FICO & Credit Scores

For the past ten years or so I have dealt with a family owned bank that does NOT report to the credit bureaus. I have had no credit cards and no credit from any other lender.

After listening to Suze Orman I realized my FICO score is most likely very low since I have had nothing reported.

What am I suppose to do do get a better score? Do I need to be concerned about my score? I've not borrowed any money for years and have no plans on borrow any but who knows what I may need in the future.

I tried to get my free credit report but was only able to get 1 out of the three. Nothing showed up on it.

Thanks!

It never hurts to have credit if you are able to keep yourself in check with it. There might be some point in the future that you will need credit, and you would be better off getting that built now, as opposed to getting denied for lack of credit, and then trying to work on it. I would say if you get denied, you can always go and get a secured credit card, which is just like a credit card, but you put some sort of down payment on the card. For instance, when I first started building credit, I got a secured card from Bank of America. I put $99.00 down, and received a a $500.00 limit. Eventually, with keeping the account in good standing, they changed it to a regular credit card. That was how I started.

I agree. If you can keep a credit card in check I have been told to use to purchase one item a month like a pack of gum and then pay it in full. That will up your credit score. At least that is what I have been told. Just make sure you don't use that card excessively or you will end up like many of us on this forum.

or if you use it strictly for one thing. I.E. Gas for you car.

good advice...just make sure you always pay it on time and pay it off in full..

I would recommend an American Express card. You can apply on line at their web site. I would use it to pay for gas and groceries then pay the bill at the end of each month. This will also help track your house hold expenses,and at the same time, it will work to build your credit score.You'll also earn points to use on other things. If used right it's a win,win situation.

I agree with your post, Mom, but... How likely is Amex to issue a card to a person with poor credit or no history at all? Do they offer a secured card now?

Unc
Amex offers all kinds of products now and I believe a secure card is one of them. But you could be right about the lack of history. Now that I think of it my employer helped me to get my Corporate Amex when my credit was poor. It was not until my score had improved I applied for a personal one. I suppose you could pick a low limit card and use that until you can ask for a higher limit. Having higher limits or a couple of low limit cards that you use, and pay on regular, improves your overall score. Or at least this is what I did, and it is working great.

Just tryin' to keep it all straight in my mind, is all........