Credit score!!!?
Yeaa mine sucks im 19 and i dont have good or bad credit i have none.i need someone to help me find a credit score place onlin. also give me an idea of how to get my score up and fast. any ideas. im single parent and i want to get it as high as possible asap so i can get a house loan. Please i need an online credit report <--FREE and your ideas or the way your credit became good. thanks!!
Public Comments
- freeannualcreditreport.com if you have nothing bad on your credit thats a great start way better than having bad.....Get a credit card and make payments on it for 6 months or a car loan and if you have the income and have paid all your non credit (rent utilities etc) bills on time, have a decent down, and if the home is within your means you will be fine
- https://www.annualcreditreport.com/cra/index.jsp
- annualcreditreport.com will give you your report, but having credit and having income are very different things. You would be better off looking into a lender who does manual underwriting ... if you can prove your income, and provide records of on-time payment of rent/bills for the last few years, a fixed-rate loan should be yours. Don't be fooled by lenders pre-approving you for a loan, they make commission based on the amount and rate of the loan [something of a conflict of interest there ... part of the reason for the "credit crunch" in the US economy].
- Having no credit isn't bad... it's worse. However, there are solutions, and solutions are what keeps us improving. First things first, as already mentioned... get that free credit report. You are entitled to a free credit report every year (by law). If it is blank like my face on this avatar, you need to go to a bank, open an account, and apply for an unsecured credit card with a $250-$500 balance and if your parents have decent credit, they can be added to the card. If that doesn't work, try to get a starter loan from the bank which usually ranges from $500 - $1000.00. Pay them, or it, off in a timely manner... that is critical. Many people discourage what I'm about to say, but it is perfectly legal and really methodical for the parent-child relationship. Anyway, if your parents have good credit or a friend, you can have your name added to their accounts. By doing this, that lender will report that account on your credit report and you will have an account (or accounts) with a strong credit history showing up on your report. You will then be able to establish a home loan solely in your name. By the way, these methods are lightning fast, especially for someone with no credit. God bless.
- Now for the real answer. OK, you already know where to get your free credit report, as far as the previous posters suggestion about your parents adding you to one of their credit card accounts, that no longer works and has not since September when FICO changed their score calculating method to exclude authorized user accounts. You will have to get your own credit card even if you have to get a secured one to start building your own credit history. Scores are based on the following factors; 1. Payment history 35% 2. Time in bureau 15% 3. Types of credit 10% 4. New credit 10% 5. Debt to credit ratio 30% As you can see 1,2&5 are the most important as far as score goes and being only 19 you have none of numbers 1 & 2. Establishing credit is a long process and there are no shortcuts. For the best score and profile you will need 3 credit card accounts (revolving) with balances below 30% of your credit limit and 2 cars, boats, homes, furniture or personal accounts (installment) all with good long pay history's. When lenders look at credit applications they look for a whole lot more then just score they look for qualifying previous credit which normally is considered a installment loan paid at least 12-times with a monthly payment of over $150.00. Establishing good credit takes at least 24-months and like I said there are no shortcuts.
