How can I get a FICO credit rating when I have never had credit before?

There are still only three major credit reporting agencies (TransUnion, Experian and Equifax), and most lenders either buy credit reports from them or send your account information to them. FICO, built by Fair Isaac, is a credit score that resides on the mainframes of all three agencies. But many people – an estimated 50 million in the U.S. – do not have any credit with lenders who report to the “Big 3” credit agencies, which makes it extremely difficult for them to get loans at competitive rates.





You can find information on how to start building a credit score on this blog:





http://fixingyourcredit.blogspot.com/200...

How can I get a FICO credit rating when I have never had credit before?
It sounds like you are trying to build your credit. First, start with a 'secured card' - one that is secured by a bank account. Even just opening a checking account helps. Right now credit is difficult to get. Look at some of the opportunities that are mailed to you. Don't be afraid of a credit card with a high interest rate - you can always pay it off every month.






Reply:You can re-build your credit without going into debt. Here's how:





1. Borrow at least $5,000. just to hold it on deposit, and not touch it. If you agree to just hold it on deposit, you can borrow it from creditloader.com with NO CREDIT CHECK.





2. Make payments on the loan for at least 6 months.





3. Give back the deposit to pay off the loan.





When you are done, your credit will show that you borrowed $5,000., were able to make payments on it, and paid it back ahead of time. THAT'S HOW TO BUILD SERIOUS CREDIT.



Reply:Due to the passage of the 2003 Fair and Accurate Credit Transaction Act (FACTA), all Americans are entitled to one free credit report from each of the three major credit reporting agencies -- Equifax, Experian and TransUnion -- upon request every 12 months. Tip: Do one from each co every 3 months so yearly you can start over. There are several ways you can request your free credit report:





•Online: Visit AnnualCreditReport.com


•Telephone: (877)-322-8228


•Mail: Complete the Annual Credit Report Request form and mail it to the following address:





Annual Credit Report Request Service


P.O. Box 105281


Atlanta, GA 30348-5281





Free Credit Report:





http://www.myfico.com/Default.aspx





For a copy of your FREE FICO score





creditkarma.com


quizzle.com


credit.com


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Reply:Credit Guy is right on. I used creditloader.com and so did some of my friends. It's fast, easy, inexpensive, and it really works.





What I liked is that I built my credit without going in to debt. I didn't have to buy a car or something stupid just to build my credit. I just borrowed money to hold, then gave it back. It even made me look good to have all that cash on deposit.
Reply:You have to open some kind of revolving or installment account, and have it for six months before you can generate a FICO score.