The content is accurate at the time of publication and is subject to change.

Your credit history plays a very crucial role in determining your financial wellbeing. For people who have a good credit history, getting loans of any type or procuring credit cards from any bank will not prove to be a tough task. However, for people with no credit history, getting credit cards or loans can be a herculean task. But how can you establish credit history if no one is willing to lend you the money? The good news is that there are other options that can be taken into consideration in such situations. Let us take a look at a few of them.

Option #1: Employment history

In the absence of FICO scores, your employment history plays a very important role. Lenders will scrutinize this document to see if you are credit worthy. If your employment history is shaky and shows you switching jobs at regular intervals, lenders will perceive it to be a sign of inconsistency. However, if you are able to hold on to your job for a long span of time, then, the chances of your getting the credit card or loan approved are high.

Option #2: Bank accounts

Ensure you have a good standing with the banks if you have no credit history. Your good bank account history can prove to be very useful in getting your loan or credit card application approved. If you have a lot of check returns in your account or if you don't have any balance at all, then, you may not stand the chances of getting what you need. However, if your account history is clear of all these blemishes, then no lender can resist from lending you the money you need.

Option #3: Utility bills

Whoever said that utility bills were not of great importance should think again! For people who have no credit history, these bills play a significant role. Though having these bills in your name will not impact your credit score in any way, it will do a world of good to people who don't have credit history but want a credit card or loan.

Option #4: Residence history

Just as in the case of employment history, residence history also has an important role to play. If you keep switching residences often, then, lenders will not consider yourself to be credit worthy. However, if you have been staying in the same place for a long time, it builds your chances. Also, if you have your own residence, then, the chances of getting approval increase multifold.

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.