The Search for A Credit History


ADVERTISING DISCLOSURE: is an independent, advertising-supported web site. 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. 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

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

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!