This is indeed a huge problem in the United States of America, and it is regarding no credit history. Even after many efforts, general consciousness remains the same. Only a few people can comprehend the worth of keeping good credit histories. Others are found to remain indifferent to the same, until they are turned down by companies` keen to loan funds. If truth be told, it is indeed a blasphemy to ask for credit with no credit history, considered as akin to bad credit. Keep in mind; many creditors take into account your job, salary, and other financial information in your application form. Nevertheless, the majority of creditors appreciate credit history the most, as this helps them to appraise the reliability of the borrower. Hence, the sooner you build up a sound credit history along with credit score, the better it is for you.
Your first and foremost task in this context is to begin a savings or checking account in your own name or both. This is not a significant part in your credit file. However, this can also be tested out to determine you have and know how to handle money. Cancelled private checks can also be utilized to prove you pay utilities on time every month. This testifies you are accountable. You can also submit an application to have a department store credit card. It is fairly easy to obtain this form of credit card, even with no credit history. A college student can apply for a MasterCard or student Visa credit card. It is easier fro a student to have these forms of credit cards, even with no credit history.
You can also ask the lender whether you may put funds with a financial institute to serve as guarantee for a credit card. This is possible as a few financial institutes do offer a safe credit card with a credit limit, typically not beyond the sum on deposit. You are at liberty to go this route, but take care they update all key credit bureaus.
There might be another problem if you have migrated to the United States of America from another country of late. Bear in mind that credit histories in conjunction with scores do not move from one country to the other one. This problem can be overcome easily. It is to put in writing for a synopsis of any credit record held in reserve by a credit bureau in your previous nation. Directly communicate with the bank in your previous nation to get hold of the name of the agency it notifies every now and then. Lenders may be eager to be familiar with your former credit history exterior of United States. It can be only if you insist.
A great number of laws in this regard reign substantially. One of these is EQUAL CREDIT OPPORTUNITY ACT, this provides women a method to initiate their own credit history along with individuality.