What if I Have No Credit?

Feb 8, 2011

On occasion, a consumer will not have enough credit references to obtain the loan they wish to secure. If this is the case for you, start by opening small lines of credit that report to all of the three major credit bureaus, and make purchases that can be paid off easily. A really good credit card with which to establish credit is www.orchardbank.com. In addition, your bank or credit union may be able to provide you with a credit card account once you have established a history with them as a customer.

You can also ask your family or spouse to add you to their credit card account(s) just as an authorized user. By adding your name to an established line of credit, you can gain points by using that person’s credit history. This must be a family member or significant other.

You will want to strive for at least 1-2 installment accounts, such as an auto, home or student loan, and 1-2 revolving accounts, such as a secured or unsecured credit card.

Always make sure to pay your bills on time because one late pay can decrease your score 75 points or more. It is important to keep your balances paid down under 30% of the available credit. By doing this, you will be utilizing your score to its maximum potential.

Sarah Kahley-Rufo

A+ Credit Consulting LLC.



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