Credit Cards With No Credit History

Everything has a starting point, including a person's credit history. A credit history starts as a blank slate, until some form of credit is obtained. When credit is obtained, over time a credit history is established and then judged. The judgment of all credit histories is transmitted to at least, the three main credit reporting agencies. The three main credit reporting agencies are listed as: Experian, TransUnion and Equifax. The credit history determines the credit score. The credit score specifically judges a persons: banking history - no credit is needed to have a bank account but, the activity on the account figures in, employment history - the ability to hold a stable job is looked at, dwelling history - maintaining a stable residence is important to assure that a person will remain around to meet the full payment obligation, and utilities - having a utility account can boost first time borrowers' chances. Most people start trying to obtain credit as a young person, sometimes fresh out of high school or college. But, at that point in time, there is no credit history to be judged credit worthy. Prior to establishing a credit history, a good starting point is to run a credit report. This is to ensure that personal information is reported correctly. Also, it confirms that there are no past items to cause a credit issue; for example a student loan. However if a student loan paid was off in a timely manner, this would also help start a credit history. Some steps toward establishing a credit history could include: using over draft protection attached to a personal bank account, Writing a check for an amount more than the account balance but not more than the over draft protection and repay in a timely manner, applying for a collateral loan using a personal item as a guarantee of payment; such as a car, obtaining a cosigned loan which will help a lender be more likely to accept the risk of a no credit background, or finance a store purchase by purchasing items on credit with a store, most will have deals with no interest for a specified amount of time and repayment within that time will establish a credit history.