I Don’t Have A Credit Score And I Need Advice on Building A Credit History

Im 59 and I havent had a credit score so to speak in 30 years. I have a house,a car,all Id ever need and owe on none of it. You dont need credit to live ! Cash will always be king.

Tony,

That a “secured credit card”. People in your situation often have to start with them.

I don’t know if debt cards are reported to the credit bureaus, but if they are, that might be a good choice. Your charges get debited from your linked account, usually checking.

Incidentally, if you’re not married, your partner should have a careful,crafted will to leave you the property and make you executor. I had a friend whose partner of 20 years made his twin brother executor. My friend lost everything.

I used my debit card responsibly all through college, only to be told at 23 it didn't mean jackshit to my credit score. Been credit cards ever since.

Just get a credit card and pay off your bill every month. I only used my debit card for years and was in a similar boat, then I got a credit card this year. They gave me a $5000 limit which works great for me since I'm never spending that much.

This is very simple. Do what I say. Apply for a Capital One credit card. Depending on your history with the bank and even with no bills that report to a credit bureau - they will at most ask you to put up half of a secured $500 credit card. Often more like $75. Within a year of making payments on time - you will be on your way to having all kinds of other options. It doesn't take long. Capital One is a good company for people who don't have a credit score. That is different than bad reports or defaults on your credit history. Even then, they will simply ask you to pay for your own secured card. Minimum of $300. I know. If you're telling the truth my advice is the best and simplest you'll get. Capital One charges a yearly fee of about $60. It's well worth it if you really need to build some positive credit. It opens the door to applying for other credit cards that have all the nonsense benefits and no fees. They'll get you in other ways though. If fact, they'll come looking for you. Stick with Capital One and you'll have a gold card within 3 years. Credit cards are necessities in modern life. Don't be dumb.

Should I get a credit card and pay the minimum payment each month and carry a balance, or should I pay the balance every month in full?

Tony,

Pay the balance in full. Paying interest is a waste, if you can pay in full. And it wouldn’t help your credit score. If you pay late more than once, it could negatively affect your credit score.

Also incidentally, I have maybe 10 credit cards, and none an annual fee. I won't have a card with a fee.

When I got my first card, I was confused about interest and fees. They are different. You pay interest for carrying a balance from month to month. You pay a fee for a few different things, like if you pay late, a check to them bounces, etc.

Credit scores are somewhat based on the balance on your cards Tony. Always pay at least 35 percent. Paying a card in full doesn't increase your score, though it doesn't hurt when you are building credit on a new card with a low limit. Later they want to make some money off you. When you have credit cards that have five thousand or more in limit, its best to make payments that keep your balance below 50% of available credit. That keeps your credit score healthy, and climbing. Get the Capital One card. I went from having no real credit to whatever I need in less than 4 years.

What's the point of taking advice from a man who has 10 credit cards? That's just stupid. To have too many cards and cancel some also hurts your credit. Just do as you're told and you'll build credit quickly. Of course you will then be able to get prettier cards with *no fees*. They will get their fees the first time you accidentally go 2 cents over your limit. There's no reason for late payments. Nothing hurts your credit score more. Just get one card (Capital One) and and then apply for a second no fee card after the first year. Possessing ten credit cards from someone who doesn't believe in paying interest is a mark of crass stupidity and financial tackiness.

It's perfectly okay to carry a balance on your card. What the fuck else are they for? Not using it or paying it off in full before your bill arrives because you're a crazy old man does not help your credit score one bit. Using credit and making regular on time payments is what increases your credit score. Having too many cards doesn't help or hurt, but trying to get rid of them CAN. Of course if you have them for no reason but to be stolen, you're just as foolish. Two cards is all anyone needs. Start with Capital One.

Well for me R9, credit cards are a form of payment, NOT a loan. When you carry a balance from month to month you are taking out a loan and paying INTEREST. I use credit cards to pay for things, then pay off the balance every month so I don't pay interest. If I can't afford to pay off the balance, it means I spent too much. I don't do that. FYI, my credit score has been above 800 for as long as I can remember.

Well Pierre, that's not the problem that was presented, is it? Same to EverWho. Building credit is different than using a card for convenience. Debit cards are convenient too. We ain't all seniors here who don't pay fees, ha. Some old men virtuously pay off their card each month - just as their blessed mother did.

Cool credit building trick:

Get your card and go shopping using near your credit limit. But expensive but physically manageable items. Get that card red hot! Keep all receipts! Return all items in 30 days for the reverse charges back to your card. Do this every other month. It will appear on your credit report that you had these balances, but paid them off after that billing cycle. Do this with each card you get to establish more credit without actually spending!

R10 aka Everwho is also concerned with " So much trashy behavior at Popeyes fast food restaurants."

A typical ancient racist old white man Datalounger. Paying his bills and spreading hate.

Wrong on all counts R13. But you knew that. You're just a pathetic troll. Bye.

How dues that work r12?

Get a credit card and pay the balance off in full each month. You can just put $20 USD on it each month. Do not use it for anything else.

I'm not wrong R14. But you know that. You're a racist old man. Bye.

No R17, you must be looking in the mirror. I'm neither old nor racist. FF.

FF? The truth is out there R18.

FF@troll R19

Were you born in a forest, OP?

Ignore R9. The only thing worse than a judgmental crank is one is is also ignorant and an agist bigot. Seriously, what is wrong with this guy?

I have multiple cards because they have different benefits and therefore different uses. For example, this year I opened two credit card accounts because they both offered $500 cash back just for opening the account. That’s tax-free, too, so you’d have to earn $1500 to have the same after tax income. And it’s a simple process to apply for a card.

And I offered Tony some unrelated credit card advice since he probably is unfamiliar with them.

Tony, if you have the money, pay the card off every month. Like R10, I’ve always done so, and my credit score is 830. That’s all the proof you need, right there. Carrying a balance when you don’t need to is just throwing money away.

Also ignore the “trick” at R12. It sounds like a lot of work and you don’t need to do it. How one person can be so wrong and yet so sure of himself and hysterical about it is just amazing.

Fuck off Pierre

R15, I stumbled upon this trick through my own experience years ago. I was in the market for a new television back when Circuit City still existed. While shopping there, I found a TV I liked, but was still unsure about making the purchase. The salesman assured me that I could purchase the TV to try it out and return it within the 30 day return window if I found it not to be to my liking within that time frame. I did just that - THREE TIMES using three different credit cards, making my final purchase with that third credit card and keeping the television. A few months later, I checked my credit report to find that all three credit cards showed a high balance of the purchase price of those televisions (over $1K) while also showing that I carried a zero balance on the first two cards I used. Therefore, per my credit report it APPEARED as though I made those purchases and then paid them off. This was something I stumbled upon quite by accident.