Roughly 2 years ago my girlfriend sold her home and used the money to pay off all of her debt and placed the remainder of her money in a money market account. Since that time she has lived in an apartment with no bills other than rent and utilities. Recently she applied for a credit card and was told that her credit has been dormant for over one year and therefore she has no credit score. While her prior credit history is visible to anyone viewing her credit, she was told she will basicly have to start again from scratch to build a credit score. Her credit history goes back over 20 years and was flawless before this problem. She confirmed this with her bank and the problem she faces now is any credit offered to her is done so at a very high interest rate.
My question, is there a way she can regain her credit score through a petition to ??? (don't know who) What are her options? And how can this be prevented? The discouraging thing for me is I see now that our credit reporting system is designed to keep us in debt!
Thank you for any help!
Someone asked why she wanted a CC so I Edit to add the following: She is in the process of building a home on 4 acres she owns free and clear, so truely her debt free lifestyle is over. She aquired a construction loan and has been making the allotted draws which apply toward building materials and paying contractors. The interest rate is very steep and must be paid on the loan amount each month. She wanted to use the credit card to make small purchases for things she is doing on the home herself such as painting, floor tile etc. For what ever reason that Im not aware of, the construction loan has no impact on her credit history because it isn't being reported by the bank. Once she makes her last draw on the construction loan and obtains an occupancy permit, the balance will be switched over to a traditional home loan. In the meantime her credit history has gone dormant. It's a crazy complicated mess.