Credit Building
Thin File
What it means
A credit file with very little history, usually fewer than 3-5 accounts or less than 6 months of reported activity. People with thin files often cannot get a traditional FICO score. Secured cards, credit-builder loans, and becoming an authorized user are the main tools for building up a thin file.
Covered in the free course
- Why Payment History Rules EverythingPayment History
- Starting with No Credit HistoryBuilding Credit from Scratch
- The Authorized User StrategyLength of Credit History
- When to Diversify (and When to Leave It Alone)Credit Mix
- Identity Theft: When Your Credit Gets StolenCommon Credit Problems
- Credit-Builder Loans ExplainedBuilding Credit from Scratch