This connection between the contents of our credit reports and our eventual credit scores means that we all won’t start with the same number.
Rest assured that your first score won’t be zero, though, as the most common credit-scoring models start at 300.
It’s unlikely to be that low, either.
Can someone have a credit score of 0?
A credit score of less than 350 probably means you’ve been a reckless spender but a zero doesn’t mean this. What it means is that potential creditors just don’t know what to do about you. If you have a credit score of zero you haven’t proven your ability to borrow money and pay off loans as quickly as possible.
How long does it take to build credit from 0?
The good news is that it doesn’t take too long to build up a credit history. According to Experian, one of the major credit bureaus, it takes between three and six months of regular credit activity for your file to become thick enough that a credit score can be calculated.
Why do I not have a credit score?
Two Reasons You May Not Have a Credit Score
Higher credit scores indicate that you’re more likely to repay credit obligations based on how you’ve handled credit in the past. You should begin using your accounts again—as long as they’re not closed – to be able to establish a credit score.
How can I build my credit if I have no credit?
Here are five ways to build credit without a credit card:
- Pay student loans diligently. If you’ve got a college degree, you probably have at least some student loan debt.
- Take out an auto installment loan.
- Obtain a secured loan.
- Non-profit lending circles.
- Ask for credit where credit is due.