Where does your FICO start?

I don't know, but no credit is worse than bad credit.


FWI LINK

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However, does he have any credit cards that he can transfer over so to speak?

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you can't, credit varies from country to country.

yep thats the case.. He had an american based credit card but it was under his canadian citizenship.. With moving to the US comes a new SSN. Didnt know if he would start off with a moderate score and its up to him to improve or screw up or they start you below someone that had screwed up beyond belief.

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Like the guy earlier said, someone coming into a bank with no credit is better than someone walking in with bills upon bills...

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He said the opposite.

one way to build a score, have him added as an authorized user on a couple of your credit cards that are old and have low balances. If you pay perfect he can pick up your payment history and raise his scores.

I did a loan for a guy once that had recently gotten out of prison and was a user on his wife card, the only credit he had, he had a 700 score and was able to get approved for the loan.

No credit is MUCH better than bad credit.

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have him added as an authorized user

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That loophole is going away soon. Fair Isaac cottoned onto the practice of selling the right to be listed as an authorized user without actually divulging the credit card number, and is getting set to remove that from consideration.

i make the decisions on these types of situations, if you were to apply for a loan at my instituition, and it came to me, this is what would happen


-counter-offfer; comaker/cosigner required due to limited credit history

if you have bad credit, this happens

-decline; derog credit


one way to help build credit is to do shared secured loans, meaning, take out a loan against money you already have, your money in savings for ex is held until loan is paid, we dont pull credit but it shows up on credit report

the best way however is just to get a cosigner though

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one way to build a score, have him added as an authorized user on a couple of your credit cards that are old and have low balances.

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Used to work, but not much longer.

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So how does a kid new in college get a credit card so easily? I never had a cosigner and got a free tshirt to boot.. lol

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Have you ever paid interest on a credit card?

If so, the shirt was not free.

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I don't know, but no credit is worse than bad credit.

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No credit is great. Don't borrow money and you don't need a "monkey-lending/I'm in debt" FICO score. There are plenty of wealthy people who have no FICO because they don't want/don't need to borrow money. And if you do need a home mortgage, deal with someone who does manual underwriting.