Just looking over some post on the board about how a deletion or a inquiry effects your credit score..Well lets pretend for a second that you are 18 years old and have nothing on your credit history at all..What is your beacon score..What does it automatically start off at 650 ,750 ??? Does it matter at age 18 what your income is and is there a unified score for every 18 year old that does not have anything on their credit report ?? It would have to be unified with all other 18year olds ,,wouldn't it ??? Maybe a dumb question but it would be interesting to find out ..
Tell you what...when my daughter turns 18 I will get her to authorize me to track her credit. Then I will order all the reports and check each once a month along with scores and let you know...I'm sure she'll agree because we'll be paying for her education and living expenses and I'm sure the creditors!! I'll get back to you in a few years, though, k?
You know what it is a good idea though isn't it..Tracking someones credit from the start of age 18..Seeing how inquries or new accounts bump or lower scores...Anyone else out there have a child about to turn 18..It would be a great learning lesson for the rest of us...
Great idea! My son just turned twenty. He is in school and works part time. Three months ago he got a bank loan for his car (we co-signed) and a credit card from the same bank. I've decided to track his scores. I just ordered Credit Watch service for him and guess what? 1. His name is spelled wrong 2. Totally wrong address 3. There are six inquiries that are definitely not his. Also, couldn't get his score on line!!! I will straighten this out and keep you posted about his scores as he goes along.
I HAVE AN 18 YEAR-OLD IN OCTOBER...BUT I DON'T KNOW ABOUT CREDIT CARDS FOR HIM...I still haven't been paid for the cell phone & monthly cell phone bills, the car repairs, the insurance, his DOCTOR PEPPER...OH THE PAIN...NOT A PEPSI MAN... He keeps on saying nobody sent him a bill...
Well, come Saturday, I will wait 16 years for my almost 2 year old to be 18, then I'll let you all know! Dust
THERE IS NO SCORE AT ALL FOR A "GHOST", AS THEY CALL IT IN THE BUSINESS, THE MESSAGE SIMPLY STATES NO SCORE AVAILABLE, OR SOMETHING TO THAT EFFECT, ALONG WITH THE MESSAGE: NO TRADELINES FOUND. BOO!
I remember hearing something like that from a cell phone solicitor. He said that there was no score for people with no credit... It starts out when you get a tradeline or something. But, I wonder what it is when you get your first tradeline? 650? 700? No history, no lates, little inquiries, etc... Dust
EVEN WITH SEVERAL, 3 OR 4 TRADELINES ON A NEW USER, YOU MIGHT GET THE MESSAGE, "TOO NEW TOO RATE", THAT LASTS ABOUT 3 TO 6 MONTHS, ON AVERAGE. AFTER THAT LOW 600'S UNTIL ATLEAST 1 YEAR. I LOOK @ HUNDREDS OF REPORTS A MONTH, FOR MY JOB.
Life is not fear but you know what..It is amazing how 3 companies can rate the value of a individual with just a score...It is sad that alot of companies approve or reject you based on a score..I work for a Financial company in the likes of GM or Toyota and I buy loans on a daily basis ( matter of fact a company that some love to hate ).. and I see it all the time..Someone that was in a accident and had perfect credit before a car accident and the individual runs a few payments late and now he is no longer a A rated citizen he falls automatically to a C or a D rated citizen in the matter of a few months...Does not matter that this may have been a short term situation but the next time he goes to buy a car...Instead of a .9 interest rate on a new car he has to settle for a 12% rate or worse..
