Does anyone know of any legitimate credit repair organizations? My issue is not exactly that I have bad credit - Its that I have no credit history at all! Never owned a credit card, never needed a loan, I did take out two federal student loans in 2010, but have been paying tuition in cash and with scholarships since then. I have 2 monthly bills in my name which are always paid on time if not early, but that's been for less than a year. I'm only 20, I have not really had an opportunity or need to develop multiple lines of consistent credit. Someone did tell me most investment firms won't allow you to open an account until you are 21 because of the similarities between investing and gambling, but I have yet to find that information validated by another source.
Last week I opened a Schwab High Yield Checking account and brokerage account...which I was super excited about, you earn interest on cash in your checking account and the brokerage account is free - no minimums to start investing - yay! Everything was great until they checked my credit score and then, according to a letter sent to me, closed my accountThey specifically cited Equifax as the credit reporting agency that influenced their decision (so maybe that's my "low" score??)
Its not fair! I want to earn interest on investments and savings...but it seems I must first spend a few months PAYING interest on credit cards - ew! Credit cards are the devil as far as I'm concerned. There has got to be a way around this, but I honestly do not know where to start.
By the way, I do often check my credit scores - but nothing comes up; there's no actual credit score number, and no history, but I'm deemed as "high risk"
To further complicate the issue, there is a chance that my father has put bills and possibly other accounts in my legal name instead of his when I was a child because of his absolutely awful credit (he has been changing his name and running from the IRS since before I was born). He has also taken out lines of credit and opened various accounts in the names of his other children, siblings, and ex wives. He will not be upfront about any of what he has done, so if there are accounts in my name that may have gone past due or in default, I have no idea where to start looking for them.
I've read various articles and even a couple books on how the credit scoring system works, and credit improvement tips, but most of the advice is geared towards adults and nothing really suits my particular situation. Now that I can't even buy a freakin' mutual fund (which was going to be my New Years gift to myself), I'm ready to throw up my hands and seek professional help to finally sort all of this out and figure everything out.
Right now I'm going to sign up for freecreditreport.com and will hopefully get some info thats not on my standard score reports.
Thank you in advance!



They specifically cited Equifax as the credit reporting agency that influenced their decision (so maybe that's my "low" score??)
Reply With Quote


Bookmarks