Tuesday, November 16, 2010

What's your credit score if you've never had a credit card?


Many of you have asked what your credit score is if you've never had a credit card or line of credit taken out under your name.  The FICO score range is 300-850, so if you've never had any type of credit, your score is in the 300's.  The best thing to do as soon as you turn 18 is to have a small credit card that you pay off every month so that you can start building your credit history.

Having no credit is worse than having poor credit.  Typically, those with poor credit are in the 500 credit score range.  People who have filed bankruptcy are in the low 500's range.  Those who have poor credit still qualify for high APR loans to balance out the risk, but people with no credit cannot get a loan without a co-signer.

If you don't have any credit, the best thing to do is start establishing it now.

40 comments:

  1. I'm glad I've had a credit card for like 7 years then!

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  2. Totally agree with you on this. Several of my friends in school have done this in order to build their credit.

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  3. I was always curious about that. My roommmate prides himself about never having a cc, and he's 22.

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  4. I love your blog... please visit mine...

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  5. Yup, opened up a credit card years ago when I turned 18.

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  6. interesting to know, i always thought no credit history would be better than a bad one

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  7. my credit is destroyed, but maybe ill build it back up..

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  8. Shouldn't yellow be average? >_>

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  9. I haven't used my credit card in a while but I'v been paying off student loans.

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  10. I have a credit card and I've been good with payments so...

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  11. thanks this will help me someday

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  12. Good to know. There's a car dealer that after checking the credit score of a customer he said: WHAT‼ Sir... Do you think this is a joke‼?? I wouldn't let you take out a car of $9k even if you have $30k in cash

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  13. I was always curious about that

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  14. i might get a credit card, maybe someday.

    we'll see

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  15. Oh wow, didnt know that, but kinda interesting. (i have a credit card :D)

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  16. I wish I read this post 20 years ago,

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  17. how can that be possible if i never owed people any money?

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