How long does it take to build decent credit from nothing?

Question

I am 22, but never got any credit cards, because I didn't want accumulate debt like so many of my friends did. However, I will be applying for a state trooper position in about 6 months and one of the things they check is your credit history. So my questions are 1) How fast can I build half decent credit and 2) For credit history is a debit card considered a form of credit history??? hanks in advance!

Answer 1

The best ADVICE I ever got was from the Credit Secrets Bible, which helped me with my credit and I'm 23. Six months of ontime payments will help your score. Debit card isn't a form of credit history, but its part of ChexSystems which is in itself nearly as important as your credit history.

Answer 2

With years in the business:

No credit is not bad credit. Don't sweat this check, you'll be fine.

If you want to build credit, you'll need to apply for a credit card or two. You may not get them, depending on several factors. If you don't, call a couple banks in your area and ask if they offer "secure credit cards". (I know US Bank offers these, but I'm sure many companies have it.)

This credit card will appear on your credit as a credit card and will help you build credit. How it works is that you take a little money (Usually at least $300) and give it to the bank to "secure" the credit line, which will be in the exact same dollar amount. You then use it and pay it off [every month] as usual. The money just sits there until the account is closed.

It will take about 6 months for a score to appear on your credit report when any type of credit is opened for the first time.

Your debit card will not appear on your credit report.

Again, not using credit is NOT bad!! You will be fine when applying - they just want to see if you are responsible. Paying cash is certainly responsible.

Answer 3

Your score can go up quickly but besides the score a lot of lenders look at the length of time that an account has been open for. Typically they want to see at least a 2 year trade line for a major purchase like a house or car. And unfortunatelly a debit card is not credit because it is your money not someone elses. Hope this helps.

Answer 4

For your first question...

It takes about 6 months for credit bureaus to calculate a FICO score... So if you open one soon, you might have a FICO ready.
Make sure what is that your employment is going to require... Many companies want to see Good or No Credit rather than Bad Credit.

And for your second question... NO... a debit card, it's a card that use to purchase goods... and the money comes straight from your checking account. Unlike a credit card... it serves the same purpose, except your borrowing the money from a creditor and they will bill you later.

Answer 5

Chances are you don't have anything on your reports. In order to build good credit, you need to start building a good history. Look at partnering with companies that will report to all three (3) credit bureaus, but won’t pull your credit. Crown Jewelers is a great company that will give you a small credit line and report to all three (3) credit bureaus. Easy approval.

http://www.crownjewelers.com/

Second, open a secured credit card. New Millenium Bank is an excellent choice. They won’t check your credit and report to all three (3) credit bureaus. You can even pay your bill online.

http://www.nmbonline.com/

Revolving trade-lines are highly weighted in credit scoring, so keep your balance –to- credit limit ratio low. Never miss a payment. Before you know it you will be on your way to better credit.

Answer 6

u can take a small loan out of the bank and pay it back it will build ur credit pretty quick

Answer 7

could take years, it really depends and varys
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