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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/

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.


Editorial Disclaimer: The editorial content is not provided or commissioned by the credit card issuers. Opinions expressed here are author’s alone, not those of the credit card issuers, and have not been reviewed, approved or otherwise endorsed by the credit card issuers.

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