Lauren is 19 and has never owned a credit card. She plans to move off campus next semester because she's tired of living in the dorm. The apartment complex she's inquiring about runs background checks and views the credit reports of all the prospective tenant. She knows her credit score is zero, and she's worried that will keep her from getting in the apartment complex.

1. What can Lauren do to improve her chances of getting a low rate at the apartment complex?

2. Is it a bad thing to have a credit score of zero? Why or why not?

3. Should Lauren open a credit card account so she can start establishing a credit score? Why or why not?

Explanation:

1. Lauren should attempt to fix her credit report and build her credit profile by taking a secured credit card, by depositing an amount of money which will be the limit for the credit card, taking credit builder loans. In our savings account, the credit unions deposit a small loan, which has to be paid back within 6 months to 24 months. These payments are reported to the credit reporting companies and help build the credit profile for Laurel.

2. Owning no score simply means that Lauren has not yet proved her ability that she can quickly pay off the borrowed loans. Thus, she is credit invisible and she has an absence of a score. When we do not have a credit history, then the lenders simply do not know whether we will pay back the borrowed money. Thus, Lauren should apply for credit to introduce herself to the credit bureaus.

3. Yes, Lauren should open a credit card to prove her financial worthiness. Since she never has a credit history. So, she should apply for a secured credit card with a limit equal to the amount of money that she has secured with it. After applying for the credit card, she should pay her bills on time. She should be using only 30% of her limit.

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