When do you get a credit score? When you turn 18, open up a credit card, or what?

Question

Let me give you guys a recap. I have a credit card for 5 months already, and im 18 years old. For only 5 months Ive been paying off my credit card bills and paying for a phone bill under my name. I checked my credit score on freecreditreport.com and they said my experian score was a 714. I was very happy, because the whole reason why I was trying to build credit was too qualify for a car loan. Money is not an issue, Im a responsible male who makes good money for my age, and obviously I still live with my parents so I have basically zero bills to worry about.

I went to Honda to see if they have any first time buyer programs I can qualify for, I walked inside confident knowing my experian score was a 714. Then when they ran my credit, they said I had a score of 0 in all 3 credit bereaus, how embarassing.

My question is, how is that possible? Mistake from my source or from Honda? If I have a zero score, what have I been doing these last 5 months, when do I actually establish a "score"??

Answer 1

this site should answer all your questions: www.creditscore.pro

Answer 2

A Minor cannot enter into a contract. Credit card is a contract signed between two parties i.e the card issuing company and a customer. Surprising how you got a credit card when you were below 15 years of age. Credit Card score only starts when you have completed 18 years of age.

Answer 3

Why obsess with the fico score??

You said that you make good money. Save up for a good cash car. Take what would have been your car payment and put in the bank. It won't take long for you to save for a better car. Just think about all the money in interest you'll save. Plus you will not be stuck with a payment for years. You'll never get ahead financially with payments.