Also, How much interest will i have to pay if i have no credit rating at all?
How long will it take to build good credit.
What do i have to do to get credit rating?
Most Helpful Guy
No, although occasionally there is an early payoff penalty in your loan agreement. But most loans don't have those anymore. And the rest of your questions depend on things you didn't disclose, like your income, occupation, credit history, etc. Go to one of the free credit score sites, like Credit Karma, and get your scores. You indeed have a rating, it just sounds like you have no history. They are two different but related things. They will also provide you with loan and credit card offers that match your financial situation. Take that information with you to a lender to get an idea of what interest rate you might pay, but stress to them you do NOT want a hard inquiry on your report until you actually submit an application. Hard inquiries lower your FICO score a bit for 2 years.
As for getting good credit, it's pretty simple. Get any kind of credit that reports to one or more of the 3 major credit reporting agencies. Pay your bills on time. Keep your credit utilization below 20%, and when your score starts to rise, diversify the types of credit accounts you have, like car loan, personal loan, credit card, etc. Paid off loans will still show in your history and will greatly help your FICO score.1
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