Starting credit, what does it show up as?

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Michael

Posts: 8

Joined: Sun Jul 11, 2010 10:07 pm

Post Thu Jul 22, 2010 6:22 pm

Starting credit, what does it show up as?

Okay, so i'm currently starting credit. going to get a secure loan through my bank for 1000.00 dollars. now, lets say I make three payments. what does this start my credit at as I have none now. does it start poor or good? I don't see how it would be "bad" credit as I haven't missed any payments. what do lenders consider it as?
That doesn't tell me anything. What is it considered? Bad? good? poor?
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William

Posts: 2

Joined: Wed Jul 14, 2010 9:58 am

Post Sat Jul 24, 2010 2:18 am

Re: Starting credit, what does it show up as?

Three months of on-time payments is positive but it is still minimal. It takes a couple of years to really build up much of a credit history.
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Mo

Posts: 1

Joined: Thu Jul 29, 2010 8:10 pm

Post Thu Jul 29, 2010 8:10 pm

Re: Starting credit, what does it show up as?

You may start out as "good". Maybe a mid 600 FICO.

By not having any late payments, this is the beginning of your credit journey. When you pay off this loan, ask your bank for a credit card. You might have to start with a secured card, just like the loan, but that's ok. Everyone starts somewhere.

As time goes on & you add a couple credit cards to your mix, both your credit history, your timely payments & your LOW balances will slowly start bringing that score up! The history part of it will be the toughest, because the only thing that can help this is time, but don't worry, sounds like you're still young & have lots of "time"!! :-)

Be good to your credit & it will pay you back x10!!

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