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Question By
thisisnotanexit

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Don't understand poor credit score
Hi everyone,

I'm having a hard time understanding why I have such a poor credit score. I know having a good credit history counts, so I'm trying to figure out if my lack of history is the only reason for my poor score. For background, I've never had a credit card. The only accounts I've had are two student loan accounts, which I never missed a payment on and managed to pay off in full two years after graduating (well before the total amount was due). It's been about 3 years since I've paid them off. I've checked all three credit reports, and there is nothing negative on them, yet my credit score is bad. Is it my lack of credit history and lack of currently open accounts that's impacting my score, or could there be something else? I'm trying to apply for my first credit card now, and am very concerned that despite not doing anything "wrong" like making late payments on something, it's going to be difficult for me to get a good card.

I greatly appreciate any help or advice you can provide!

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Your credit scores might be bad but not necessarily bad in the normal sense, it's that you don't have any recent credit activities. Credit scores has nothing to base on to determining how risky you are. Yes, it would take time/steps before you can get the so called "good" credit cards. You probably have to start out with a secured card and work your way up. It's very difficult to have good credit just by snap of fingers, it takes time and some positive activities. Take sometime to understand what and how makes credit scores tick, at times you might think something is positively going toward your scores but it turns out it didn't help one bit.

Reply by
thisisnotanexit

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Thanks!

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Lack of open accounts is your problem. Check the preapprovals on Capital One website to see if they have a card for you. You may get preapproved for an Unsecured, but if not get a Secured card. Don't follow the scores that you get here when concerned about scores. Follow your FICO scores instead, you will need to purchase them from myfico or Experian or some other provider, but those are the important scores that you need to focus on.

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