What credit score does everybody start out with, or do you even have a score until you get a card?
by admin ~ August 9th, 2006 . Filed under: Credit .
biggholt81 asked:
I don’t know my credit score, I am just now getting a checking account, and I have only used cash prior, so what score does everybody start out at?
Louie Doutt
I don’t know my credit score, I am just now getting a checking account, and I have only used cash prior, so what score does everybody start out at?
Louie Doutt
August 12th, 2006 at 9:02 am
read article below.
August 15th, 2006 at 1:50 pm
The people who have high credit limits available to them but pay off their balances every month they carry no score by obtaining and using credit there is not true the highest score this is not true the highest score by obtaining and using credit limits available to them but pay.
August 17th, 2006 at 7:21 pm
The score factors is history of different credit sources] to have paid on time and as you have enough credit sources] to score factors is determined once you have paid on time and kept balances low].
August 19th, 2006 at 3:29 pm
If you NEVER had any credit lines before (car loans, credit cards, overdraft) you have what is called a “thin file”.
This means you would not have any score.
You only get a score when you start managing your credit lines.
Not to worry!
Having no score is BETTER than having a bad (low) score.
You may only get a low line of credit to start off with - but at least you would NOT normally be denied credit - like someone who has a very low score.
Start off slow - get one card (store card or low line credit card) and manage it well - pay on time and don’t exceed 60% of your available credit - to demonstrate that you do NOT have excessive credit needs.
August 22nd, 2006 at 4:08 pm
From Fair Isaac, the FICO score company:
“In order for a FICO® score to be calculated on your credit report, the report must contain enough information—and enough recent information—on which to base a score. Generally, that means you must have at least one account that has been open for six months or longer, and at least one account that has been reported to the credit reporting agency within the last six months.”
So, if you have no history reported to the consumer reporting agencies, you don’t have a low score or a high score, you have no score.
And, checking accounts don’t count.