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Getting Access to Credit with Zero to No Credit Score

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Having a credit score is a huge part of getting access to credit. With no credit score, you don’t have the history to prove that you can pay back what you borrow from lenders. This makes it difficult for people with no or low scores to get approved for loans, mortgages, and other forms of financing. However, there are ways to get access to credit even if you don’t have a good score or any score at all.

Why Don’t I Have a Credit Score?

You may be wondering, “Why don’t I have a credit score?” There are several reasons why this could be the case. If you haven’t had any loans, credit cards, or other forms of debt in your name before, it can take time for your history to build up in the eyes of credit rating companies.

For example:

  • You’ve never had a loan or card account that has been active for at least six months
  • You have recently applied for new accounts but were turned down because of insufficient income or poor credit history (such as late payments)
  • You have only recently established yourself financially and do not yet qualify for any lines of credit

How Do You Get a Credit Score?

The best way to build your credit history is by establishing a track record of timely payments. This means you should be paying your bills on time and keeping balances low. However, keep in mind that establishing a good credit score can take anywhere between six months to three
years, so it’s important to be patient.

If you’re just starting out, here are some ways you can build your credit:

Secured Credit Cards

Secured credit cards are a great way to build credit, and they’re also an excellent alternative to payday loans. A secured card is like any other credit card, but it requires a cash deposit as collateral in case you fail to pay your bill.

Credit Builder Loans

One of the most common ways to build credit is to apply for a credit builder loan. These loans are similar to secured credit cards in that they require you to pay off the balance each month, while the amount you borrow is held in a bank account. The main difference is that while secured cards require collateral or proof of income or employment, these loans do not.

Store Credit Cards

If you’re struggling to establish credit, a store credit card may be a good option. Store cards can be easier to get than other types of credit cards. As long as you have been employed for at least six months and have an income that meets the minimum requirements, there’s a good chance your application will be approved.

Become an Authorized User

Here’s how becoming an authorized user works: You must be added to a credit card account by the primary borrower. The borrower will likely need to apply for a new account, but you won’t need to go through the application process yourself.

Being an authorized user means that you can use the card, but your name isn’t on any formal agreements with creditors (meaning no one will come after you if they feel like they aren’t being repaid).

If you’re in the market for a credit card or loan, it’s important to know what your credit score is and how it affects your ability to get approved. We hope we’ve shed some light on the process here and given you some tips on how to improve your score if need be.

If you have bad or no credit, don’t worry. Okinus Credit Solutions is here to make sure you can afford to keep living your life with flexible lease-purchase solutions. Contact us to find out more!

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