Is having no credit history the same thing as bad credit?

2016-10-15 10:59 pm
I want to finance a new road bike but I have not credit history. I've never had a credit card before. What's the chances that I would be approved?

回答 (5)

2016-10-15 11:04 pm
✔ 最佳答案
No, it's not the same thing, but while you likely will be approved (assuming your income is suitable) your rate will probably be really high. I suggest you go through a local bank or credit union for your financing rather than relying on a dealership. My first car purchase, I had no credit. The bank quoted about 6% interest (kinda high, but not terrible); the dealerships said the "best they could do" was 22%, equivalent to a credit card's interest rate.
2016-10-17 3:05 pm
Not at all. Bad credit means a person who has borrowed in the past but has not repaid the debts in time or not in full. However, some one who has no credit history is a person who has had no stint with credit at all. Now there is half a chance that such a person could be a responsible and conscientious borrower.

Other factors such as your income and employment status would influence your lender's decision. In the absence of credit history, you may have to pay a slightly higher rate of interest. If you would like to avoid that then begin with a secured credit card to build a strong credit score and then apply for a loan.
2016-10-16 10:21 pm
it depends on you monthly income and how loan you been on the job.
2016-10-16 8:32 pm
No. Bad credit is worse but no credit can result in some of the same issues -- difficulty in getting loans and high interest rates.
2016-10-16 4:11 am
No. They are completely different.

No credit means that you have nothing positive on your credit report AND you have nothing negative on your credit report.

Bad credit means that you have something negative on your credit report.
2016-10-15 11:21 pm
No, it is different but the result is the same. With no credit you cannot buy a new bike either


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