2007-03-12 05:57:56 · 11 answers · asked by dandybear2004 1 in Business & Finance ➔ Credit
Yeah....you essentially have "no" credit, but the first answer is only partially correct when s/he states that it will be difficult for you to get a loan.
See, your credit score is only PART of the equation when it comes to looking at whether or not you qualify for a loan.
Lenders will also consider your employment history, your income, your monthly obligations, and your education level to determine how "credit-worthy" you are.
For instance, if you're making $90,000 per year, have no real bills (save for monthly living expenses), and are college educated, most lenders would have no trouble granting you credit...and thereby a loan. If, on the other hand, you make $6.00 per hour, are paying rent in excess of 30% of your monthly income, and only have your GED, your chances of getting a loan are pretty low....
Hope this helps..
2007-03-12 06:16:07 · answer #1 · answered by Silver 4 · 0⤊ 1⤋
0 is the worst score. The higher the number the more loan people will approach you. If your score is actually that low, you had better do a credit check, via the Net, and look for things you HAVE NOT done. Usually the rating runs from 400 to 900. Mine is 420 so no one wants to loan me anything. Also every time you apply for a card, they run a check, and if there are a lot of checks, the less likely you are to get any. If you have a job or steady income, Get a secured card. Basically you are putting money into an account, that you can draw on, but it builds status if you are consistent at it for a few months
2007-03-12 13:08:32 · answer #2 · answered by Nbruce 2 · 0⤊ 0⤋
If you are talking about your FICO Score then the lowest you can get is 350. Having 0 or nothing means you do not have enough history to rate you. In the eyes of some lenders you are actually above people with bad credit( people under a 500 score). Mainly because you have not had a chance to mess your credit up yet.
It will still be hard to get a loan without a co-signer but not impossible especially if you have the income to back it up. If you want to start building your credit, start with something like a secured credit card and use it wisely by keeping under your limit and paying on time.
2007-03-12 14:26:13 · answer #3 · answered by OC1999 7 · 0⤊ 1⤋
A credit score of 0 means you are not a good risk. If you've never had a loan, be careful what kind of loan you apply for, and make sure you pay it back exactly on schedule.
If you have bad loans, just stop.
2007-03-12 13:05:17 · answer #4 · answered by Kacky 7 · 0⤊ 0⤋
A credit score of 0 means that you have no credit at all and lenders view this worse than having bad credit and it makes it almost impossible to get any loan at all.
The good news is you can easily fix this by applying for a secured credit card. If I were you I would get at least two of them to help build a credit history faster. Just make sure that you make your monthly payments on time and keep your balances at less than 50% of your credit line. After about 3-4 months check your credit again and you should see a credit score instead of none at all.
A site at http://www.bad-credit-credit-card-for-people-with-bad-credit.info/ has a list of credit card companies that will issue credit to people with no credit history or bad credit.
2007-03-12 13:13:37 · answer #5 · answered by Anonymous · 0⤊ 1⤋
A score of 0 means that either you have no credit or yours is so bad that you truly score a 0. I have seen both. If' your score is 0 due to not having any credit? There are lenders that will work with you. You would be classified as a first time buyer. If your score is 0 due to you never paying anyone? There are still lenders out there that will work with you.
2007-03-12 13:41:37 · answer #6 · answered by ? 7 · 0⤊ 1⤋
You have no credit. Anything below 550 will be difficult to get a loan.
However, you have no credit because you've never had a credit card or loan. I'd suggest you start with a secured credit card or a credit card with low credit limits. A loan would be difficult.
2007-03-12 13:03:53 · answer #7 · answered by Faye H 6 · 0⤊ 0⤋
0 is not the worst score you can get. 350 is.
0 means you have NO credit and NOTHING on your report. You need to establish credit in order to get a loan-- get a secured visa or get one from first premier or orchard bank.
2007-03-12 13:12:12 · answer #8 · answered by Anonymous · 0⤊ 1⤋
I had a credit score of -200.
Then, I started answering questions on Yahoo, and lo and behold I got it up to 1,000. I now have A+ credit, and bought a brand new Kia Rio yesterday.
It took me 2 years because sometimes my answers were deleted by the Yahoo censors, and down went my score.
Of course, I don't know how I'm going to pay for my new car becasue I spent all my time at work answering questions and got fired...but I have a Rio at least, and I can watch Judge Judy live now rather than on TiVo.
Life's good...
2007-03-12 13:10:12 · answer #9 · answered by cardinalboy97 3 · 0⤊ 3⤋
i wouldn't worry to much about my credit score. To have a good credit score you have to stay in debt. Sounds kinda funny but, it true. you have to stay in debt to keep your score high so that you can borrow money and stay in debt. Do like grandma did save your money and actually pay for things.
Go to daveramsey.com and listen to his radio show from the website or find a radio station near you. He also keeps a 10 day archive of shows. Lots of good advice on money and debt.
2007-03-12 13:13:10 · answer #10 · answered by heybulldog 5 · 1⤊ 1⤋