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Credit reports and scores

I was denied credit because of an "insufficient credit file" or "no credit file." What should I do?

Millions of adults in the United States have no credit history or credit files that don’t have enough information to have a credit score. Without a credit score, many lenders are unwilling to offer credit, or they will charge higher interest rates and give you less favorable terms.

For the most common credit scoring models, you may have difficulty getting a credit score if you:

  • Do not  have at least one credit account open for six months or more
  • Do not have at least one update in the past six months to at least one credit account for which you have not filed a dispute

This requirement can be met by having one account that has been updated in the last six months, opened for at least six months, and for which there has not been a dispute in the last six months.

Even if you can get a credit score, some lenders will consider your credit history insufficient for loan approval if you have three or fewer credit accounts (this is known in the industry as a thin file).

Here are some actions you can take to overcome these hurdles:

  • If you have a credit card open, use it carefully and pay the bill in full each month
  • If you have other lines of credit, make your payments on time

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