Posted on: 09th Jun, 2009 11:49 am
Hi, How hard is it to get approved for a loan when i have no credit. Ive paid cash all my life for things.
This will make it very hard on you. As lenders look at this to see how responsible you have been in the past with money. You have no credit what so ever? Getting a loan will be very hard for yourself.
Open a credit card, and keep a low limit on it (pay off the balance each month so you avoid the interest) make sure you do not go over 30% of your credit cards loan limit. Continue doing that for a few months to build credit, that will help your case if you cannot get a loan currently.
It seems unlikely that just because you've never had credit cards that there wouldn't still be a credit report of some sort. Have you tried pulling your credit reports to see?