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Consumers who are
just starting out
might find it hard
to get a loan or a
credit card. That’s
because having no
credit history makes
it difficult for
lenders to know if
you’re a good risk
to repay a loan and
make your payments
on time.
Establishing a good
credit history is
not as difficult as
it seems. However,
you will always need
to make your
payments on time.
Here are some
helpful hints for
just starting out.
Apply for a credit
card through a local
department store.
Local department
stores are more
likely to extend
credit to people
without a credit
history.
Apply for a secured
credit card. By
borrowing against
your own money,
creditors find this
to be far less
risky.
Ask someone with a
good credit history
to co-sign on a loan
or a credit card.
This is a guarantee
by signing; the
person is agreeing
to pay back the loan
if you don’t.
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