Credit score?

[Jamers!]

Ok, so ive been bike shopping, and every where they ask how my credit is, and i never really now how to answer. I have no credit card, never made payments on anything other than my cell phone bill and rent. I never bounced a check, or anything like that, so where do you folks think my credit lies, or do i even have one. .. hmmm



JWF

[Kal]

**Broadscale advice as the UK isnt part of the US, yet.**

If your Cell phone is on contract then it should show up on your credit score.

Over here your credit score wouldnt be fantastic as underwriters don't have much of a track record to go on with you but I understand it is much easier to get cerdit in the states.

You can apply to the relevent agencies for a copy of your credit score. I believe that stateside like the UK they have to provide you with one when you request it for a nominal amount of money.

One thing that screws up peoples credit can be searches done against that person. For example if you walked into ten differnt Bike dealers and each one did a search of your credit history and did not remove the search afterwards then it would appear by the end of the day that you are desperate for credit, and that in itself can be a reason for responcible lenders to turn you down.

[camthepyro]

+1 to the above.

Although I'm 17, so I can't have credit, I still no how it works for the most part. Most anything that requires payments will increase your credit. So your cell phone bill will increase your credit if you make payments on time. Buuuutt, your credit won't be very high if you only make payments on one or two things. While I personally believe credit cards are bad, the one thing they are good for is increasing your credit. Say you had 10 credit cards, and made good on the payments for a year, that would dramatically increase your credit. Financing and making regular payments on houses, cars, tvs, etc. will also increase your credit score.

[Ninja Geoff]

I have a credit card, I've had a checking account for a few years, i've made insurance payments for just as long, and i can't even qualify for a 12% car loan at $5,000. No credit sucks. They say "not enough credit history".

[camthepyro]

Exactly, you have to have a lot of stuff on there to have a good credit score.

[dieziege]

... when got my one and only car loan, I had already owned my house for 8 years, had a good history re: revolving debt and cell phones etc... had an excellent debt/income ratio... excellent credit score... none of the normal car loan writers would give me a loan. The people at the dealership were all but pissing themselves that my score was so good and I couldn't get a loan... but every company said "no previous car loans, no car loan from us."

My credit union pre-approved me for a car loan (up to $45,000) in 10 minutes.

Dunno how that compares to your situation...

[TechTMW]

http://www.ftc.gov/bcp/conline/pubs/cre ... eports.htm

As a US citizen you are entitled to 1 free credit report per year. And you may be entitled to more depending on which state you live in. It's fast and easy - plus they give you ideas to improve your credit. Check it out NOW!

[Sev]

The only way you can get a loan is to prove you don't need it.

[Myself002]

+1 to the above.

Although I'm 17, so I can't have credit, I still no how it works for the most part. Most anything that requires payments will increase your credit. So your cell phone bill will increase your credit if you make payments on time. Buuuutt, your credit won't be very high if you only make payments on one or two things. While I personally believe credit cards are bad, the one thing they are good for is increasing your credit. Say you had 10 credit cards, and made good on the payments for a year, that would dramatically increase your credit. Financing and making regular payments on houses, cars, tvs, etc. will also increase your credit score.

When you turn 18, go easy on the accepting credit cards. It's actually a bad thing to have multiple cards open at one time. As soon as I turned 18 I got a credit card and bought things and then paid it off at the end of the month. Over the months/years the limit just keeps expanding. Thats how I know I have good credit.

Also say no when you go to a dealer or some jewelery place in the mall that says just fill out this app real quick and we'll get all the info for you. Plus you can just cancel it later. Those people just wanna make some money.

[Meanie]

+1 to the above.

Although I'm 17, so I can't have credit, I still no how it works for the most part. Most anything that requires payments will increase your credit. So your cell phone bill will increase your credit if you make payments on time. Buuuutt, your credit won't be very high if you only make payments on one or two things. While I personally believe credit cards are bad, the one thing they are good for is increasing your credit. Say you had 10 credit cards, and made good on the payments for a year, that would dramatically increase your credit. Financing and making regular payments on houses, cars, tvs, etc. will also increase your credit score.

When you turn 18, go easy on the accepting credit cards. It's actually a bad thing to have multiple cards open at one time. As soon as I turned 18 I got a credit card and bought things and then paid it off at the end of the month. Over the months/years the limit just keeps expanding. Thats how I know I have good credit.

Also say no when you go to a dealer or some jewelery place in the mall that says just fill out this app real quick and we'll get all the info for you. Plus you can just cancel it later. Those people just wanna make some money.

And never submit your social security number at will. In other words, don't give it out to anyone unless you are being approved for a loan. When/if you start recieving those credit card applications via mail, SHRED THEM. Do not throw them in the trash. Always SHRED.