Question:

How can I build credit if I have no credit score yet and I need to take a loan?

Answer:

You obviously need to build credit if you need to apply for a loan; one simply can't do with no credit score. Often, it will be much easier to people with bad credit to get a loan than people with little or no credit history. Obviously, hard cash has done it for you so far.

However, even if there are scoring systems different from FICO that take much better care of customers with no credit score (such as the recently introduced VantageScore), you will sooner or later need to establish credit history.

The easiest way to do that is to build some credit is open several credit cards or credit lines and begin making some purchases. If you have no experience handling credit cards, you should start small - pay a restaurant bill, a small purchase in the mall, or just anything you'd pay in cash. Remember, do not forget to keep your balance low, and do not make late payments! This is how you can build credit easily and get a credit score.

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