Basic Things about No Credit History

ADVERTISING DISCLOSURE

ADVERTISING DISCLOSURE:
Credit-Land.com is an independent, advertising-supported web site. Credit-Land.com receives compensation from most 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. Credit-Land.com has not reviewed all available credit card offers in the marketplace.

Credit Card Applications » Research » Guides » Building Credit History » Basic Things about No Credit History

Basic Things about No Credit History

The content is accurate at the time of publication and is subject to change.
What makes a person credit worthy? An individual is credit worthy when his credit score is good to excellent. One's credit score can be checked through the three major credit bureaus - TransUnion, Equifax and Experian. But when a person has no credit history or has never been a borrower before, there is no credit score to look on making him a bad candidate fir a credit card or a loan approval. Some people think that having no credit history is a good thing but the truth is that it could bring a negative impact especially when you are planning of getting a loan or a mortgage. Since you don't have a record yet, lenders don't have any basis whether it is risky investing on you or not. But how could you get a credit if you haven't had any before? While credit or FICO score is the major factor that determines your eligibility of a loan and a credit card, there are some other factors that can help you with your prospect of establishing a good credit history. There is no need to rush for there are no short cuts. When you are approached by certain people or companies promising you a very fast way of establishing your credit history, better not be lured or you'll only end up wasting more time and effort with no result at all. If you really are serious in establishing your credit history, here are some tings that you should already start working on as early as now: Keep in mind that lenders consider your employment record or history to be a very important thing. If lenders find a lot of unemployment, it could give them an idea that you can not stay in one company for a longer time and unemployment would mean no income for you. Without income, you may likely leave a lot of dues unpaid. Keep your job and lenders will certainly keep you. Moving out every now and then is a no-no when you`re considering of having a good credit history. Even if the house is a joint property, it is important that you stay there longer. Credit bureau records do not keep a record of your bank account but it could be a good place to keep started with. Bank account will not improve the credit score but lenders could be convinced that you deserve a first-time credit with a good standing bank account; keeping a good relationship with the bank will also give you good chances of acquiring loan from them or using their credit card. The advantage of having a good credit history is that you easily get approved with a loan application when urgent need arise. Now, once that you get approved of your first credit always remember to manage your spending or you'll drown yourself with high debt. Again, you need to be very patient and you'll get your credit soon. No one can fix your credit history than yourself so listen not to banks or people assuring you of a quick fix in exchange for cash.

Disclaimer: This editorial content is not provided or commissioned by the credit card issuer(s). Opinions expressed here are the author's alone, not those of the credit card issuer(s), and have not been reviewed, approved or otherwise endorsed by the credit card issuer(s). Reasonable efforts are made to present accurate information, however all information is presented without warranty. Consult a card's issuing bank for the terms & conditions.
All rates and fees, and other terms and conditions of the products mentioned in this article/post are actual as of the last update date but are subject to change. See the current products' Terms & Conditions on the issuing banks' websites.
Add to Favorites:
Get the latest news, articles and expert advice delivered to your inbox. It's FREE.

Related Research:

Top 5 Cards for Travel from Our Partners: Summer 2018 – Expert’s Choice

Top 5 Cards for Travel from Our Partners: Summer 2018 – Expert’s Choice

Posted: February 12, 2018

The sun shines more and more each day, flowers are in bloom and you already feel how hot it is getting - summer is here. Summer holidays are almost here, and you are in need of dire preparation. You can lift in spirits and let CreditLand ... Continue reading
Cash Back or Travel Rewards? Here’s How to Decide On The Right Card

Cash Back or Travel Rewards? Here’s How to Decide On The Right Card

Posted: February 10, 2018

If you're trying to find the perfect rewards credit card, you might feel like you're drowning in options. There are just so many out there, and many of them look similar. This can make it tough to decide on a card. One thing people often ... Continue reading
Price Protection: Credit Cards That Will Refund a Price Drop

Price Protection: Credit Cards That Will Refund a Price Drop

Posted: February 8, 2018

Those who often find themselves buying stuff and then discovering that they could pay less for the same item they've just bought, will appreciate this credit card benefit – price protection. This is the least known and the most neglected ... Continue reading
You've successfully subscribed!

Please specify the following:All these fields are optional

Your Credit History
Themes you are interested in:

By providing this information you help us make our news letters more useful and informative. Thank you!