What to do if you have no credit history?

Make your payments on time each month, and keep your balance low relative to the credit limit, for positive marks on your credit report. If approved, make your first six monthly minimum payments on time and we may send you an offer to apply for an unsecured credit card. Some restrictions apply.

Can you get a credit card if you have no credit?

Yes you can get a credit card even if you have no credit history. But lacking credit history generally limits your options, so the card you get will likely cost more and have a lower credit limit. Still, if you use it wisely that card can help you establish and grow your credit history so that, ultimately, you can qualify for a better card.

What’s the best way to establish a credit history?

If you want to establish a credit history, first check your credit report to make sure you don’t already have one. To build your credit history, consider applying for a secured credit card or a store credit card. Debit cards won’t help.

What kind of credit card can I get with no credit history?

Auto loans and mortgages are both types of secured loans. Your credit limit on a secured credit card may not be very high, but you have to start somewhere. Once you’ve established a good track record, you should be able to get an ordinary, unsecured credit card.

As long as you’re charging small amounts to it every month (e.g. £50), paying at least the minimum payment and keeping the account open, you will be building your credit history. Setting up a direct debit for repayments as soon as you open the account will ensure you never make a late payment.

What to do if you don’t have a credit score?

You may not have a credit score, but if you have a checking account with a bank, that could help you get approved for a card. At the very least, you could qualify for a secured credit card. A secured card requires you to keep a certain amount of money on deposit, which then serves as the credit limit on your card.

What does it mean to have no credit score?

The second category, called the “unscored,” includes consumers who have no credit score because they don’t have enough credit history to produce a credit score or who have credit reports that contain “stale” information.

Why do I have no information on my credit report?

It may be that your creditor doesn’t report data to the three major consumer credit bureaus – TransUnion, Equifax and Experian. Or there could be a mistake at the credit bureau, or between the credit bureau and the service you’re using to review your credit reports.