Do I really need a credit score?

**farminclone** · 10-14-2012, 09:00 PM

Thanks for the responses. It sounds like I better get a credit card and buy groceries and gas on it and just pay the balance in full every month. It just seems like a dumb concept to me, but oh well.

Thanks again for all the advice, I appreciate it.

**IcSyU** · 10-14-2012, 09:00 PM

Originally Posted by 50244

First go to annualcreditreport.com to get your free credit report. Check to see if it is accurate. Any file will be scored and there are many scores used in the industry but save your money and don't purchase a score

Transunion, Experian, and Equifax will give you one free credit report. This year I'd consider filing two of them and then next year do the third. Your score won't match on all three more than likely.

**IcSyU** · 10-14-2012, 09:02 PM

Originally Posted by farminclone

Thanks for the responses. It sounds like I better get a credit card and buy groceries and gas on it and just pay the balance in full every month. It just seems like a dumb concept to me, but oh well.

Thanks again for all the advice, I appreciate it.

Get something with no annual fee and cash back, put all your bills on it, pay it off, get cash back. 1% doesn't sound like much but it adds up fast. You're spending extra by buying in cash/check as credit card fees and other overhead are added into the price of goods.

**simply1** · 10-14-2012, 09:07 PM

I'd consider paying for your fico score as well just to see what it is before you buy, the non fako scores are at myfico.com.

**WhatchaGonnaDo** · 10-14-2012, 09:09 PM

Get a credit card, make small purchases with it, pay it off "right away"

**dabears32** · 10-14-2012, 09:13 PM

FYI; sounds like you are in a similar situation as I was minus the house part but most cc companies will reject you so just go through your bank and get one. Thats what I did at us bank. I know its bs but what choice do we really have

**InMyOpinion** · 10-14-2012, 09:15 PM

My advice is do not rush into buying a house. I bought a house 18 months out of college and lived there for four years when I got a promotion opportunity in another town. By then a couple hundred newer homes were built in the area and my house lost value! It takes a long time to build equity on a house.

**IcSyU** · 10-14-2012, 09:15 PM

Originally Posted by dabears32

FYI; sounds like you are in a similar situation as I was minus the house part but most cc companies will reject you so just go through your bank and get one. Thats what I did at us bank. I know its bs but what choice do we really have

People actually get rejected on their first credit card? No f'n way! I mean, yeah on the first one the interest rate will be garbage and the credit limit will be non-existent but rejected? I'm shocked.

**TitanClone** · 10-14-2012, 09:27 PM

https://creditcards.citi.com/credit-...dividend-card/

$100 cash back if you spend $500 in the first 3 months.

**dabears32** · 10-14-2012, 09:27 PM

Originally Posted by IcSyU

People actually get rejected on their first credit card? No f'n way! I mean, yeah on the first one the interest rate will be garbage and the credit limit will be non-existent but rejected? I'm shocked.

yep, got rejected from everybody.

Once you are no longer a high school, college student they all of a sudden "care" about the risk, but if hes still in school he should be fine

**capitalcityguy** · 10-14-2012, 09:37 PM

I think all the advice about establishing a credit history is good I"d just like to emphasize I agree with the few comments that asked whether it made sense to buy at this point in your career.

Pluses:
* start building equity
* it is a buyer's market

Minuses:
* real estate is not appreciating like it once was....economy is still very shaky
* might limit your mobility this early in your career being tied down to a mortgage
* upkeep - you're young, you have your whole life ahead of you to be tied down to house upkeep. Take advantage of the freedom of a rental -- have fun, put extra time in at work that your fellow co-workers are unable to as they're tied down with family/home obligations.

**Wesley** · 10-14-2012, 10:10 PM

Free credit scores once a year....

**ISUAgronomist** · 10-14-2012, 10:14 PM

Originally Posted by Wesley

Free credit reports once a year....

FIFY

**Cypwr** · 10-14-2012, 10:19 PM

I think you have to be employed at a job for 6 months before you can get a mortgage. Earlier this year when I looked into redoing my mortgage to get a lower interest rate that is what I was told. The company I was working for was taken over by a new company so technically I was a new employee but have worked there for several years.

**Entropy** · 10-14-2012, 10:22 PM

Originally Posted by farminclone

Thanks for the responses. It sounds like I better get a credit card and buy groceries and gas on it and just pay the balance in full every month. It just seems like a dumb concept to me, but oh well.

Thanks again for all the advice, I appreciate it.

Not really a dumb concept when you look at it. They need proof that you have the ability to pay for something at a later date when you said you would. Also, pick a good card that can give you rewards.