Raising my credit score, with no open accounts

**Boston_Jen** · 11-01-2011, 07:07 AM

I ran my 3 credit reports and got varying results (typical, I know). 702 Experian, and 697 on both Equifax and TransUnion. I applied for a credit card, figuring 702, good! WRONG. I was told my Experian FICO score was 629!? HOW?? Do I fax Am.Ex my score that contradicts the 629? (their suggestion) for reconsideration.

How do I raise my credit score folks? I have no open accounts- no credit cards, no car loan, etc. I made some errors in judgment in college/grad school and the most recent negative item is nearly 3 years old. It's bad, as the card went to collections and I settled (stupid me, should have asked them to remove it). The other thing that is negative relates to my student loans. It was around the time my loans were supposed to have been consolidated, I was told by new lender, payment not due until October. However, old lender was telling me I had to pay, despite them being consolidated at this point. Long story short, we agreed (verbally of course) to do a retroactive deferment on the months missed. Also, some how one of the loans didn't end up consolidated (not a credit issue, but clarity to the mess of consolidation).

So, what advice do folks have to get this score up?! I should note, I also have 2 hard inquires (including yesterday's credit application). Can we get those removed?

In reality, I don't need a credit card, but thought it would raise the 702, as I have none. I'm in my early thirties and have a stable career and job and for the just in case moments it would be nice. ALso will be house hunting in a year.

**mitchellvii** · 02-10-2012, 08:03 PM

Credit scoring these days is a complete joke. All the bureaus use completely different metrics to score and their resulting scores are on completely different scales. In addition, other than in the broadest terms, no one at any bureau can tell you why your score is what it is. They just plug your information into a magical formula and out it pops. My Equifax score is 101 points lower than my Experian score when measured against the same base scoring metric. Experian has me rated VERY GOOD and Equifax has me rated FAIR. Both bureaus have EXACTLY the same info. Equifax is murdering me and even they can't tell me why.

One thing I do know is killing your score, especially with Equifax - no credit cards. If I were you I would get a secured credit card and use that to build your credit. I believe Orchard Bank has the lowest interest rate. Do your own research but most credit card companies offer them - and why not, they are making money lending you your own money!

Surprisingly since your collections are more than 2 years old, your lack of a credit card is probably hurting your score more than they are.

Thread: Raising my credit score, with no open accounts

LinkBack

Thread Tools

Raising my credit score, with no open accounts

Similar Threads

Marketplace now open

How do I handle collections and other open bad debts

Recently paid in full five accounts in collections. Will my FICO score increase?

Raise credit score question. Paid off accounts how much will my score improve

student loans consolidated and 3 open lines of credit for good credit

Posting Permissions