HOW TO GET A (FICO) CREDIT SCORE
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WHAT THE MINIMUM REQUIREMENTS ARE TO HAVE A (FICO) CREDIT SCORE
A FICO credit score is the most commonly used credit model that lenders use to approve or deny a loan. So what happens if your credit score sits at a zero?
Lets go over the minimal requirements to start building your credit score
- You must have an open account for at LEAST 6 months or more, the account must also be updated on your credit at least once within that 6 month time frame.
- The open account that is reporting on your credit report cannot be reporting as “in dispute”
- Make sure your personal information is reporting correctly.
Keep in mind, you want to start with your best foot forward when building your credit, collection accounts reporting do give you a credit rating, but not a good one.
If you are looking to start building good credit, we often recommend getting a authorized user account, or obtaining a secured credit card from your bank, and making payments on time for at very least that 6 month period. This will be your first step to start building positive credit history.