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Bad Credit Repair > No Credit Loans
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If you've never had credit in your own name, it can be difficult to get a car loan or credit card. Having no credit loans history can be as much of a problem as having a bad credit history. Students, other young people, and the newly divorced or widowed who have always obtained credit jointly with their spouses often find themselves in this no credit loan situation.
Steps for getting no credit loans The first step to receiving a loan with no credit or bad credit is to get a credit report and repair your existing credit rating. Each item on your credit report must be proved or it cannot remain in the report. If the credit bureau cannot verify the item when investigated, it must be removed from your file whether or not it's true. Every negative entry on your report can be denied or challenged at any time. The bureau must reinvestigate and if that item cannot be verified within a reasonable amount of time, it must be removed from the file. Legitimate lenders never guarantee or say that you are likely to get a no credit loan or a credit card before you apply, especially if you have bad credit, no credit, or a bankruptcy. Many lenders use credit scoring systems which allocate points to various pieces of information given on your application form, such as your age, your occupation and whether you own your home. Points are then added together to produce your credit score. This helps the lender predict whether you are an acceptable risk. Different lenders have different systems and pass marks, so you can be turned down by one but accepted by another. Your credit score is not part of the file kept on you by the credit reference agencies. Lenders do not have to tell you exactly why they have turned you down, but they should give an indication of the reason. American Consumer Credit Counseling can assist you in providing workable solutions for your financial problems. Keep in mind, if you're looking for no credit loan, watch out for loan applications that look like checks arriving in your mailbox. By cashing such a check, you are in effect taking out a loan with the lender who mailed you the check. These loans usually cost more than those from a bank or credit union. Stay positive! Remember, you did not develop bad credit in a single day, so you need time to repair it! |
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