[INFOGRAPHICS] HOW TO BUILD A CREDIT HISTORY IF YOU DON’T HAVE ANY EXISTING LOANS?

Anybody seeking a loan from a financial institution is well aware of the term ‘credit score’. Well, the three-digit number decides whether the applicant is eligible for a loan or not. Higher the number, the better it is.

Credit score is evaluated by looking at your credit history. If you have repaid your loans and outstanding credit card bills before the deadline, you are regarded as a safe applicant who is more likely to repay the amount borrowed. Similarly, bad credit history may lead to rejection of the loan.

But what if you do not have any credit cards and have never applied for a loan before? What if you have been marked, 'No Hit' (NH) by the credit bureaus as your credit score could not be calculated because the credit history was blank? Well, don’t lose hope. Here are a few things you can do to get a loan despite being an NH.