If you have no credit card in hand and have not applied for any loan either, then it is quite obvious that you have credit report and hence no credit history that you can talk about. You are lucky in one way because world over, there are many who have earned themselves a bad credit history and are busy repairing it, but if you have no credit score to talk about, you may be facing a few disadvantages too.
As a borrower, you may do all your homework to find out from whom you can borrow the money to pay less interest, but as lenders, they too are too cautious before they believe you. Many lenders go by looking at your credit reports which talks about your credit card history. When you have no credit history, they may not trust you easily since there is no way they can assess the way you will handle your finances and whether you are reliable.
Surprising though it may be, no credit card history means no proof of your maturity in handling your finances. When you are prompt with paying your bills, prioritizing your expenses, managing to keep up with deadlines etc, your credit card history will do all the talking for you. When you have no credit history, people may take time to believe you.
Bank transactions are always time consuming. Even a process as simple as opening an account will require some amount of time and certain transactions will require verification of your background details too. One of the frequently verified details is your credit report. Banks will look into the credit report to know how responsible you are with repayments and whether they can trust you as a reliable customer. In many cases, loans have been granted to customers simply because of good credit history and in some other cases, banks have offered lower rates of interest on loans. If you have no credit history to boast about, you may be missing out on all these benefits.
All you have to do is be wise with managing your finances rather than have no credit history to be spoken about at all. Credit reports are indications of how you can make sound decisions and you must let them do the talking for you.