Im 18 and ive been 18 since September. When will I get a credit score? I tried signing up for Prosper but cant complete it because Experian doesnt have anything on me. When will I get a score or how can I get them to give me a score? I have a debit card and I always use credit on it because people have told me it helps with your credit score. I also have a credit card under a parent that I use as well.
You will have a credit score once someone reports something about you to the credit companies, which you will need to use your SSN or tax ID for that to happen. The credit card under your parent is probably for your parent. If you get a credit card completely in your own name, then that will help you get credit.
You will not get a credit score until you start using credit. That includes credit cards, loans, or other things that generate a credit score from a creditor. You need to sign up for 1 or 2 credit cards. Always pay more than the min payment due, and never miss a payment, or go over your limit. In a few months you will have one.
No. "Credit" in this sense, (applying to your credit score) is a bank, credit card company, or creditor giving you "credit". Hence the premise. A bank loan, revolving credit line, credit card are instances of you being "trusted" with a line of credit from a company. To get a nice juicy score, you will want a mix of revolving credit, and installment (i.e. loans).
Sighhh... I was told by a few different people that it worked. I wish I had used a credit card all these months. Now just to find a credit card.
Well, those people are wrong. I've run financial sites. Also, I had to do what I just described for a mortgage. I had my car paid off 2 years, and no credit cards. I was essentially debt free. My mortgage broker, and bank, told me what I just told you. I did it for 12-18 months, and tada.
Okay thanks for the help. All I need is to be listed with a credit score, doesnt matter what it is (I wouldnt be late on anything so it wouldnt be bad). How long would it take to just get listed?
Most credit cards will start reporting you within 30-45 days depending on the bill cycle. However, best case scenerio, 9-12 months minimum would be best. 18 months ideal. But you would start being reported every month, so you would get some kind of score shortly. My guess would be 3-6 months.
Well ill have to find somewhere to borrow a few hundred dollars in the mean time then. I cant really "earn" it as I have no time to. I just need money to get my site going ASAP.
Sorry chief. A loan for under a thousands will not help you. Plus you need to keep it for 12-18 months. You would be best to apply for some of the low limit starter cards. Orchard Bank Premiere Bank IMAGINE Credit One Bank and so on. They will give you are card $300-500
One trick I read about once was to take a chunk of money, go to a bank, ask for a loan for the same or similar amount, using the money you brought as collateral. You let them hold your money, like in a CD or something, and they give you the loan. The story I read was for $500. You pay off the loan early, and establish some credit. Just an idea. Good luck!
For your demographic student loans are great ways to build income. Take a few night classes a week working towards some sort of certificate or associates degree and pay the loan off before interest is incurred when you graduate. This not only helps your credit but any schooling even if you don't finish helps your professional life. Another is to get any utilities you pay (i.e. internet, phone, satellite tv) in your name. These wont work as fast as loans but they are calculated into your credit score. Lastly there are loans/credit cards. As has been previously said even running a debit card under a credit option still tells the bank it is a debit. A good way to feel the pain of debit vs credit is to try and withdraw more than what you have in your bank account. Whichever option you choose you will still be in for a world of hurt when the fees are applied. The key for good success with credit cards is to not use all of your credit, only about half unless you pay some on it almost immediately. I recommend if you shop at Walmart or some other retail outlet with their own company credit cards then apply for these as they are most commonly rewards cards and are given to just about everyone who applies. Also always pay your bill off every month. If for some reason you find that you cant pay your bill one month then pay the minimum, if you cant then at least pay something.
Yes, it's called a "secured loan". You can get secured credit cards as well. However, it must be over a thousand on installment loan, and go a min of 12 months, preferred 18 months. Feel free to do the research. You'll find it out yourself. As for utilities, most do not report to credit bureaus. At least in MI. I am not sure about other places. I know my cable, phone, cell, insurance, none do. But my credit cards do, as do my car, and installment loans (student, etc).