I have little/no credit: what will my credit score be around?

Roswell: I have little/no credit: what will my credit score be around?
I’m 21 years old. I’ve never had a credit card (I always refused to put myself into such a predicament). I’ve been paying a T-Mobile cell phone bill steadily for three years, and I’ve only taken out student loans, all 3 of which are not defaulted.

I’m looking to become a renter in an apartment complex I’ve fallen in love with. The monthly rent is more than within my reach but they do a credit background check and the score needs to be 700 or higher.

I’ve never heard of “credit scores” and several people I’ve asked (including parents) have no idea.

I registered for a free credit report and it said I have no initial credit besides my student loans (didn’t even list the cell bill). It never gave me a credit score number, it just said that the server was busy (every single time – definitely a fishy scam if you ask me).

With my small credit, what will my credit score be about? Will I have a shot at this apartment? Should I take out a co-signer with good credit?
There might have been a typo: I CAN afford the monthly rent. I could afford MORE than that. I’m just concerned that my credit will pay too much of a factor.

Answers and Views:

Answer by alterfemego
If you have no credit history, then it’s the first thing you should accomplish. Start with a store credit card, like JC Penney, or Home Depot. Buy small items and pay the full bill when it comes. Use your head with credit cards. Your phone bill will count to some degree. None of us can begin to know what your credit score would be at this point. As for renting a place, listen use your head, if you can’ t afford it monthly, why would you be considering it? If you fall behind on your rent guess what happens to your credit score? Think about this carefully. Like many things in life you must start small and work your way up. Most of us are born with a silver spoon, some aren’t even born with a spoon. So be wise about money. Get education on how to handle money. I really like to listen to Susie Osman, she gives great advise, is smart and will tell you like it is. Can you take that?

Best of Luck

Answer by thequestionator
The cell phone bill will do nothing for your credit, unless of course you stop paying it. The same goes for any utility bills you happen to pay. Your student loans will go a long way for developing your credit though. Make sure you pay them on time every time. Depending how long you have been paying on your loan, 700 wouldn’t be unreasonable. The credit score calculation is based on a lot of different criteria. Some of which include: income to debt ratio, number of on time payments, number of late payments, number of open credit accounts, number of credit inquiries (applications for loans and what not), etc. The good thing though is that your new potential landlord should probably give you the opportunity to have your report sent to you after they pull. They might just show it to right away if you ask nice. Then you’ll know where you stand. Credit scores are calculated by three separate companies: EquiFax, TransUnion and Experian. Each has there own method so your personal score is really a range.

Answer by Naomi
Are you smart enough to listen to some good advice from someone who’s been where you are? I’m betting you are because you’re seeking information on how to improve your credit score, which is a very smart thing to do. Maybe you’re hoping to buy a house one day and you know a higherand I’m going to help point you in the right direction.One very important thing to keep in mind — when you finish reading, don’t forget to click on the links I’ve provided at the end of the story.

Answer by DAS
You have basically no credit, but you have to start somewhere, and I think places like apartment complexes know this. So, I would suggest you talk to the apartment complex manager, and see exactly what they need, and tell them the predicament you are in. You are entitled to (1) free credit report a year, so you can really see what on there if you acquire this. But explain you position with them, bring in your phone bills, references, and student loan papers, let them know that you are responsible, and have been paying your bills in a timely manner. And if after all of that they refuse, then go to plan B, with a co-signer, and suggest that the co-signor be removed after one year of timely payments.

Pray, and Good Luck, you’ll do just fine.