Credit Cards

<p>Every year there are are a dozen threads on this board asking about getting a credit card (or two . . .) as a college student. These threads routinely evolve into debates about credit (best way to establish credit history, when to do it, what affects your credit, etc) but did you know that you are by law entitled to a free copy of your credit report once a year? I didn't so I'm sure a good amount (if not most) college students don't. You can get it annualcreditreport.com. Just felt like sharing, feel free to completely ignore this thread, but I figure its more useful than asking if credit agencies are attracted to credit card-holding college-aged white guys.</p>

<p>I knew about it. Thanks for sharing though because I don't think a lot of people know about it. You can review your report, however I believe you have to pay for your score.</p>

<p>Yeah, I knew about it because I wanted to check my credit info when I was trying to get an apartment and whatnot. I think it's once a year for each of the 3 companies, so technically you can check one every 4 months or something like that. You don't get the numerical credit score but I don't think that's especially important, because you can see if there's anything that would have caused it to go down.</p>

<p>You can get one a year from the three companies, but all it will tell you is how you stand as far as being in default and what credit you already have been issued.</p>

<p>Far more important to getting a credit card is your numerical credit score, which is about $15 every time you get one. Without knowing what it is, looking at a credit report and seeing "pays as agreed" doesn't tell you much. The numerical credit score accounts for your percentage of debt to credit, length of credit history, etc, all of which are very important to creditors.</p>

<p>You really need both, and the numerical score is very important. it's important to check your credit report, but before applying for any kind of credit it is to the consumer's advantage to know their credit score going in.</p>

<p>Does anyone here know what their score is?</p>

<p>:) Thanks, Dima. Good info.</p>

<p>I know mine. It's about 700.</p>

<p>When I checked mine last year it was 760... and my mom was 750. She kept shaking her head saying that she has no clue how I passed her :)</p>

<p>True, the credit score itself is important. But the best way of seeing if there is actual fraud going on (identity theft, anything like that) is to see the credit report - knowing a number is great but other than piece of mind it doesn't really mean that much to know the number. But seeing the actual report can help you catch mistakes, which could be identity theft, so I think those reports are very useful.</p>

<p>Oh and you can also get a free credit report within 60 days if you had adverse action taken against you because of your credit (insurance rates, loan rejection, etc.) but only from the one company that provided that credit report.</p>

<p>Fendergirl - debt can adversely affect your credit. So if your mom has a mortgage obligation, that can reduce her credit.</p>

<p>Some identity theives will take out credit cards in other people's names and pay the bills on time for a while, then stop paying them completely. A full credit report will ensure that you catch this stuff quickly.</p>

<p>I hope you people dont check your credit report often, that sorta sends up a red flag at most credit card companies...once a year should be plenty</p>

<p>aries- yeah i know. i mean, both of our credit ratings are great, hers is just like ten lower than mine and that's because of the amount of credit lines she has open.</p>

<p>"Fendergirl - debt can adversely affect your credit. So if your mom has a mortgage obligation, that can reduce her credit."</p>

<p>Actually, not having a mortgage will affect you negatively. Creditors like to see that you've had a mortgage at some point and, as long as you've made the payments, will look at it as a positive. It's actually one of the negatives listed on my report at the moment.</p>

<p>"I hope you people dont check your credit report often, that sorta sends up a red flag at most credit card companies...once a year should be plenty"</p>

<p>When you check your credit report, it results in a "soft pull," which DOES NOT show up on your report when others pull it. You can, and should, check your report regularly--it does not hurt you at all. Having others check it (a "hard pull") for the purpose of getting approved for credit does ding your credit score, however (for instance, applying for a loan, credit card or car insurance).</p>

<p>And just to clarify, the credit scores that you get from the credit reporting agencies after checking your fee credit report are not your real credit scores. They are a good indicator; however, they are computed using a proprietary formula and are not the same numbers someone would see if they checked your credit. If you really want to see what your credit score is, you have to go to myfico.com.</p>

<p>It's probably more accurately because of her percentage of debt to available credit, and not because she has more lines of credit open.</p>

<p>I find it hard to belive that your score as a college student is 750, 700 is about average, but 750 takes some major work and Ive never heard of that.</p>

<p>As ryanbis pointed out, checking your credit report is a "soft pull" and thus will not hurt you. Quick correction though, car insurance is also a soft pull. I made sure of that when I was shopping around for insurance recently and again when I checked my credit report. Oh, and you would be able to see any accounts to your name when you get the free credit report, so you will see if there are any accounts that you know you don't have, even if they are in good standing (the situation AA pointed out)</p>