up 234 points in 30 days
 
😲
 
So it's not that they want to see bad credit. They want to see you can and will make payments on a ratio percentage. And yes this can sometimes give someone who owes more a better score. Like I had over 8 thousand in hospital debts and my score was better than my husband's who had nothing because I also had unused credit that gave me a better ratio score than him.
 
The best thing to do is get a cash points back card. Use it to pay bills and pay it off monthly with your bill money. Sign up with credit karma. It's not perfect but will give you tips monthly on what to do. Also they are about to change up how scores are calculated and I hear it's going to benefit people more like you with no credit balance. But for now....get a balance.....😁
 
4951
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