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I am trying to purchase a vehicle, but was told that I would need a large down payment due to not having a credit score. I have been paying on my current vehicle for 4 years now, I thought that would of established me with some credit by now. Confused?!

6 Thoughts on What does it mean when your credit score is ran and your told you do not have a credit score?
  1. Reply
    watchetcoastie
    April 12, 2012 at 6:46 am

    This is because you have never had anything on credit and so no credit rating to confirm that you are a good or bad payer,

    I only have a mortgage and a low creidt rating as they cannot compare me against credit card debts etc as i dont have any.

  2. Reply
    wolfatrest2000
    April 12, 2012 at 6:59 am

    Possibly someone entered your social security number wrong, check with the car dealer. Do a search for credit scores online and look it up yourself. If you don’t have a credit score, then you need to contact whoever you’ve been making payments to and make sure THEY have the correct SSN for you.

  3. Reply
    the crusader
    April 12, 2012 at 7:30 am

    It sounds like a bunch of nonsense to me. If you’ve been paying on a vehicle for 4 years, then you should have some sort of credit established. It just sounds like they want to get some money out of you. They probably asked you for a co-signer as well. You’d be wise to shop at another dealership and see if you get the same story.

  4. Reply
    mphsblue
    April 12, 2012 at 7:45 am

    You didn’t have a credit score with the Credit Reporting Agency that the dealership uses is what it sounds like. If the vehicle you currently own is reporting to one CRA and the dealership you are trying to buy from is reporting to another agency this is what would happen if you hadn’t already established credit. The idea here is NOT just to get financed. Get financed at the BEST available rate. To do this, get a secured credit card. Make sure that they report to all three credit agencies. This will put you ‘on the map’ with all three.

    Not having a credit score is not such a bad thing if you haven’t bottomed out. If you have never ESTABLISHED credit it’s pretty easy to do. If you get the secured card you might also try to buy an appliance from a local store that offers their own charge card that is local to your area – not national. They are much more likely to issue you one.

    Watch your balances – never go above 40% of your credit limit. Pay on time for a couple months. Re-apply. You will be a slam-dunk to get the loan at a very good rate.

    Good Luck!

  5. Reply
    Bryon H
    April 12, 2012 at 7:50 am

    Hi!
    It is possible. remember..the three bureaus do not talk to each other at all..and if you do not have a credit record..you would not have a credit score with a particular bureau.

    If the company that you used to finance your car only reports to one bureau..this may be true. They may not report at all.

    It is critical for you to have other things to establish a credit report with each of the bureaus. No credit card? Get a high fee unsecured like me or a low fee secured from the likes of usbank, orchard bank (HSBC) or Wells Fargo. Mkae sure you card(s) report to all three bureaus. While it is true there is a fourth bureau…they are not used in credit decisions..so it does not matter if your creditors don’t report to them.

    Use it even if you don’t need to. Pay the balances off..make sure you make your payments on time. Remember..you need not carry a balance at all to build credit.

  6. Reply
    md m
    April 12, 2012 at 8:30 am

    save up & then buy the car u want who needs credit score anyway it only tells them u buy everthing on credit so they can give higher rates for u to pay back

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