Law School Discussion

Anyone else have no credit?

Anyone else have no credit?
« on: December 06, 2005, 12:29:05 PM »
What does this mean? How do I get some?

Re: Anyone else have no credit?
« Reply #1 on: December 06, 2005, 12:33:07 PM »
none?  no credit cards, bills in your name, rent, car payment, etc.?

Re: Anyone else have no credit?
« Reply #2 on: December 06, 2005, 12:33:56 PM »
None of the above

Re: Anyone else have no credit?
« Reply #3 on: December 06, 2005, 12:39:36 PM »
it means that you will have trouble getting large student loans.  not a big deal if you wont need more than federal loans.  also not a big deal if your parents or someone w/ credit can cosign w/ you.  however, it could be a problem if that isnt the case and you want to go to an expensive private school w/ no scholarship.  as far as establishing credit, there are many ways.  keeping a low balance on a cc, car payment etc listed above but im not sure how effective that would be if your going to start applying for loans in a month or two

sck

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Re: Anyone else have no credit?
« Reply #4 on: December 06, 2005, 12:41:01 PM »
It basically means you have no credit history, so to a lender, you're untrustworthy because you have nothing for them to go off of.

Easiest way to get some: get a credit card, use it VERY sparely, and pay it in full. (Like, say, fill your car up with it.) Never pay late. Alternately, if your parents have good credit, get them to get you a card on one of their accounts. Never use it. You'll coast on theirs.

I dunno what sort of credit it would get you, but it would at least get you some.

Cosigners are good for loans, though, too.


Re: Anyone else have no credit?
« Reply #5 on: December 06, 2005, 12:42:35 PM »
pretty much what they said. credit is a tricky thing tho, be careful.

Re: Anyone else have no credit?
« Reply #6 on: December 06, 2005, 12:45:47 PM »
yeah, depending on your situation you may want to talk to a lender or expert on the subject.  credit scores act in ways that dont seem entirely logical.  its actually better to use ccs a little than not at all.  and its okay and sometimes good to carry a low balance provided you make the monthly payments.

azdezza

Re: Anyone else have no credit?
« Reply #7 on: December 06, 2005, 12:56:57 PM »
Until last year I had no credit, so I got a couple of credit cards to try and start earning some.  I rarely use them and always pay the bill in full.  This past summer I tried to sign up for DISH network, but my application wasn't approved because my credit was "too light."  I talked to their financial rep and was told my credit was "good but not strong enough."  If you need to build your credit score for something like student loans, you'll have to do more than just sign up for a credit card. 

BTW- my credit score was just fine for DirecTV  :P

matts720

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Re: Anyone else have no credit?
« Reply #8 on: December 06, 2005, 07:51:18 PM »
I know that there are a couple of loans where you just have to be considered as "credit-ready" (Access Group loans and PNC Bank's Resource Loans for grad students) where there's no employment or income requirement and you don't need a credit history. You only get $20,000 though, may or may not be enough for you depending on where you will be heading next year.

nukelaw

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Re: Anyone else have no credit?
« Reply #9 on: December 06, 2005, 08:29:50 PM »