I have no credit, what score will I have when I get a credit card or what score will they start me out on? ?

Question

I do not have any credit. I will be turning of age for it soon. So when I apply for a credit card, what score will I have when they start to report on my credit. How soon will it take before I get to the 800's. I will pay all of my bills a week before time.

Answer 1

You should try a student credit card. Those credit card companies realize that you'd have little or no credit history and will most likely approve you. You can find, compare and apply to them here: http://www.forevercc.com

Answer 2

I have lines of credit more than a decade old, I’ve had varying types of credit (credit cards, car loans, student loans, mortgage), never missed a payment on anything and I still haven’t hit 800 yet. It’s not easy to do.  

Answer 3

You won't have a score. You need to start an account history with the credit bureau before a score can be established, naturally it will start out being quite low because the information is new.

What you should do is get a chequing account at your local bank that will start the process going. Then you can apply for a student credit card or a secured card at your local bank. They'll probably only give you about $300-500 to start.

Do not max out your card.

Use it sparingly for no more than $50 at a time.

Always pay on time

Always pay in full

Let NO one borrow your card

It will take a few years before you hit the 700-800 club because you'll need diverse types of credit (auto loan, line of credit, credit card, revolving,etc...) established for several years for your score to climb that high.  

Answer 4

Most everyone has a credit score even with no credit. This makes it one of the fastest growing crimes to steal a childs Identity because their credit reports are clean!

You will likely have a credit scoe in the high 500's, not bad. But I would begin by opening a checking account first and establish a banking history. Avoid overdrawing your checking account and put something aside in savings.

Credit cards are the easiest froms of credit to get, but be careful here! Because they are easy to get, abusing your credit cards is also easy! Learn how to figure out what real financing is going to cost you. The total of your purchases, not just how much down and how much per month!!

Think ahead and it will become habit forming! Your credit score is not an "I like having a ton of debt score"! If this were true, your score would rise higher and higher the more you owe and in reality the opposite happens!

My first credit card recommendation would be from Orchard bank! They report to all 3 credit agencies and their customer service will anser all your qurestions including how to calculate your finance charges.

If you never bother to get credit, then how can you be expected to learn to manage money and use credit wisely? I honestly believe this is why so many wind up with a ton of debt they have to pay back, because they never learned how credit scoring and credit works in the first place.

Make your payments on time, don't spend more than you have and your credit score will get better. Having a good credit score means that you have lines of credit available to you that are not all filled and used up.  

Answer 5

You will start out with a zero. It's best to leave it at zero.

Credit cards are the financial worlds cigarette.

Building credit is the biggest joke of the 21st century.

All they are good for is getting into debt with.

You have to borrow money and make payments on time to get a high score so that you can go out and borrow more money and pay interest. You also have to keep borrowing money and keep making payments on time to keep your score high. It's an "I Love Debt" score.

Pay as you go. Live on less than you make. You will not have payments. You'll have money.

Of course the bankers and credit card/fico score worshipers are gonna tell you different.

Debt free is the way to be!

Big B is an Idiot. Bless his heart.

It is an I Love Debt score. The only way to get and keep a high score is to stay in debt.

Everyone will tell you to borrow on the credit card and pay it back before they charge you interest. If everyone did this, there would be no interest free period. All You are doing is riding on the back of the single mom trying to make it. Or just someone who gets caught up in the fico score worship  and ends up with lots of debt.

People that manage money well. Don't have to borrow money and worship at the alter of the great fico.

Answer 6

You probably will not have a score because you have no credit history. You also will not be approved for a credit card because you have no credit history.

What you should do now is open a bank account. Save a few dollars each month. Once you come of age, approach your bank and ask for a secured credit card. They will issue you one without a credit history as long as you have money in your account.

Use it like a credit card and pay your bill on time. Within a short time you will build credit.