Its hard to get a loan with no credit vs. bad credit
2007-06-18 04:55:17 · 9 answers · asked by sw_mn_basscaster 1 in Business & Finance ➔ Credit
banks dont have to repor t credit so its not instant credit if you take out a loan and re-pay it even if its on time
2007-06-18 05:05:11 · update #1
Did you have a loan on the home you owned? The reason I ask is because credit is not based on assets (what you own) but on your ability to pay your bills, the amount of credit available to you, the amount of money you own, etc.
First, if you still own a home, see if you can get a secured loan on the home. This is one of the best loans you can get. Credit Unions are more likely to help you out in this situation, but some of the big banks will work with you if you have been with them for a long time.
Get a secured credit card. That means you send them money, they give you a credit card. Use the card and pay the bill. Capital One has a decent program.
Also, some furniture and clothing stores may issue you a card. Same thing, get it and use it. Do you have credit with anyone? Ask them if they report to a credit bureau and if so, which one (there are 3). You may have credit, just not with the credit bureau that you checked with.
It is a slow process, but one you get started, you should be good to go.
2007-06-18 05:03:57 · answer #1 · answered by halestrm 6 · 0⤊ 0⤋
you have to not only build your credit score but your high credit as well. Get a card and be sure to used it and pay it off each month so you don't incur interest charges but make sure that the card is actually active. Retail store credit cards are also excellent beware of any card that charges an annual fee. Try to buy things on credit even when you can pay cash, just pay them off quickly so they build your credit file. Most installment loans need to remain open for at least 3 months to affect credit. It is much better to have no credit that bad credit, no credit says they don't know whether you are a good risk or not and they are trying to determine your risk, bad credit means you are a bad risk, got the borrowing part down but have not come to grips with the paying it back part
2007-06-18 05:05:35 · answer #2 · answered by johngolfer2000 1 · 0⤊ 0⤋
Wait, you have a house and have no credit? That is impossible! Did you bought the house or inherited it? because if you bought that house, you should have credit. Did you have a loan? If you have any loan than you should have credit.
If you still don't have credit, what you want to do is to have a small loan that you can pay off easily and not worry about having not enough money, credit cards sounds good, but you tend to overspend and then the interest rates, changes the minute you get your bills paid late. Be wise take a small loan.
2007-06-18 05:05:00 · answer #3 · answered by Anonymous · 0⤊ 1⤋
Try Orchard Bank or First Premier Bank. They are both easy credit cards to get with no credit and will help build your credit history.
2007-06-18 07:21:22 · answer #4 · answered by Anonymous · 0⤊ 0⤋
You should if there was a mortgage against the house that YOU took out. However, not all mortgage companies report to the credit bureaus also. You can call the mortgage company you are making payments to and find out.
Also, you can start by applying for credit cards with Target, Walmart, etc...
2007-06-18 05:02:54 · answer #5 · answered by ALEGNA 3 · 1⤊ 0⤋
go to the bank, if you own a house, you have equity, take a small loan out and pay it back, instant credit.
2007-06-18 04:59:54 · answer #6 · answered by kdube151 3 · 0⤊ 0⤋
If you can not get a credit card perhaps get a secured credit card and rebuild your credit rating.
Good luck.
2007-06-18 05:10:30 · answer #7 · answered by Jon 2 · 0⤊ 0⤋
get a credit card with a low limit and pay your bill on time.. and try Orchard bank
2007-06-18 04:58:06 · answer #8 · answered by shorty21 5 · 0⤊ 0⤋
If you have owned a house, your credit should be on record. Is it possible that a wrong social security number was used, either then or now?
2007-06-18 05:00:14 · answer #9 · answered by Judy 7 · 1⤊ 1⤋