Saturday, October 31, 2009

How long it takes to have a credit score? (I opened my first credit card 4 months ago and my credit

Are you completely positive that your credit score is zero? I have never heard of that before.

Well....after about 6 months of consistently paying off this credit card..your score should increase. The only question here is if your credit company reports your payments and credit used on a regular basis. If they don%26#039;t...this card is doing you no good.

Have a card that periodically increases your credit limit and get another clothing (Victoria Secrets, Express, Macy%26#039;s) or something similar so that you can increase the amount of credit you have. Just try not to increase your debt along with it.

And please for the love of everything good....look at your credit report. This can be a guide and a wake up call. It was for me.

How long it takes to have a credit score? (I opened my first credit card 4 months ago and my credit score is 0

I work for a financial institution and help people build up their credit scores to obtain better financing options.

1. There is only one reason your credit score will show as 0 with any of the 3 credit bureaus (Equifax, Trans Union and Experian).

--The agency does not have any financial information regarding how you pay your bills.--

2. You need to charge on your credit card, make monthly payments and carry a small balance and your score will soar.

3. Many companies do not report to all 3 credit bureaus. Please check your credit reports from all 3 credit bureaus. You can pay for a copy from the bureaus%26#039; sites or you can obtain a free copy of your report from each of the agencies by going to the federal trade commission%26#039;s site at (Note the free reports do not include a score.)

4. There are 5 parts that make up your credit score

- Your Payment History about 35%

- How Much you Owe about 30%

- Length of Credit History about 15%

- New Credit about 10%

- Other Factors about 10%

For more detail on these factors visit this site is hosted by The Fair Isaac Corporation, the company that develops the credit score models for the credit bureaus.

5. You can also establish credit and build a score without credit cards. This can be done by having non-traditional forms of credit reported to the bureau. (Please note not all of the non-traditional examples are always willing to report to the credit bureaus)

- Rent/Housing payments are the best form of non-traditional credit to have reported. It is easiest to get property management companies to report. If you are renting from John Smith it may not be easy to get them to report.

- Utility payments (i.e. water, gas, electric)

- Monthly Insurance Payments

- Monthly Cell Phone Bills

- Monthly Club Memberships

The items above are just a partial list. Any debt that is paid on a monthly basis can be used to establish credit worthiness.

~Danke Schoen

How long it takes to have a credit score? (I opened my first credit card 4 months ago and my credit score is 0

your credit card payment activity will be reported to the credit agencies after 6 mts- you need to use your credit card in order to get scored.

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