How to BUILD a credit score

[Anonymous]

I guess I am a relatively rare case, but I'm 55 years old, and have never used credit in my life.  I've paid for my homes and cars in cash, and I've never had the need of a credit card.  Out of curiousity, I tried to purchase my FICO score today, and they let me know that I don't have a credit score because there is literally nothing on my credit report.  My question is this:  After I realized I have NO credit score, I looked into opening a secured credit card to get something on my credit reports, but even some secured cards require a minimum credit score (one was 577),  Any ideas, suggestions, advice or help anyone can offer would be deeply appreciated.  Thank you kindly.

[jamie123]

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@Anonymous wrote:

I guess I am a relatively rare case, but I'm 55 years old, and have never used credit in my life.  I've paid for my homes and cars in cash, and I've never had the need of a credit card.  Out of curiousity, I tried to purchase my FICO score today, and they let me know that I don't have a credit score because there is literally nothing on my credit report.  My question is this:  After I realized I have NO credit score, I looked into opening a secured credit card to get something on my credit reports, but even some secured cards require a minimum credit score (one was 577),  Any ideas, suggestions, advice or help anyone can offer would be deeply appreciated.  Thank you kindly.

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Welcome to the forums!

Yes, you need to get a secured credit card or two to jump start your credit reports and start building history. Once your secured credit cards are 6 months old you will have a credit score and will be able to apply for some unsecured cards.

Who have you tried applying with for a secured credit card?

[bettercreditguy1]

You can also go to your local bank and get a secured loan against a savings account or cd. The spread on interest is 1 to 2%. They tie up your cd/savings as full collateral. Go for one year or more and be sure they report to the bureaus.

[credit-hunter]

A couple of secured cards and a secure loan and you will be at 700+ in 12-14 months good luck

[Anonymous]

Thank you kindly for the words of encouragement.

[Anonymous]

Thank you for the suggestion.  I will speak to the manager at my personal bank about opening such an account.  

[jamie123]

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@Anonymous wrote:

Thank you for the suggestion.  I will speak to the manager at my personal bank about opening such an account.  

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You should also apply for a credit card with Bank of America. If you don't get approved for an unsecured card, apply for a secured card for $500. Their secured cards will graduate in 9 months to a year to an unsecured card and they will send you your deposit back at that point.

Apply for the Bank of America 1-2-3 Rewards card.