subject: Need A Credit Report But Have No Credit Card? Tips and FAQ's [print this page] Need A Credit Report But Have No Credit Card? Tips and FAQ's
You are in a catch-22 position - you cannot get loans because you don't have much of a credit score but there are many other methods you can use to obtain credit for loans and credit cards without needing a credit card already.
You need to understand what creditors are looking for: Normally credits go straight to your credit score to assess if you have a good enough score and credit history to warrant giving you a loan - but seeing you don't have a score they have to look at other factors to gage the likelihood o ever getting their money back.
The first thing backs will look at when declined to give you credit.
Bank accounts: You don't actually need a credit score to open a bank, if you have a good savings history or credit history with your bank then this is a good place that lenders can look to establish if you have a good savings history. Lenders can use this information to determine whether or not you are a credit risk.
Also, by establishing a relationship with a bank will improve your chances in obtaining a loan or credit card in the future and through them. You current bank should be the first place to look. As they know you and they value your business. This existing relationship will carry some weight when seeking credit.
Employment History This is another important area they can look at. They want to see you maintaining a job, more specifically, a solid source of income that will help pay back the loan they give you. If you've had lost of different jobs and have undergone periods of unemployment then they are less likely to provide you with credit - so get a job and keep it.
Your Tenant History Lenders will also look at your rent and tenant history - if you managed to maintain rental payment and have not defaulted are payed late with your rent payments then this also put you in a positive light.
Utilities and bills Bills like electricity, phone and cable TV are all financial histories that the lender can look at to again determine that you've manage to maintain paying off these bills for a period of time.
Secured credit It is much easier to obtain than unsecured credit.
If you've tried the bank, department store, or even credit card companies directly and failed, not all is lost. Secured credit is a last resort.
When you credit card or loan is secured you therefore link an asset to the account that the lender can take if you fail to pay back the credit card. If you fail to make payments, the lender will take your house or car in order to pay back the debt.
You don't have to put up a car or house as security for getting a credit card. You can pledge money you deposit in an account to secure the credit card. If you fail to make your credit card payments the bank will taken take your deposit.
This can be a useful tool to establish that first piece of credit history. After you maintain that account in good standing for a while you will be able to obtain a regular credit card or loan.
Make sure to do your homework when getting a best credit report without a credit card - for more information and other tips, FAQ's and tricks go to [http://www.credit-reporter.net]
Written By: Justin FoxGet your totally free credit report today - follow Credit Report [http://www.credit-reporter.net], and check out www.credit-reporter.net [http://www.credit-reporter.net].http://www.articlesbase.com/finance-articles/need-a-credit-report-but-have-no-credit-card-tips-and-faqs-4465854.html
