Where do you start on the credit scale?

Question

ok, I turned 18 a few months ago, I got a credit card, and a checking account, for the past 3 months or so I have paid all my bills on time, and I've paid for more than just the minimum, but now my credit card is nailing me with all these fees so i want a new one.. but all i keep seeing is "needs good/excellent credit".. what I want to know is where do you start when you first start building credit.. 0?. 100? 200? cause most things say i need like 650+ just to be considered a high risk with bad credit..

Answer 1

You usually start with a "0" or "no score available" if you don't have any accounts. Once you establish an account, it'll take at least 6 months worth of activity to start calculating a score. It takes a while to get it up there but you can easily hit 500 by having a brand new $300 credit card. Just be patient and diligent about paying all bills on time, appylying for credit sparingly and always paying your credit bills ON time.

You'll get to 650....just take it easy.

Answer 2

where do you start on the credit scale?@ the beginning. U have a good start. NEVER pay L8, & NEVER charge more than yer income, cuz u'll get in over yer head. if U get a credit card, get 1 w/ about $3-500 limit. don't max it out, & keep a lil debt like 10% on it @ all times. pay it off when U get the bill. u can use the card 4 gas & such & anything u may need around the end of mo. a final note is get a small loan from yer bank & have it deposited in2 yer acct & pay some of this loan back outta that same $$$ they deposited 2 u.

Best Wishes and God Bless you

Answer 3

If you are just starting out, and have no "bad debt" (late payments etc).  Then you'll probably be close to the 650 range.  But you also may not have enough credit history.  Most places look for about 3 YEARS of history.  I know most people starting off are called "ghosts".  Basically you don't have bad credit, but you don't have good credit.  Its really annoying (I was there...and trying to buy a car, it sucked)

If you are not liking the fees, then close the card.  (its not worth all the extra hassles).  

I agree with the other answer about a credit union.  Just make an appointment, they are like the kings of building credit.

Just another suggestion.  Do you just have a credit card to build credit?  Or are you using it for something (paying for school etc).   Credit cards can lead to a lot of trouble, if your just trying to build credit I suggest a small loan.  (some people get one to buy a TV, couch etc).  

Loans are usually fixed, have a specific # of years that they WILL be paid off (u can do it sooner though), and build credit just as good, if not better than a credit card.  

Good luck!

PS- If want to know your actual score, you can try a few things.  Go to a place like freecreditreport.com, sign up for the 3 day trial...check your score...and then cancel before they charge you.  Or some lenders will tell you your score (like the credit union).  

Answer 4

If you just started off and are not liking the fee, pay up all fee and close the card.

Try to get a credit union account and then a credit union credit card, that may well be the best bet. Of all the cards that I had, the credit union one was the best and easiest to get.

Answer 5

It's hard to say FICO scores from 300 to 850 with anything that calculates to under a 300 defaulting to a 0.

At 18 with no open trade lines except 1 credit card and since you say the company is nailing you for all these fee's without a better description of what these fee's are it's impossible to guess.

But since it takes around 6-months of reporting for a trade line to even count I would have to say your still a 0 score.