What to Do if You Lack a Credit Score
What to Do if You Lack a Credit Score
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Home Page > Finance > Credit > What to Do if You Lack a Credit Score
What to Do if You Lack a Credit Score
Posted: Jan 13, 2012 |Comments: 0
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Reasons for the Lack of Credit
For consumers that do not have a credit record, there are a variety of reasons why this can happen including:
The consumer has not opened any credit or financial accounts
There has not be an activity on open credit accounts over a period of six months
There is insufficient credit history to calculate a score. Typically, two years worth of credit is necessary to generate a score.
The information being reported to the credit bureaus is not complete
The consumer has be fraudulently victimized in a credit scam
The consumer has been reported to the credit agencies as being deceased
There is an incomplete residence history on the consumer. Typically a minimum requirement of proof of residency must be at least two years’ worth.
Building the Right Credit
If you plan on seeking financing, a credit card account, or need insurance, a credit score will be necessary to complete the process. You may even need to have a credit score in order to rent an apartment or get a job. There is never a bad time to start building or rebuilding good credit.
Here are the steps you need to take in order to get on the good side of credit:
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Proof of Credit
If you are not sure you have a credit history, it is important for you to request a copy of consumer report from the credit reporting agencies TransUnion, Experian, and Equifax. If no information is showing up under your identification and you have current and active accounts, you should make an inquiry right away with the bureaus to determine why you are showing a lack of credit.
Try for a New Line of Credit
If your credit history is not yet established, you can start slowly by completing an application for a secured credit card which are typically a more reasonable option for those who lack credit. The secured cards will have a lower limit but as long as the credit card company reports to the consumer credit agencies, you can start rebuilding credit with controlled spending and on-time monthly payments.
Establish a Well-Rounded Credit Report
A good credit score requires a consumer to have a good mix of credit. In addition to the credit card account, you can also try applying for a small personal loan through your bank or a credit union. This different type of financial agreement can generate a stronger credit score.
Make Good on Full Balances
How you pay your bills is just as important as when you pay your bills. You must be able to utilize your credit spending carefully and be sure you can pay back the balance in full each month. This is the fastest way to build good credit within a period of a few months. You may not be able to pay the full balance of a loan payment but certainly should have the cash necessary to cover your credit card bill.
Monitor Your Credit
After a few months you should be able to access a credit profile for yourself. Be sure to order a copy of the reports and double-check it for accurate information. This will also help you to identify fraud using your identity. Report any inconsistent information using the credit bureaus disputing process online or through the mail.
Remember that once you have established credit, you need to maintain it in order to ensure a solid financial future. Do not apply for any more new credit than necessary because doing so can decrease your credit score. It is also important to note that the first credit account you open will become a factor in your overall credit history as the first account will give you the longest credit history which is calculated into your credit score.
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About the Author:
Steve Dowell is an expert writer on subjects related to credit repair, debt settlement, and other debt related issues. Read more tips and info at the blog Creditrepair.org!
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