Repair Credit Score

Archive for July, 2010

Question: How can i find my Credit Score if i do not have a credit card? I use cash or a check?

I do not want to pay the high cost of interest on credit cards.

Answer: If you have never used any form of credit, then you probably do not have a credit history. If you have no credit history, or if you have little credit history, there will not be enough data to score you, and you will not have a Credit Score.

You can determine whether you have a credit history by visiting www.annualcreditreport.com and ordering your free copy of your Credit Report, if it exists. You are entitled to a free copy from each of the three major credit bureaus (Equifax, Experian, and TransUnion) each 12 months.

It is true that you do not need to go into debt, in my opinion. The advantages of being debt free far outweigh the disadvantages of not having a traditional credit history. When the time comes to buy a home, and if you need a mortgage, FHA lenders will accept an alternative credit history, which you can document from a history of paying your rent and other bills in a timely manner.

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