Go Back   The Finance Forums > Finance forums > Credit Ratings



Credit Ratings Issues of credit ratings and credit scoring here.

Reply
 
Thread Tools
  #1  
Old 05-20-2006, 06:08 AM
angivodka angivodka is offline
Junior Member
 
Join Date: May 2006
Posts: 7
Default when you have no credit history

something i have never been able to understand is that if you have no credit history then you are viewed almost as high a risk as someone who has a bad credit history. I don't think this is fair.

what do you think?
Reply With Quote

Old Sponsors
  #2  
Old 06-15-2006, 08:38 AM
Benji Benji is offline
Member
 
Join Date: May 2006
Posts: 82
Default Re: when you have no credit history

It may not seem fair, but to the lender you are an unknown commodity. You may have paid every one of your bills on time, but if you've never had a conventional loan or utilized a credit card they don't have any payment history to make a conclusion about your credit risk.
Reply With Quote

  #3  
Old 06-18-2006, 04:38 PM
Green Diva Green Diva is offline
Junior Member
 
Join Date: Jun 2006
Posts: 27
Default Re: when you have no credit history

Exactly what Benji said. You have no history of payments so are technically high risk. Get a dept. store credit card and prove yourself.
Reply With Quote

  #4  
Old 07-01-2006, 09:28 AM
brian brian is offline
Senior Member
 
Join Date: Jun 2006
Posts: 806
Default Re: when you have no credit history

I agree that it sometimes seems insane - you need debt to secure debt.

I had awful problems a few years back when trying to buy a washing machine on HP - it was refused on the grounds that I had no credit history, and I was forced to get my mum to buy it for me, then I paid her off completely over two months.

More recently, I'm happy to use credit options where possible precisely to get a credit history - one of the main reasons I first got a credit card from my bank, actually.
Reply With Quote

  #5  
Old 01-04-2007, 08:03 PM
riskey58 riskey58 is offline
Senior Member
 
Join Date: Nov 2006
Posts: 100
Default Re: when you have no credit history

I agree credit history is important. But you here about people trying to get credit for the first time and they are refused because the have no credit history. And their guestion is. How do they get a credit history if they can not credit?
Reply With Quote

  #6  
Old 01-06-2007, 09:23 PM
taiarain's Avatar
taiarain taiarain is offline
Member
 
Join Date: Oct 2006
Posts: 98
Default Re: when you have no credit history

It's not quite that bad. A "ghost" as its referred to is a risk and may be offered a secured card, higher rate, etc, but will still get off easier than someone with low score.
Reply With Quote

  #7  
Old 01-20-2007, 12:59 PM
nangel78 nangel78 is offline
Member
 
Join Date: Jan 2007
Posts: 42
Default Re: when you have no credit history

It does seem unfair to me as well. Some people do not like having debt so it is understandable if you do not want any credit cards.
Reply With Quote

  #8  
Old 01-21-2007, 02:53 PM
taiarain's Avatar
taiarain taiarain is offline
Member
 
Join Date: Oct 2006
Posts: 98
Default Re: when you have no credit history

For people who aren't interested in having debt, their credit score is irrelevant. It is important for acquiring credit and, with it, debt.
Reply With Quote

  #9  
Old 01-23-2007, 05:53 PM
Chris Chris is offline
Junior Member
 
Join Date: Jan 2007
Posts: 4
Default Re: when you have no credit history

It's not fair, but unfortunately it's the way the world works. Perhaps if you're just starting out you can apply for a low limit credit card to help build your credit. Or if you are having trouble getting a card some banks offer a secured credit card which can help you get your credit built up. I know it is ridiculous.
Reply With Quote

  #10  
Old 01-24-2007, 11:01 PM
dwalliz dwalliz is offline
Junior Member
 
Join Date: Dec 2006
Posts: 14
Default Re: when you have no credit history

It is unfair though of lenders won't take a chance if you don't have credit. I agreed too of getting a unsecure credit card or use a credit program like purchasing furniture on monthly payments would help to build some credit.
Reply With Quote

  #11  
Old 01-07-2008, 11:05 AM
car_crazy-123 car_crazy-123 is offline
Junior Member
 
Join Date: Jan 2008
Location: London UK
Posts: 5
Default Re: when you have no credit history

Im just 21 years old and have been looking for a car loan for about £5000 yet few lenders are willing to lend me funds at all. I think this is slightly unfair as i have never had any poor credit, just lack of credit against my name. Any suggestions for car finance companies who may be willing to help. Im getting kind of desperate here. Thanks
Reply With Quote

Old Sponsors
  #12  
Old 01-10-2008, 06:56 AM
brian brian is offline
Senior Member
 
Join Date: Jun 2006
Posts: 806
Default Re: when you have no credit history

I would avoid car finance companies and look to either your regular bank or else a building society.

At least your regular bank will have a clear background on your financial situation and be able to adjudge accordingly, though you may find a building society can do the same and offer you cheaper rates.

Hope that helps.
Reply With Quote

  #13  
Old 01-21-2008, 11:11 PM
cbass1017 cbass1017 is offline
Junior Member
 
Join Date: Jan 2008
Location: PA/Mercer U.S.
Posts: 23
Default Re: when you have no credit history

I know it sucks but the best way I found to establish credit is by getting yourself a secured credit card. Most people hate them because its kind of like paying money just to spend your money. There are a few companies out there that do not charge a monthly or annual fee for a secured credit card. Also you have to make sure that whoever you do decide to go with actually reports to all three of the major credit bureaus. Most credit unions and smaller banks on report to one. Another really good way to build credit is to see if someone you know will co-sign on a small car loan for you. Most banks will approve a car loan application regardless of your credit history if you can find a qualified co-signer.

Another thing to beware of is that even if you've never had a loan or a credit card you may have some negative remarks on your credit from your cell phone or tv provider. Most of these do not report to the credit bureaus unless it goes into collections but some do.

Hope that info helps!
Reply With Quote

  #14  
Old 01-30-2008, 01:32 PM
tjk72 tjk72 is offline
Junior Member
 
Join Date: Jan 2008
Location: GA Atlanta
Posts: 11
Default Re: when you have no credit history

if you have no credit history you need to start somewhere and apply for a creditcard some time or another..
You have to start apply for credit..
if not you can get a secured credit card is a good way to build credit as long as they report to the the big 3 credit agencys
Reply With Quote

  #15  
Old 02-08-2008, 05:53 PM
tjk72 tjk72 is offline
Junior Member
 
Join Date: Jan 2008
Location: GA Atlanta
Posts: 11
Default Re: when you have no credit history

You must get some credit going some where i would recommend a secured credit card like one from orchard bank you put a deposit down and after 12 months you a graduate to a secured card ..
Reply With Quote

Reply

Thread Tools

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off



» Boards




All times are GMT -4. The time now is 11:23 PM.


Powered by vBulletin® Version 3.8.5
Copyright ©2000 - 2017, Jelsoft Enterprises Ltd.