Post # 47
I have actually had people come in older than him that do not have a credit score at all. After a while some things do fall off the credit report that can potential reduce your score. I believe the oldest person I had come in with no score was in their 60s. So it is possible. But some people just don’t want to establish the credit. More power to them if they can pay everything in full with cash.
Disclosure: I work in banking.
Post # 48
I didn’t even know that was possible. At 17 I discovered I had a credit score, even though I’d never had my own credit or made any big purchases. (I still have no idea what determined it… at least it was good, I guess.) I definitely want credit to buy a car and house and such! Although, with school loans I guess that would force me to have credit anyway.
As far as a PP mentioning Kohl’s rejecting her even with a super high score… I’ve worked in retail, and a lot of time they’ll also reject you for not having ENOUGH credit, even if you have good credit. So that’s a possibility too.
Post # 49
A friend of FI’s is currently trying to buy a house with his Fiance – they ran his credit, and suprise, suprise, he has none. He’s 25, has never had a credit card, a BANK ACCOUNT, or loans/bills. He just had to have his Fiance cosign on a credit card so he can start building his credit.
My little brother (22), just got a credit card for the first time to build up his credit. I’ve had a credit card since I was 18, plus student loan payments that reflect, so I’m all good.
Post # 50
I got a credit card early to start building credit as well, it’s a huge asset later on when you need it, like when you buy a house.
I have never had any problems getting a mortgage for my first condo (alone, at 22), for a car loan and later for our current house. Now I have an exceptional credit score as does Fiance which we work hard to ensure stays that way in case we ever want to borrow any more or getting approved for something. Also, Fiance works at a bank so he’s very incline to want the best looking financial situation.
No idea how you calculate score in the US though.. so I can’t compare I just know based on average we are both well above.