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aConfusedKid

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Bought a car dad cosigned for me why is my credit so low?
Hey guys so I'm new to the entire credit thing recently around march I bought a new car my dad has pretty low credit score but we were able to buy the car with 5k down 11.99 apr (I know but I guess that's a sacrifice). I did not have any credit before this so this is my first step into the adult world, I just checked my score and my credit score is at about 611 for Transunion and 624 for Equifax. I don't understand why it's so low I had no credit history before this (I checked). I made the first months payment for my car and even payed above $100. Can anyone explain to me how it works?

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good credit is based making payments on your debt, ON time payments, OVER time. you have exactly one piece of credit, with one payment on it. you're lucky you have any scores at all, usually it takes six months of history to get scores. based on the fact the credit agencies don't really have a history for you, this is your risk (score). as you pay it on time, over time, your scores will come up. keep in mind paying extra on your auto loan will not help your credit. it might help knock down some interest with your loan which is always a good thing, but it doesn't help your credit scores. i'd get a credit card now. charge something small on it every month, and pay it off every month on time. 

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