4 Responses to “On my credit report…?”

1. spifiman1 Says:
   February 11th, 2010 at 10:38 pm

   It simply means that you do not have enough trade lines on your credit report to generate a score.

   Credit scores are made up of the following;

   1. Payment history 35%
   2. Time in bureau 15%
   3. Types of credit 10%
   4. New credit 10%
   5. Debt to credit ratio 30%

   As you can see 1,2&5 are the most important as far as score is concerned but you need more then this for good credit, you also need a good profile.

   This is achieved by having 3 credit cards (revolving) with balances below 30% of your credit limit and 2 cars, boats, homes, furniture or personal loans (installment) all with good long pay history’s.

   I look at credit every day and see people with 700 scores that can not buy a car because their score is made up of 1 credit card with a $500.00 limit paid 15-times and a couple of student loans.

   While this produces a good score it doe’s not really show the ability or the willingness to actually pay anyone.

   It takes years to establish good credit and only a couple of months to destroy it.

2. Stephanie J Says:
   February 11th, 2010 at 11:56 pm

   You need to build up some credit.

   Go to a local Jewler and get a $200 item on credit. They will usually give you a 6 month loan. Pay this on time every month and this will start to build your credit. Good luck!

3. roger v Says:
   February 12th, 2010 at 12:14 am

   It means you have nothing on your credit report, you have nothing there so no score can be generated.

4. Tom Thumb Says:
   February 12th, 2010 at 9:45 am

   It means that you need to establish small lines of credit and show that you are a responsible bill payer.

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