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Thread: what is good credit history?

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    Default what is good credit history?

    I got my first credit card 3 years ago this month. Ever since I've been paying on time with no late charges and have never been over the limit. Been close to being over the limit though.

    I don't understand how I can get loan for a brand new 2007 car last year (ie December 06) and they didn't even call my job. They just checked my credit. No hassles or problems. Been paying on time every month since.

    When I applied for a loan months ago they denied me the amount (under 10K) and sent me a letter saying I have insufficient credit history.

    How long does it take to build good credit history? Its going on 3 years now.
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    Default Re: what is good credit history?

    Typical credit reports will look at 42 months of history (at most). However, the lender's comment about insufficient credit history may actually be based on the TYPES of transactions appearing on your credit report (or lack thereof) rather than the length.

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    Default Re: what is good credit history?

    Could you explain types of transactions to me? I didn't know there were certain types of purchases I was suppose to make.
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    Banned Melonie's Avatar
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    Default Re: what is good credit history?

    ^^^ well there really isn't any 'supposed to' involved. I was thinking of things like a 3 year history of paying utility bills on time, additional credit card accounts (gas card, dep't store card), that sort of thing.

    Also note that there have been MAJOR changes in regulatory standards for lenders in the past few months, which has forced lenders to be far more diligent in regard to verifying employment / income level, in regard to calculating the would-be borrower's ability to repay the loan under 'worst case' economic circumstances (a.k.a. overall debt to income ratio), in regard to determining the would-be borrower's future employment / earnings potential etc. It's possible that this lender simply chose to pick 'insufficient credit history' as a polite means of turning down your loan application.

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    Default Re: what is good credit history?

    Ah I see what you mean. I'll just ask more specifics next time I apply for a loan. You gave me some good ideas for questions. Thanks always Melonie.
    you live like an ivy vine
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    that's your flaw
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