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Yahoo Answers! Credit Repair Forum Discuss When it says I don't have a credit history does that mean that my credit score isn't bad? in the Yahoo Answers! News and Synergy forums; I don't know why I always fear that my credit score is bad even though I don't have debt or anything. When I try to apply for things they always ...
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Old 09-28-2007, 11:38 PM   #1
Starz
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When it says I don't have a credit history does that mean that my credit score isn't bad?

I don't know why I always fear that my credit score is bad even though I don't have debt or anything. When I try to apply for things they always tell me I don't have enough credit history to apply, what does that mean?
 
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Old 09-28-2007, 11:39 PM   #2
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What is worse, bad credit or no credit? The answer is no credit. Creditors look at how much you have established yourself before making a decision to issue credit. So what is the best way to establish yourself if no one will give you credit? First let me tell you the worst way.

Don't apply for department store or E-retailer cards! They are the worst. Contact a strong credit issuer like a Capital One or Citi and set up an account for a "Secured" credit card. This is a great way to get yourself going.

Please be careful and use your credit wisely. Sometimes I wish I had no credit.
 
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Old 09-28-2007, 11:39 PM   #3
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Consumers with missing credit scores are usually bypassed by creditors because they are taking a huge risk while knowing very little about you.

Like others have said, find a secured credit card or get a credit card with a low credit limit. Use it one time per year for a very low amount (i.e. $5), pay the debt off. Now you established credit.
 
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Old 09-28-2007, 11:39 PM   #4
Etta P
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When consumers do not have a trade line reporting monthly to the 3 major bureaus then this an insufficient credit history.
You should apply for a secured credit card, or if your parents can add you as a authorized user only to one of their credit cards, or a car loan. It quite a "cat chasing it's tail" when it comes to credit. You can't get it because you do not have it, but you don't have it because no one will give you a first account. Below is the FTC website giving you your rights as a consumer under the Fair Credit reporting Act. Maybe it will help!
 
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Old 09-28-2007, 11:41 PM   #5
Lou C
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just what you said, You do not have dept or anything.

Go to your bank and tell them you want to establish credit. You would like to borrow $500. to $1000. and put the money up in a saving acct, Do not spend it.
Pay it back plus you must pay interest at the time of due date. Ask for a very good interest rate..
I would finance the note for 6 months and the interest should not be much.
Do this a couple of times to establish credit.
Then you can probably buy a car when the time comes.
 
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