How To Qualify For New Credit With No Credit Score.

6 ways to improve your chances of qualifying for credit

People often have some really difficult experiences when it comes to obtaining credit or applying for a loan for the first time. It’s common for individuals with no credit history to have quite a frustrating time before being approved for a loan or credit account.

Banks are well aware of this situation, however, which is why some are now offering special cards just for new customers that may not have any prior credit history. There are other options to improve your chances of qualifying for credit.

Your credit report

Even if you have good credit, you should stay on top of your credit report because you never know what could happen. Failing to pay off a loan could mean that, when you're ready to settle down, you won't qualify for a bond. Always check your credit report for any inaccuracies, and to ensure you have a good credit score.

Get your dream job

In order to pay back a loan or credit card, you will need a steady source of income. You may not use someone else’s income as a substitute for your own, such as using your spouse or parent's income instead of yours. Your ability to qualify for a loan or credit is partly determined by the income you earn. If you earn a higher income, then it stands to reason that you could qualify for a larger credit limit on your loans and credit cards compared to the same sized loan offered to a lower salary range applicant.

Apply for store cards

Retail stores are known for offering store credit to people with no credit history. This is incentive enough for many individuals who can’t get approved by major banks because of past mistakes, but it should be noted that this type of credit does come with a catch. Store credit cards tend to have higher interest rates and lower limits than bank-issued cards. While they may not be the perfect option if you’re looking to build your credit history, retail store credit cards are great for starting out if you don’t have any prior personal loan activity on your report.

Prequalification for credit cards

Prequalifying for a credit card is a good way to see whether you are eligible for the cards that are currently on offer. Applying for a credit card can be quite complicated though, as there are significant checks run on your financial past. Many people find they are turned down for credit cards once they apply. A pre-approval however will not affect your credit score in the same way as an actual application so it allows you to still think about getting one without any risk of hurting your financial profile in the future.

Student credit cards

Starting a credit history may seem like a difficult task, but it can be easy to do when you are a student. Credit cards are a fantastic way to begin building your credit score. Student credit cards allow you to build up your credit without any issues. Many offer a 0% interest rate if you pay it off each month.

Get a second signatory

If you're not in a place to get credit on your own and know someone that has good credit that's willing to help you, you can go the route of adding them on to your credit accounts. What this means is that you can make joint applications for things like credit cards together, and if anything happens with payments or paying off the debt, they'll be responsible too.

There are various ways to qualify for new credit when you don’t have a credit history. For guidance on how to apply for credit, contact Credit Health.

  • 10 common credit score myths.
  • 5 ways to pay your credit card debt.
  • 8 most common credit terms.
  • A Guide On How To Get Out Of Debt.
  • Blacklisting, is it still a thing?
  • Breaking Bad Debt.
  • Build Your Credit Score While You’re Young
  • Can I Get A Loan While Under Debt Review?
  • Can Your Credit Score Affect Your Job?
  • Check Your Credit Report For Signs Of Fraud
  • Common myths about debt review.
  • Debt Management Tips.
  • Debt Review Is A Good Idea.
  • Default, Judgement, Sequestration.
  • Disputing Errors on Credit Reports
  • Free VS Paid Credit Reports.
  • Frequently Asked Questions about Debt Review.
  • Get your credit report before applying for a loan.
  • Get Your Credit Score Back On Track
  • Good Debt Can Build Your Credit Score.
  • Hard VS Soft Inquiries On Your Credit Report.
  • Have I Been Blacklisted?
  • How do I get late payment entries removed?
  • How Do I Manage My Debt When I Am Unemployed?
  • How do I read my credit report?
  • How is your credit score calculated?
  • How Is Your Credit Score Weighted?
  • How Long Does Debt Review Last?
  • How To Calculate Your Debt-To-Income Ratio.
  • How To Clear Your Name At Credit Bureaus.
  • How To Improve Your Credit Score After Debt Review.
  • How To Qualify For New Credit With No Credit Score.
  • How To Reduce And Eliminate Debt.
  • Judgements, Administrations and Listings
  • Online Shopping – Just (don't) add to cart!
  • Teaching Children Good Money Sense.
  • The Best Way to Manage your Store Credit Card Account
  • The Pros And Cons Of Debt Counseling.
  • Things You Don't Want To See On Your Credit Report.
  • Tricks To Help You Save While Paying Off Debt
  • Understanding a credit report in South Africa.
  • Understanding Debt Consolidation Loans in South Africa
  • Vehicle instalments driving you to despair
  • Warning Signs You Could Be Heading for Financial Disaster
  • What Affects Your Credit Score?
  • What are credit bureaus and how do they work?
  • What causes credit card debt?
  • What do credit bureaus know about me?
  • What Effect Does Your Credit Report Have On Your Interest Rates?
  • What Happens To Your Credit When You Get Married?
  • What Happens When I Skip A Debt Payment?
  • What Happens When You're Debt Free?
  • What is a credit score?
  • What is a credit utilization rate?
  • What Is A Decent Credit Score To Buy A Car?
  • What Is A Good Credit Score If You Want To Buy A House?
  • What Is A Hard Inquiry And How Does It Affect Your Credit Report?
  • What Is A Soft Inquiry And How Does It Affect Your Credit Report?
  • What Is Considered A Bad Credit Score?
  • What is considered a good credit score?
  • What Is Debt Administration?
  • What Is Debt Counseling?
  • What Is Debt Review?
  • What’s the difference between your credit score and your credit report?
  • Which Type Of Credit Carries The Most Risk?
  • Why Debt Counseling Is Perfect For You.
  • Why Did My Credit Score Go Down?
  • Will checking my credit report affect my credit score?
  • Your Best Defence Against Identity Theft Is Your Credit Report
  • Your Credit Score: The Basics.
  • Show More

    Check for arrears accounts

    In order to help you on your way to Credit Health, we've teamed up with Transaction Capital Recoveries and MBD Inc. By selecting continue, you give consent that we may check for any arrear accounts on your behalf.

    Funeral Cover Application

    You will be redirected shortly to complete the signup process

    If you are not redirected, click here.