Question about credit at 18 years old?
Posted in Credit on 02/08/2010 07:05 am by admin
I just turned 18 about 10 days ago, and I tried opening a checking account with bank of America, but received the following notification a few days later:
“We are unable to open your account(s) at this time. Our decision was based in whole or in part on information obtained in a report from a consumer-reporting agency.”
I’m assuming this means that it wasn’t opened because of information on my credit report. However, up until this point I haven’t been able to sign up for anything that involves credit, so shouldn’t I not really have a credit report? Considering that a checking account just involves me using money in my own account, I don’t know why it would be turned down based on a lack of credit.
Also, I tried checking my credit report online but every site requires a credit card number (even if the service is free), and I don’t have a credit card because I was a minor until about a week or so ago. So I don’t know how to check my credit report either.
Any tips on either of these things?
FELIX
02/10/2010 at 2:41 pm
VINCE
Never heard of a checkin account being turned down based on credit. if you have a parent go with you they really can’t turn you down…i mean, have your parent on your account
02/11/2010 at 7:14 am
ROY
When a company pulls your credit report and denies you the ability to open a account with them, you can request a copy of the report they received and used in the decision making process. So, you need to contact the bank and see about getting a copy of the report.
02/12/2010 at 12:12 am
ROBERT
The credit agencies are required by law to furnish 1 free credit report to you per agency. The best place to get this is, the website is totally free, no credit card numbers required, no need to sign up for anything.
02/15/2010 at 1:41 am
TRUMAN
Oh my, your parents didn’t go over any of this with you? You were turned down because of lack of credit…Go to a small home town bank to get an account. Don’t get any credit cards, (Since it seems that your parents didn’t teach you about credit) and if your parents are willing have them cosign on a car for you. Having a cosigner will be the only way that you will ever be able to establish credit. Big Banks like Bank of America check your credit, even just for check accounts because a lot of people have racked up huge overdraft fees and just left the account there to close, those accounts are listed on your credit history because they are usually in collections, and they also just want to know how you generally manage your money.
02/15/2010 at 10:28 pm
LANCE
Given your age, it’s probably not that you have bad credit…its that you have NO credit. Try finding a smaller banking insititution to open your checking account…maybe start off with savings first, sometimes they come with a debit card for easier access. the best way to build credit is with a credit card….HOWEVER…I caution you…It’s very easy to get in over your head. a good rule of thumb, never charge more than you can pay off that month. Every month you go where you pay your monthly bill on time improves your credit score. when you are late on a payment…it hurts you. (also, something I found out personally - if you have a credit card, and you go a long time without incuring a charge on it (don’t use it) they will close the account, and that can also look bad on your score. Hope that helps. oh….sometimes you can apply at a store like sears, etc for a line of credit…aka credit card. that can also help your credit, though if you apply in too many places it will hurt.
02/16/2010 at 12:21 am
GREGORIO
The rejection letter should have told you what service you used and their address. You can write them with a photocopy of the rejection letter, include a photocopy of your driver’s license or state ID. Include the fact that you cannot give them credit card information because you do not have one.
Do you receive anything from a company that has your name and billing address on it?