You don't start off with excellent credit. You need to build your credit score, by taking the right steps.
When you start off you don't have a credit history. You have what is called a "thin file." It is hard to be granted credit when you don't have a history for a creditor to use to judge you, but the only way to build a strong credit score is to be granted credit and to use it responsibly.
Shop around for the best secured card, looking for the one with the lowest fees and that reports to all three of the main credit bureaus. A secured card requires you to put down money as security, in case you did not pay your bill, but can be used like a regular credit card (whose limit is tied to the amount you gave as security).
You can also look into a "credit-builder" loan from a bank or credit union. They either put your payments in an interest-bearing account (the interest you'll earn on the payments that are deposited are less than the rate you pay on what you borrow) or you make a payment for the loan amount up-front and get a line of credit. Then, you make monthly installment payments.
Other ways to build your score are to find someone with good credit who is willing to act as co-signer for some kind of account or is willing to add you as an authorized user to their account. This is often easier said than done, because the person has to trust you fully and be willing to assume some risk. A co-signer is fully responsible for any debt they co-sign for and the person who adds you as an authorized user is fully responsible for the debts you charge.
Remember that credit is a tool. You want to build strong credit so you can get the best rates available when you borrow money. A strong credit score also can help you with renting an apartment and insurance rates. What you want to avoid is getting credit and then running up debt.
I believe with no negatives your rating might just be average, you need a positive history of previous loans paid off on time to build a higher rating.
Could start with a secured credit card where you prepay if like a debit card, followed by a real bank credit card, then a car loan, ten perhaps a house mortgage.
Your credit iss "None" when you first start ... most people will see a 650ish to 680ish score when they get their first credit account. The most important thing is to pay on time every month for over 2 years. That will improve your score to over the 700 mark
Time matters it won't be high until you prove you can handle credit, After 15 years you are good and 30 will be great unless you prove you are bad with money.
Answers & Comments
You don't start off with excellent credit. You need to build your credit score, by taking the right steps.
When you start off you don't have a credit history. You have what is called a "thin file." It is hard to be granted credit when you don't have a history for a creditor to use to judge you, but the only way to build a strong credit score is to be granted credit and to use it responsibly.
Shop around for the best secured card, looking for the one with the lowest fees and that reports to all three of the main credit bureaus. A secured card requires you to put down money as security, in case you did not pay your bill, but can be used like a regular credit card (whose limit is tied to the amount you gave as security).
You can also look into a "credit-builder" loan from a bank or credit union. They either put your payments in an interest-bearing account (the interest you'll earn on the payments that are deposited are less than the rate you pay on what you borrow) or you make a payment for the loan amount up-front and get a line of credit. Then, you make monthly installment payments.
Other ways to build your score are to find someone with good credit who is willing to act as co-signer for some kind of account or is willing to add you as an authorized user to their account. This is often easier said than done, because the person has to trust you fully and be willing to assume some risk. A co-signer is fully responsible for any debt they co-sign for and the person who adds you as an authorized user is fully responsible for the debts you charge.
Remember that credit is a tool. You want to build strong credit so you can get the best rates available when you borrow money. A strong credit score also can help you with renting an apartment and insurance rates. What you want to avoid is getting credit and then running up debt.
I believe with no negatives your rating might just be average, you need a positive history of previous loans paid off on time to build a higher rating.
Could start with a secured credit card where you prepay if like a debit card, followed by a real bank credit card, then a car loan, ten perhaps a house mortgage.
Your credit iss "None" when you first start ... most people will see a 650ish to 680ish score when they get their first credit account. The most important thing is to pay on time every month for over 2 years. That will improve your score to over the 700 mark
Starting out, you have no credit so you build up to excellent. Any score that you might have with no credit is just a placeholder.
Time matters it won't be high until you prove you can handle credit, After 15 years you are good and 30 will be great unless you prove you are bad with money.
You start out with NO credit - not "excellent" credit.
No, it should not be excellent. It takes many, many years to build up to excellent.