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If I’ve never had a credit card and my credit score is low will that make a difference?

[Saturday, September 21st, 2013]

The issuers consider the records in your credit reports. And if you have never had a credit card or a loan, it will be hard for credit issuer to estimate your creditworthiness. However, it is better than having a bankruptcy or bad credit records in your report. Also, your credit history can be thin, not bad, in this case you have low credit score even if your loans are in good standing. That is also better than having bad credit records. And if you have bad credit and decide to take a mortgage or a car loan, the interest rates will be considerably high than with good credit history.
Think of applying for a credit card to improve your credit history. Good credit history is needed not only for better credit rates, but it also works on you when you buy insurance, change your job or want to rent a house.

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AcclaimVisa.com is an independent, advertising-supported web site. AcclaimVisa.com is compensated by the credit card issuers whose offers appear on our site. This compensation can impact how and where credit products appear on our site, including, for example, the order in which they may appear within product listings. AcclaimVisa.com does not offer, review or present all available credit offers.

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