But when you check your credit score… theres nothing there.
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What Does No Credit Score Mean?
Even when you apply for a new credit account, it may take months before you get a score.
YourFICO score, for example, wont appear until six months after you open a credit account.
Credit reporting bureaus dont put a big zero on your credit score just because you havent opened any accounts.
Youll receive your score after opening your first credit account.
It signals to credit bureaus that youre neither a responsible nor irresponsible borrower.
Youre a blank slate.
Bad credit shows up as a history of damaging activity, like several missing payments or bankruptcy.
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Here are some tips from credit experts on how to build a good credit score from scratch.
This lets you benefit from their responsible credit use.
However, their irresponsible activity could also hurt your credit score, so choose wisely.
They sometimes have tougher income and credit score requirements than secured cards.
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Take Out a Credit Builder Loan
A credit builder loan exists solely to put you on the credit map.
These financial products are typically offered by credit unions.
The name loan is a little misleading, though.
They keep a small fee for their trouble, says G. Brian Davis, founder ofSparkRental.
The credit-building loan provider reports your monthly payments to the credit bureaus as an installment loan.
Some rent reporting services include:
7.
Pay Attention to Your Student Loans
Taking out student loans will earn you a credit history, too.
Youre better off avoiding them if you dont need them and building credit history another way.
It might sound basic, but its the best way to keep pumping up a healthy credit score.
Compare offers, but be careful not to take onmore credit cardsthan you’re free to manage.
How to Check Your Credit Score
Checking your credit scores lets you see where youre starting from.
So how can you check?
Many credit card companies provide it to their customers for free online.
But thats easier said than done if you dont have a credit card yet.
you might get free credit scores from one of the sites below.
Popular names includeCredit Karma,Credit SesameandmyFICO.
Its also a smart idea to check your credit reports.
you’re free to view reports from the three main credit bureaus online atAnnualCreditReport.com.
Keep an eye on your credit reports as you build credit.
Can You Apply for New Credit With No Credit Score?
Your best bet is to start early with some of the credit-building steps above.
Once you establish credit, keep up good habits and make timely payments.
Your credit score will go up from there.
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Rachel Christian is a Certified Educator in Personal Finance and a senior writer for The Penny Hoarder.
