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.
