What are my chances of getting an Unsecured Personal Loan as a means of establishing credit?
I have a checking account but no credit history whatsoever. I work two part-time jobs though, and I want to apply the minimum amount for an unsecured personal loan from my bank. Simply as a means of establishing credit. What are my chances? Tips to say to the banker? Thoughts? Thank you.
*in response to the current answers*
alot of people say that secured accounts don’t really help much as it is your own money. but i do understand that it is safer for the lender. are my chances greater if i apply at a credit union? thank you.
Tags: chances, checking account, credit, credit history, Current, establishing, Establishing Credit, Getting, loan, Means, money, Part Time Jobs, personal, Unsecured, Unsecured Loan, Unsecured Personal Loan
3 Comments at "What are my chances of getting an Unsecured Personal Loan as a means of establishing credit?"
Take out a loan against yourself.
Open a passbook savings account.
Deposit $500 dollars in it.
Apply for a loan against that account for the same amount of money. (The bank has nothing to lose-This is a secured loan. If you fail to repay it-they already have the $500 in your account!)
Pay it back on time or even better early! But establish a payment history.
This is a great way to establish a payment history which will establish credit. Make sure the bank reports your activities to all 3 credit bureaus and that there is not a penalty for paying the loan back early.
Repeat at other banks (Preferably at least 2 more times)
Then apply for an Unsecured Personal Loan.
If you have no credit at all, your chances of getting a secured loan rather than an unsecured loan would be better. If you apply for a credit builder loan, you’ll get a lower rate if you have some funds to put up against your loan. If you don’t have any money to pledge, it’s still possible that you’ll be approved.
I don’t know if you have a better chance of getting approved at a Credit Union or not, but you will probably get a better rate.
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