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Answers (3)
- RJ Hammel, "RJ Ham"
- Contributions:28
Living with out Debt and Credit Cards is not a bad thing by any means but like others have said in order to get a home loan banks are going to want to see how you treat credit when it is given to you. I would recommend opening 1-3 credit cards. Use them once a month for a regular purchase and put the money aside to pay them down to 5-7% at the end of the month. Carrying this small balance will help you to build credit. If you get the cards and rack up a bunch of debt it will hurt you. When searching for a card make sure that the one you select is going to report to all three bureaus so you are able to build your entire credit profile. Hope this helps and good luck in your house search.
- Anthony VanDyke, "Anthony VanDyke"
- Contributions:43
Not having a credit score is not bad. it just means that you have chosen to live your life with out using credit.
If you would like to use credit in the future, then lenders will judge your willingness and ability to pay back the credit based on your past history found in your credit report. If you do not have a past history it is hard to determine whether or not you pay your bills on time.
If you are on zillow cause you would like to purchase a house, then it will probably be in your best interest to open a few small credit cards in order for them to report a credit history to the credit bureaus.
Good Luck
Anthony VanDyke
- sunnyview
- Contributions:25139
It is not bad, but it is better to have a good score than no score. It shows lenders that you are responsible and use your credit wisely. You can build a good credit score if you focus on areas that are reported to credit agencies. This article here has some good tips and the myfico site here has lots of information about what is used in your credit score and why a good credit score can be helpful. Hope the links help.
if you do not have a credit it score is this bad?
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