No Credit is the Same as Bad Credit

It's important to start building up your credit score as soon as possible. If you have no credit, that's the same as having bad credit. Remember, the purpose of a credit score is to see if you are a reliable person that will definitely pay the money back. If you have no credit history at all, they don't feel any safer lending you money than they do to someone with a history of late or missed payments.

If you have never had a credit card or a loan, or it's been a long time since you had a financial account open, it's possible you don't have a credit score. In order to start establishing credit, apply for a credit card. Once you're approved, start using it...and paying it back on time! Establishing a long history of good payments is the only way to build good credit. It may take some time, but you'll get there!