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The others are correct - you will not inherit a bad score from your parents. Here is how your credit will be determined, and how you can raise your own score: There are five areas that go to make up your score, and they are weighted differently - some areas are more important than others and have a bigger effect on hurting or improving your FICO score: 1. Payment History = 35% 2. Amounts Owed = 30% 3. Length of Credit History = 15% 4. New Credit = 10% 5. Types of Credit Used = 10% So, the 10 best things you can do for raising credit scores are: KEEPING A CLEAN PAYMENT HISTORY 1. Pay on time. At 35%, payment history is the largest area of concern to lenders. The only thing that will damage your score more than late payment is total non-payment. 2. Did I mention pay on time? AMOUNT OWED - NOT TOO MUCH (BUT NOT TOO LITTLE) 3. Ideally keep your debt to credit ratio to 30% or less. This means only using 30% of your available credit per card.For example, if you have a card with a credit limit of $1,000, keep the balance at $300 or less. 4. This holds true per individual card but also for your debt to credit ratio overall. This means you need to pay down debt - not just move debt around. This is a frequently misunderstood aspect of how to raise credit scores. You will save money by doing the 0% APR balance transfer dance, but you will not improve your FICO score. LENGTH OF CREDIT HISTORY 5. A longer average account age will boost your score. This means that opening new accounts can lower your score because a new account will bring down the average age. 6. Point 5 above has a rider - if you have poor credit you need to re-establish your credit and rebuild your credit. This means taking a hit in the short term by applying for as much new credit as you can get so that in the long term your score will improve. NEW CREDIT DOs AND DON'Ts 7. Don't constantly apply for new credit. If you are shopping around for credit, try to squeeze the applications into a short time frame. FICO scores distinguish between a search for a single loan and a search for many new credit lines, in part by the length of time over which inquiries occur. If you are just starting out building your credit, a lot of inquiries will lower your score more than someone with a longer history. 8. Do request a copy of yor credit report regularly. Requesting a copy of your own credit report does NOT damage your credit score. This is an Internet myth. Requesting your own credit report or credit score from an authorized provider does not set off alarm bells the way that multiple requests sometimes does. TYPES OF CREDIT USED 9. Mix it up. A combination of revolving credit such as credit cards and installment payments like a car loan is ideal. 10. Avoid store cards such as Target, Home Depot and so on. These count as lines of credit as opposed to revolving credit like regular credit cards. Store cards are not given much respect by credit scorers. In the long run, the convenience or in-store discounts will not make up for being refused a VISA card or a prime mortgage rate later on down the track. Try to learn from whatever mistakes your folks made and good luck.
You will not have any credit. Their credit has no bearing on what yours is. most likely what is going to happen is you'll start getting offers with a small credit limit, like $200 or 300 bucks. it's ok to go ahead and open the accounts but let me give you some advice. whatever you buy you ALMOST HAVE TO pay off later that month when the payment is due. You might want to start out with the 2 offers that offer the lowest interest rate and maybe use one for purchases you must have like groceries, gas, bills, and the other for recreational things. ABSOLUTLY PAY THEM OFF BEFORE THE DUE DATE Minnesota FULL!! Anything you buy with credit you dont' really need you should have enough money in the bank that if you had to you could pay it off right then but you want to use the card instead .you'll start out with a high interest rate and if you start making the mininum payment and they extend you more credit and then your going out and buying more stuff and still making the minimum then sooner or later your in debt and your paying out your a$$ in interest fees and it ultimatly starts to hurt your credit. and absolutly do not be late on a payment b/c that is catastrophic. This is just how it was for me about 10 years ago when i was 18. My score is 740 now , several cars, 2 motorcycles, about 15 credit card accounts and 2 job lay-offs and 2 job firings later.
True that. Bad credit is not inherited. Your credit score is completely separate from your parents UNLESS they added you as an addition on their cards. That could negatively effect you. The best way to maintain or increase your score is to not apply for too many cards, do not use more than 10% of your credit limit and also pay on time.
Jake, you should be okay. Bad credit isn't inherited...on a genetic level...at least. You need to stay out of debt though and use credit wisely. Now is the time to get educated. Check out my site, or search on "credit score lessons" to watch some clips.
Unless they did something bad by using your S.S. to get credit, then you should have a clean slate. Basically, NO credit, NO score, Nada. You can start building a strong credit profile, but you should NOT use credit as a FREE money.