(Closed) Do you have a credit score?

posted 9 years ago in Money
  • poll: Do you have a credit score?

    Yes

    No

  • Post # 32
    Member
    36 posts
    Newbee

    @AB Bride:  That’s actually a good point! My question might sound stupid, but can credit scores be transferred from Canada to the US? If you have a credit card with TD bank for example, would I have to start over?

    Post # 33
    Member
    1472 posts
    Bumble bee
    • Wedding: November 1999

    I have a friend who just graduated from law school and he told me he never has had a credit card and never wants to have one. I asked how he someday plans on financing things like a house or car without any credit and he laughed it off saying that you don’t really need credit if you have a good job. I gave up on arguing with him, but I hope he plans to buy these things in cash someday!

    I don’t believe it spending yourself into debt, but I think that reasonably you need to build enough good credit to show creditors that you are a reliable investment for a loan.

    Post # 34
    Member
    329 posts
    Helper bee
    • Wedding: May 2012

    I’m 30 and have great credit. However, I know lots of people who have terrible credit or no credit and are my age. It may be the way they were raised and were never taught about credit and the importance of it. Or maybe they were taught that credit cards, etc are evil. That’s kind of how I was raised. My mom still to this day has terrible credit. Luckily I just wanted a better life for myself and researched how to make it happen. Unfortunately they don’t teach any thing on credit in schools. I think they should teach an unbiased quick course in schools on credit.

    Post # 35
    Member
    2604 posts
    Sugar bee
    • Wedding: July 2015

    Yes, I’ve had a credit card since I was 18. My mom actually insisted on it so that I’d be able to build credit… I wasn’t really aware of the importance of building credit until last year when I moved to San Francisco and had to look for an apartment. Housing is extremely competitive here. Not having a credit score would have really hurt my chances. So grateful to my mom for thinking ahead on my behalf!

    Post # 36
    Member
    7382 posts
    Busy Beekeeper
    • Wedding: January 2011

    @taskinillusion:  I know people who moved to the US and they had trouble just renting a place due to lack of credit.  I know your standard credit card won’t transfer the score.  I’m not sure if it’s possible to get other types of credit (like a mortgage) to be considered but I doubt it.

    Post # 37
    Member
    2247 posts
    Buzzing bee
    • Wedding: February 2014

    @Natalieh86:  Whaaaat. I’ve heard the strangest rejections about Kohl’s cards, but I got one, and while I don’t have a super high score like that, it is in the upper 700’s and I was approved no problem. Even SO got one and he’s got terrible credit (thank you student loans and bad behavior with credit cards! woo!).

    Post # 39
    Member
    93 posts
    Worker bee
    • Wedding: September 2015

    Had my first credit card at 12 years old. (Was a user on my mom’s account). Now I’m almost 25….have a score of 807. 🙂

    Post # 40
    Member
    1935 posts
    Buzzing bee
    • Wedding: May 2012

    @LiliKitty:  It was my income (or lack thereof) compared to my debt.  10k annual year doesn’t go far with 10k in a car loan and another 50k in student loans.  And the 870 is not on the FICO scale so it would be closer to mid 700 (I think) on that one. 

    The good news is we still got the 30% off at Kohls!

    Post # 41
    Member
    7384 posts
    Busy Beekeeper
    • Wedding: August 2013

    Credit scores are such a crock. No one even understands how they’re calculated!

    I do have a score, yes. I’ve had credit cards since I was 18, ran into some trouble with debt in my early 20s, cleared it up a few years ago, and am trying to bounce back. I got a car loan back in March, but despite the dealership telling me that my report was only going to be pulled ONCE, it was pulled several times by banks, in addition to the one that the dealership pulled, so my score went down by a LOT.

    Fiance also has a score (that I made him check the other day), but has never had a credit card. He had a loan for his motorcycle, though he’s paid for every thing else in cash. 

    How does Dave Ramsey suggest one purchases a house with cash? How is one expected to save up 6 figures worth of cash with which to purchase a house.

    Post # 42
    Member
    2294 posts
    Buzzing bee
    • Wedding: October 2010

    I know my husband had to start over credit-wise when he came to the USA from the Netherlands.  It was a pain in the tush just getting him a card, and still nearly 6 months later Experian isn’t finding him to give a credit score… >.<

    Post # 43
    Member
    5259 posts
    Bee Keeper
    • Wedding: July 2010

    Credit scores are evil.  I don’t have any credit cards.  I pay loans, but none of them have ever positively reflected- it is only if you miss a payment- then things are negatively reflected.  They purposely make it confusing and NOT to your advantage to keep people down.

    Post # 44
    Member
    2896 posts
    Sugar bee
    • Wedding: November 1999

    @vorpalette: I haven’t listened to the whole book yet (audiobook), but the car theory is buy a meh car with cash, use it a bit, sell it and use that $$ plus what you saved up from not making payments (i.e. pay yourself the montly car payment into savings) to buy a less-meh car. Rinse and repeat until you’re buying nice cars for cash.

    I’m assuming that the same theory is applied to home buying. However, I know he does say that mortgage is the last debt you need to work on, all the cars/CC/student loans, etc go first, so I think he figures that most folks have already taken out a mortgage and he works to pay that off then. I’m betting the ‘buy/save/trade-up’ theory would be for those who haven’t taken out a mortgage yet. 

    Post # 45
    Member
    250 posts
    Helper bee
    • Wedding: August 2014

    You do not have to have a credit card in order to get a credit score. You can also use loans, and car payments to build credit. Sure not having a credit score may prove limiting when he goes to get a mortgage but it is never too late to start and for all we know he maybe able to buy his house in cash outright. It is funny all the assumptions strangers (not the OP) are making about this guy and his lack of a credit score. 

    Post # 46
    Member
    1348 posts
    Bumble bee
    • Wedding: November 2011

    I’ve had a credit card since high school and have really good credit. I’ve built a small debt and make payments every month. In addition, I pay my student loans and car payments on time which all help improve your credit. When we bought a car last summer our salesman was telling us a story of an older gentleman that paid cash for everything and therefore had no credit. He said he couldn’t get any financing or a loan because of his lack of credit…big problem!

     

    The topic ‘Do you have a credit score?’ is closed to new replies.

    Find Amazing Vendors