Why is so bad to not have a no fico credit score available?

Public Comments

1. Because that means you have not established credit and when applying for a loan it will hurt you in most cases. banks want to see a history of some type in order to tell if your going to be a risk or not.
2. fico is an all around average score that loan officer and many other creditors use to determine your credit worthiness. i went through this recently when i bought a home. some loan officers find it more important than others. fortunately, i had a real estate agent who knew how to talk his way around it. mainly fico is like your sat score of credit. something that creditors will look to often.
3. It's not always a bad thing. It just depends on what you're trying to do. Most cc companies and other institutions that are considering you for a loan need to see that you have an established credit history. That is how they will tell what type of a payer you are. Without that, they cannot really make a smart decision about you. If you are seeking a mortgage loan, however, you can use non-traditional credit.