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The Water Cooler
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My Credit Score Is Zero...
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<blockquote data-quote="jstaylor62" data-source="post: 3124659" data-attributes="member: 6870"><p>If you want to borrow money, you have to have a Credit Bureau Verifiable Credit History. Bottom Line. Gone are the days you can go into a locally owned bank and borrow money based on your history with them. I was lucky and went to church with the Vice President of a local bank that approved my first loans to buy guns when I was 18 yrs old. That credit history let me get Wards and Sears cards to use and payoff each month. Then eventually car loans and mortgages.</p><p></p><p>Its a multi-year process to build up your credit report history. Virtually everything and everyone will use a FICO score or one of the other systems to grade your credit. Length of credit history is not considered acceptable until 7+ years for the average of your accounts. Keeping your balances below 30% of limit is best.</p><p></p><p>While its commendable to be debt free, this does not eliminate the need to be able to borrow money. For instance, your house gets damaged during a storm and insurance only pays a pro-rated amount to replace your roof. How do you make up the difference? You have to be able to borrow. You will get the better interest rate based on your credit score. Also, you can work ahead of time and establish a line a credit with a bank or credit union.</p></blockquote><p></p>
[QUOTE="jstaylor62, post: 3124659, member: 6870"] If you want to borrow money, you have to have a Credit Bureau Verifiable Credit History. Bottom Line. Gone are the days you can go into a locally owned bank and borrow money based on your history with them. I was lucky and went to church with the Vice President of a local bank that approved my first loans to buy guns when I was 18 yrs old. That credit history let me get Wards and Sears cards to use and payoff each month. Then eventually car loans and mortgages. Its a multi-year process to build up your credit report history. Virtually everything and everyone will use a FICO score or one of the other systems to grade your credit. Length of credit history is not considered acceptable until 7+ years for the average of your accounts. Keeping your balances below 30% of limit is best. While its commendable to be debt free, this does not eliminate the need to be able to borrow money. For instance, your house gets damaged during a storm and insurance only pays a pro-rated amount to replace your roof. How do you make up the difference? You have to be able to borrow. You will get the better interest rate based on your credit score. Also, you can work ahead of time and establish a line a credit with a bank or credit union. [/QUOTE]
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