Unable to see Free Credit Report

[DrSavin]

Just out of curiosity, I went to annualcreditreport.com for my free credit score check. It gave me the option of three different companies to choose from to see my report.

I tried Equifax and Experian, but neither allowed me to see it. One said that there was "an error" and to "try again later", and the other simply said that I was "unable to see my report online at this time."

Now, I have never owned a credit card nor taken a loan out. Maybe this is why I can't see it. (herp derp)

Still, I have car insurance, phone, and tuition bills. It seems that the payment of these would influence it somehow.

My question: based off of this information, do you think it odd that I can't see my report. (I'm 20, btw)

[snshijuptr]

Paying bills does not count toward your credit score unless they involve taking out credit. Credit cards, loans, "financing", and other forms of credit count. Sometimes rent can count toward building credit, but you often have to beg the company to report it to the credit bureaus.

[skydivingchic]

Bills don't report to the credit bureaus, so you may not have a credit report. I'm not sure how to find out, probably call the bureaus.

Also I had a similar message to try again later when I tried to pull mine a few days ago. I believe the error had to do with my Adblocking and/or non-scripting programs I had running at the time. I'm using Mozilla Firefox with AdBlock Plus and No-Script. Once I disabled those on the relavent pages I was able to view my report. So if you run those types of software, disable and try again.

[DrSavin]

I have been thinking about getting a credit card to only use for paying my bills as well as gas. I could build credit this way. What do you think? Is credit really important? I can't see myself getting a house or loan of any significance without some credit.

[snshijuptr]

I believe credit is incredibly important. Take advantage of your student status and get a college credit card. You can pay it off every month on time and build a nice bit of credit without paying any interest. Eventually you can get a rewards credit card and actually earn something from your responsibility.

[skydivingchic]

I agree with snshijuptr. Credit is important for several reasons. Obviously it will come into play if you need to apply for a mortgage or a car loan down the line. But insurance companies also often use credit scores when setting your rates. Also, some employers will check credit before offering you a job. Apartment complexes and landlords often run credit checks on potential renters.

Get a credit card and charge one or two small things you would be buying anyway like gas or groceries each month. Pay the bill on time and in full.

[jIM_Ohio]

The younger you are, the more credit (and credit score) is important (this is more opinion than fact)

The more you can save and pay cash for things, the less credit is important (this is more fact than opinion)

So base the need to have a credit score based on two things

1) what phase of life you are in
2) and how you value money, net worth, retirement and spending


Examples-
#1 If you are young and at some point plan to buy a house with a mortgage (loan), you will need to take steps to build your credit.

#2 If you are young and would prefer to not have debt, you will rent for a long time while saving cash, then pay for a house with cash.

#3 If you are older in life and have a house, have investments and similar, your attitude financially might be to pay down the debts you have and not take on new debts.

[snshijuptr]

Jim, except I don't really count a credit card that you pay off every month as debt. I know that in the short term you "owe" them money, but you can easily control the bill and never pay interest. Debt, with all its baggage, to me means a monthly payment that you must get a paycheck to pay and interest being charged. Yes, I don't think that a 0% financed loan when you have the money in the bank earning interest is debt. Its more like a calculated investment descision. Of course I fall into the not all debt is bad camp, and I know others think debt is morally wrong. I respect that, but that is an individual choice.

[DrSavin]

I am only 20 years old and I do plan on buying a house. I don't think I will be able to pay cash initially due to medical school eating up much of my working years, so a mortgage seems like a good option. I could just pay my mortgage payment like a rent, only once I graduate I will have something of value if I decide I want to move.

I have been considering getting a credit card. I did a lot of reading and found two general options.

Secured and Unsecured.

I was thinking about getting a secured card that I could back with a deposit I would make to a bank. This way, if anything happens (although I know it wouldn't), I would have the deposit as a safety net. Do I get the deposit back after I have used the card responsibly for a while and decide I want a different one?

Or, should I just get a regular card? I am very responsible and would only charge those things which are fixed into my budget (food, gas, insurance, phone).

Thank you for the replies!!!!

[snafu]

As mentioned previously, use your student status to get a regular credit card. Kudos to you for being aware of how money works for you...or against you.

BTW, buying a house with the short term intention of selling because you plan to move has a serious downside. The real estate market can take a tumble just when you want to move. Real Estate is not 'liquid' and can take quite a while to sell. If moving to another area is part of your long term plan, a savings instrument like Mutual Fund moves with you.

Having 20% down payment for a home has several benefits like not requiring expensive mortgage insurance, lower interest rates, more bargaining power for example.

[DrSavin]

I might stay in the house for a bit.

My plan is to save $25,000 by the time I graduate, and I will use it as a down payment on a small starter home that my girlfriend and I can live in until our careers are more established. Then, after we have saved even more through our schooling and residencies, we can buy the house we really want further in the country. I can't see myself living in the metro area for good, but it wouldn't exactly be short term.

[snshijuptr]

If you are starting Med School, I would investigate the option for Domestic Partner on campus housing. As a PhD, I live in graduate family housing, and it is awesome. I live across from campus (no transportation costs), and we pay over $600 less a month than the surrounding apartments. I literally cannot buy a house near me and pay less than my rent.

[DrSavin]

Currently I am an Undergraduate. I work for residence life so I am familiar with Graduate Student Family Housing. Still, the idea never crossed my mind. I wonder if the school I am looking at offers that.

I will look into that as well as housing options as I near my exit from undergraduate and entry into graduate school. Thank you for the suggestion.