You may not have a credit account or credit history if you generally prefer to pay cash. If you have never borrowed money or used credit cards, you have not established a record that shows that you can handle the credit responsibly, which can become a difficulty when requesting one when you need it.
If you do not have a credit history, there are several things you can do to demonstrate your ability to handle a credit.
Apply for an insured loan or secured credit card, which is guaranteed for your money. When you get them, always make the payments complete and on time. Ask your bank or credit union if they offer insured products of this type.
Get a co-signer. Ask a friend or relative who has good credit to be your co-signer to apply for a loan. This means that this person will share the responsibility for the loan with you.
Apply for an Accion loan. Accion grants small loans to help individuals with no credit history to start building their credit. Keep copies of your paid checks, money orders receipts, and rental payments. These documents will demonstrate that you have a history of regular and timely payments. Get more information on Accion loans by clicking here.
Patience is important in this process. It takes time to establish credit and build a record of repayments and timely payments. It is better to go slowly, and develop a solid credit record, than applying for too many credit cards or larger loans than you can handle.
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