credit cards

How to apply for credit with no credit

How to apply for credit with no credit
How to apply for credit with no credit © zimmytws/Shutterstock.com

There's plenty of advice on how to build good credit history starting from scratch and how to turn a bad credit score into a stellar one. There are loans available for people with great credit, mediocre credit and even ugly credit. But what happens if you have no credit history at all and you need a loan now?

That's a dilemma facing young people, new immigrants and those who have avoided debt for years but have no credit in their names. Many older Americans who have long retired existing debt, such as mortgages and car loans, also may find they lack enough recent credit history to generate a credit score.

Fortunately, all is not lost. It is possible to get credit without having a credit history. It'll just require some more work. Some loan types offered to those with no credit provide more options, while others require a boatload more paperwork or collateral to get a deal done.

The good news is that once you get one of these loans, you will start building credit history, so the next loan or line of credit you'll need will be easier to get.

advertisement

Show Bankrate's community sharing policy
          Connect with us
Product Rate Change Last week
Balance Transfer Cards 15.76%  0.01 15.77%
Cash Back Cards 16.44%  0.04 16.48%
Low Interest Cards 11.04% --0.00 11.04%
 
Search
advertisement
CREDIT CARDS WEEKLY NEWSLETTER
Credit cards on a table

Get advice for managing credit cards, building your credit history and improving your credit score. Delivered weekly.

advertisement

Credit Card Blog

Jeanine Skowronski

Black Friday credit card deals

A roundup of special offers, deals and rewards programs that can help you save on all those gifts this year.  ... Read more

Partner Center
advertisement

Connect with us