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My Credit Score?

by Michael P.
(Wildwood, NJ)



I was told I do not have a credit score, what does that mean and what should I do about it?

=====ANSWER=====

Dear Michael,

Thank you very much for your patience and asking a question here at my website. I hope you find this information below helpful.

Establishing a good credit history is important in today's society. If we want to buy a house, then it's especially true.

So I guess the question is how can you do so? Well it is a process and takes time.

First you may need to think about applying for a secured credit card. Get a small limit on it say like $300-$500. Use it each month and pay off the entire balance.

Also, you would be wise to have a bank account if you do not have one that is connected to this secured card.

These cards require a security deposit equal to the limit on the card. So if you wanted a limit of $300 then it would require a $300 deposit etc.

As you build credit over several months using this secured card, then you might purchase some small necessary item at a store that issues credit cards. Again, it must be useful and not just to let us go crazy spending money.

Then pay this over time, say 6 months or so. This will help build a good credit history.

Please keep in mind there are alternative forms of credit a lender can use also. I have a page on this site meeting with a mortgage professional that you may find helpful in this regard.

So don't get in a hurry, it does take time to build a credit history. Visit the links above for more information.

Also, please help me spread the word about this FREE source of information for first time home buyers by telling your friends and visiting my sponsors.

Kind Regards,

Jeff Ragan

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