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Personal/Business Loan Advice (U.S.A)

Discussion in 'Business & Tax Advice' started by Globalization, Aug 11, 2013.

  1. Globalization

    Globalization Regular Member

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    Is there any way a 20 year old with no credit history (no credit card or nothing) to obtain a small loan (<$5000)?

    Ive heard about sites like prosper and kabbage but I think they do credit checks, and having no credit is probably worse than have bad credit?
     
  2. netmoney1

    netmoney1 Executive VIP

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    Very difficult with no credit. Shoot me a PM if you want and I can give you some suggestions to get you rolling.

    Edit: Actually, I'll post some info here incase some other members have the same question.

    With no credit it is going to be hard to even establish credit. Do these 2 things right away:

    1) Open a secured credit card. I suggest this one:

    Code:
    https://openskycc.com/
    It is 100% guaranteed...and they do not do a hard credit pull for it. It reports to all 3 credit bureaus each month to build your credit history. You can start it with a small deposit of $200 - that will get your history rolling.

    2) Get added as an authorized user on your parents credit cards. This will pull over the history onto your report. Make sure that any card they add you to:

    *Has good age (5+ years)

    *Has never had a late payment

    *Has a decent sized limit - Over $10,000 is good

    *Carries a very low balance each month (Under 20%)

    Cards that report the authorized user to the credit bureaus: American Express, Capital One, Bank of America, Chase, Discover, TJ Maxx, JC Pennys, Macy's, etc

    These 2 simple things will help you get on your way....
     
    Last edited: Aug 11, 2013
  3. HerpDerpSlerp

    HerpDerpSlerp Power Member

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    yes with collateral and as long as you were working for at least 3 years
     
  4. Globalization

    Globalization Regular Member

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    Alright, I'll look into the advice you guys have and try and implement what I can
     
  5. Globalization

    Globalization Regular Member

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    What are some things that would make as good collateral? A car im sure is one