Credit Advice

Have a question? Have advice to share? The combined knowledge and experience of everyone in the Credit Karma community can help you. Enter your question or help others below to get started!

Question

Posted in Credit Report
Profile Image

Question By
Random789644

209 Contributions
89 People Helped
Credit Bureau not reporting a score to lender, even on a hard inquiry?
Just came out of Chapter 13 bankruptcy back in Nov.

My scores are easily high enough to get a VA loan... but when I started with a lender, she replied that she was only able to get a score from Experian; Equifax and TU would not return a score to her, at all. This obviously makes it impossible to get a mortgage. I tested with another lender, and the same thing happened to him.

I know that aside from getting a new CC (to improve my scores) in December, there has been no other new credit activity for the past five years; is this the reason why, or...?

I can get my personal scores, but the lender(s) cannot

Your Credit Scores Should Be Free. And Now They Are.

View your scores and reports anytime.

SIGN UP NOW
All Responses

Results 1-2 of 2Results per page: 5 | 10 | 25Page 1 of 1   Previous | Next
Top Contributor
13 Contributions
18 People Helped

If you just had bankruptcy discharged in November 2015, it's not surprising to not be able to get a mortgage, even with the VA, just 2 months later in Jan 2016, even with Chapter 13.  You might want to do more reading about Chapter 13 bankruptcy.

Top Contributor

Reply by
Random789644

209 Contributions
89 People Helped
Helpful to 2 out of 2 people

Actually... Chapter 13 allows a new VA mortgage (with trustee approval) after 2 years of the filing date. In my case, that was back in 2010. The bankruptcy is *discharged*, which means the payment plan is complete, 5 years after filing. 

Most lenders I've spoken with are perfectly okay with this... my problem is, Experian gives them a credit score when inquiried, but TU and Equifax does not - what I need to know is... why is this the case? 

Top Contributor

Reply by
Paws2015

13 Contributions
18 People Helped
Helpful to 1 out of 1 people

Sorry I misunderstood,  With what you describe, I suspect it's that you've done near nothing with your credit for 5 years, and it could be that is why you're almost starting from scratch.  Someone with no credit history also can have a situation where there is no score at all, because it's simply "off the charts" and considered "too low" for having little history. (I found myself there for having paid cash for everything my whole life.)  Paradoxically, if you'd gotten an approved loan 2 years ago, you would have a score now. (This is the typical no credit history problem as well!)  You have a new credit card opened just last month, hopefully one that will report to all 3, and then you should get a score with all 3, because they'll have something to work with to make the scores the lenders are looking for.  The reason you can see your scores is likely because the scores the consumer is given are invariably different scores calculations than the lenders use, and almost invariably, the scores consumers see are, for some reason, at least a little higher than the scores calculated for lenders.  While it may be that a score can be calculated for you, there's not enough information for the lender's score calculation to actually calculate a score.   Also, which scores are you seeing?  FICO or VantageScore? (credit karma uses VantageScore)  Look in your credit card information and see if the documentation states that they report to all 3.  If not, you would have to try to apply for something that will use the Experian score, but report to TU & EQ.  For a mortgage, they want a report & score from all 3 unfortunately.

Top Contributor

Reply by
Random789644

209 Contributions
89 People Helped

The card is CapOne, which I am told reports to all three, and I confirmed it via phone call to the company itself (and considering it's being advertised here, well... :) )

I also know they report monthly (within two days of end-of-business cycle, which is the 18th of every month).  The first payment was Dec 15th, so that billing cycle had tohave been reported. The 2nd payment/cycle just completed. 

I'm thinking it takes something like a month for the card's reporting to worm its way through and show up on a credit report... I'll know for certain when CK refreshes my scores tomorrow (well, "in 1 day").

Not 100% certain which scoring system the lender uses, but I suspect it's FICO. 

Top Contributor
209 Contributions
89 People Helped

Update for those seeking answers:

Yep - it finally reported. Turns out that it takes one full billing cycle before it showed up...  I'll set up a separate question to answer so folks don;t have to dig down.

...now to start packing! :)

Results 1-2 of 2Results per page: 5 | 10 | 25Page 1 of 1   Previous | Next

Your Credit Scores Should Be Free. And Now They Are.

View your scores and reports anytime.

SIGN UP NOW

Reply to this Question

Write your response:
Enter Your Comments

The Credit Advice pages of the Site may contain messages submitted by users over whom Credit Karma has no control. Credit Karma cannot guarantee the accuracy, integrity or quality of any such messages. Some users may post messages that are misleading, untrue or offensive. You must bear all risk associated with your use of the Credit Advice pages and should not rely on messages in making (or refraining from making) any specific financial or other decisions.