The Search for A Credit History
Advertising Disclosure is an independent, advertising-supported web site. receives compensation from many credit card issuers whose offers appear on our site. Compensation from our advertising partners impacts how and where their products appear on our site, including, for example, the order in which they may appear within review lists. has not reviewed all available credit card offers in the marketplace.
Credit Card Applications » Research » Guides » Building Credit History » The Search for A Credit History

The Search for A Credit History

Add to Favorites:
Everyone starts from the beginning. However in this world of credit siring up a takeoff flight to the sky of today`s credit-based market economy is not an easy task. It takes a good credit for one to avail a credit card for instance. Of course, credit card issuers and other lenders are taking a lot of care with their businesses thus applicants` records are undergoing scrupulous assessments before their request is granted or denied. Thus for first timers who do not have a credit history yet, establishing credit would not be easy. Why? It is because not many lenders or companies are willing to give any. It is not that they are being unfair or discriminating. We need to take into consideration that lending is their business and we are talking about money here so credit companies and lenders need to at least have an overview of your credit worthiness to know if you are a risk or not. So if you cannot present them your crediting records from the past and present, since you do not have one, you might want to check on the other factors lenders are going to look for if you do not have a FICO score yet. Lenders may take a browse on your employment history. Most of the time having a stable job can help you convince lenders to trust you with their money. Records of unemployment however can hurt your chances to be granted with a credit. Another factor lenders may look at is your type of residency. If you fall under the category of those who have no permanent address, your chances of getting the credit are shaken. Being a renter or a home-owner also matters. What will help you in this area is having at least a stable residence also owning a house can give you better chances. Having bank accounts can also help first timers. This does not get reported to any of the credit bureaus nonetheless having an account history is most likely to be reviewed by lenders for first timers. Your checking account at your local branch for instance will give lenders an idea of how you handle money thus opening one can be helpful for first timers. This step could actually do you good in one more way, having active bank accounts in good standing of course, chances of getting credit or loan with them is going to be improved if you have established a good relationship with them. Thus doing a good business with a bank must be a great help for first-time-borrowers. Getting retail cards can also help establish a credit record. It is more likely for retail stores to take chances from first timers that major credit companies. This retail card however must be a jumpstart for starters to create a good credit history. By doing so future plans for applying to any of the major credit companies are given bright chances. Another thong one can resort to, although this is never an ideal (you may still add this one to your last resort list), is having a secured credit. When we say secured credit thus entails as asset is at stake once the payment was not made. The lender can take the asset like your car or house to pay for the debt you failed to settle.

Add to Favorites:
Get the latest news, articles and expert advice delivered to your inbox. It's FREE.

Related Research:

Credit Card Tips For Holiday Shopping 2016

By Herbert Moore, Posted: November 23, 2016

November and December are the busiest months as gift shopping reaches its peak. People rush around looking for the best gifts and the best deals leaving a lot of money in the shops. Holiday season may force you to go over the household ... Continue reading

Credit Cards to Save More on Holiday Shopping

By Herbert Moore, Posted: November 22, 2016

Discounts and special offers are available all year round. Werther you are a bargain hunter or an impulse buyer, make sure you check online discounts and special offers. Also, if you are a cardholder, see if your credit card opens the door ... Continue reading

How to Get Free Wi-Fi in the Air

By Herbert Moore, Posted: September 28, 2016

Sometimes in-flight Wi-Fi is the bare necessity when you travel abroad or within the country. However not all airlines offer free in-flight Wi-Fi. There is only a couple of airlines that will allow you to use Wi-Fi ... Continue reading