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If you have no credit, you’ll want a co-signer with excellent credit to help you qualify for a low interest rate. Of course, not just any co-signer will do the trick. Since this lowers the lender’s risk, it can help you get approved for a credit card or loan even if you have little or no credit history. Why does this matter? Because a co-signer guarantees the loan, generally meaning they’re on the hook to pay back any money owed if you can’t. “Having a co-signer can move you up on the scale as far as creditworthiness,” says Justin Lavelle, chief communications officer of the online background check platform Been Verified. If you’re in need of a loan in the immediate future but have no credit history to speak of, your best shot at getting approved may be to get a co-signer for your loan. Get a parent or close friend to co-sign a loan You need to have at least one account open for six months (and at least one undisputed account reported by a creditor) before it can be used to calculate a credit score. Keep in mind, though, that you may not have credit scores if you just opened your first account.
#Credit builder card for free
If you think you may already have a credit history, you can check your VantageScore® 3.0 credit scores from TransUnion and Equifax for free at Credit Karma. The first step to building credit is knowing where you stand.
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Working on your credit?Ĭheck My Equifax® and TransUnion® Scores Now
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In the following guide, we’ll explore some of those ways in detail and answer any other questions you may have about building credit. Getting a secured credit card can be a good first step, but even if you don’t feel ready to apply for your first credit card, there are plenty of other ways to get started on your credit journey. Thankfully, you may have more options to start building your credit than you might think. While their logic makes sense, it doesn’t help the roughly 26 million Americans who have no credit history with a nationwide consumer reporting agency. Many lenders don’t want to take the risk of extending credit to someone with no history of repaying credit. For many people, building credit can seem like a Catch-22: You need good credit to apply for many of the best loans and credit cards, but you can’t establish credit without those loans and credit cards. Of course, the offers on our platform don't represent all financial products out there, but our goal is to show you as many great options as we can. That's why we provide features like your Approval Odds and savings estimates. But since we generally make money when you find an offer you like and get, we try to show you offers we think are a good match for you. The money we make helps us give you access to free credit scores and reports and helps us create our other great tools and educational materials.Ĭompensation may factor into how and where products appear on our platform (and in what order). The offers for financial products you see on our platform come from companies who pay us. We think it's important for you to understand how we make money.