I was just turned down for a small personal loan and they said my credit score is 615. I have one credit card (Discover) with not much of a balance on it, always made my payments on time. I have only had it for 1 year, and I'm 21. Someone said not having a long credit history can hurt your score? My Discover limit is $2,000 and I have a $300 balance. I work one job full-time, I make about $450 a week.
2007-08-22 10:02:18 · 4 answers · asked by Anonymous in Business & Finance ➔ Credit
You have 'limited' credit. Your income is fairly low, and your credit history is almost non-existant. The good news: you are still leaps and bounds ahead of most people your age.
Big, long term loans help build credit. It seems like a viscious cycle, but credit takes time to build. One trick you can do-ask a parent or grandparent to put your name on a credit card. Tell them it's to build your credit. You don't need to even have a copy of the credit card for this to work. It will help you build credit, and six months from now, your credit score will have jumped up.
Good luck.
2007-08-22 10:13:37 · answer #1 · answered by Anonymous · 2⤊ 1⤋
ok, I feel you.....other than getting married to a guy that has wonderful credit (what I did). Not much you can do...Get your credit report, go over it and look for any errors. 615 isn't too bad for 21. Get the bal on your discover paid off and keep a zero bal on the card for a while, having outstanding debts and no previous credit is a bad thing. I did manage to get a small bank loan at 21 for almost $9,000 to buy my hubby a motorcycle, but he was a secondary on the loan. That being said, if you can get your mom or dad, if they have good credit, to be a secondary on the loan and you pay it off in a big ole hurry, say 1 year. Your credit will be OUTSTANDING! I did that very thing and my credit jumped up into the 780's. I don't recommending co-signing but since u have a job and are paying your debts already, and there isn't anything wrong with your credit report, then either try another bank or get mom or dad to help you out.
2007-08-22 17:14:28 · answer #2 · answered by lisamtracy 2 · 1⤊ 0⤋
Your credit history is very limited.
Pay the credit card in full. Only charge what you can affort to pay at the end of the month. This will improve your score and build a history. Paying in full will get you automatic credit limit raises.
I'd say you need another year of on time payment history to improve your score.
2007-08-22 17:13:55 · answer #3 · answered by bdancer222 7 · 0⤊ 0⤋
hi there, here is a guide, its a free ebook that explains various reasons behind credit problems
hope youll be ok soon
2007-08-22 19:27:29 · answer #4 · answered by Gee L 1 · 0⤊ 1⤋