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How to get a personal loan with no credit history

Having no credit history can make it difficult for you to get a personal loan. And if you don’t have a credit score, you’re not alone. In the United States, 26 million people are credit invisible, which means they haven’t yet built up their credit history. You could be credit invisible for any of these reasons: You’re young and haven’t had time to build credit You recently moved to the United States You pay for things with cash or debit cards, instead of credit cards Fortunately, none of these things mean you’re bad with money. In fact, you may be...

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Ask Oportun: What do I need to know about credit reports?

Your credit report is a record of your financial history and is used to calculate your credit score. Whether you realize it or not, credit bureaus start creating a report on you as soon as you have bills under your name. A large portion of your report is based on your loan and credit card payments. But any bills you pay, including things like rent and utilities, are also fair game. Same goes for public records—like the parking ticket you forgot to pay that got sent to collections. Knowing what’s on your credit report can help you figure out how...

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Ask Oportun: What is a credit score?

A credit score is a three digit number from 300 to 850 that banks use to help figure out how likely you are to make payments on time. The higher the number, the better your score. When people think of credit scores, they normally think about borrowing money or opening credit cards. You might not realize is that it’s not just banks checking your credit. Property managers, insurance companies, and employers might be checking your credit score to gauge your financial responsibility. Your credit score impacts a lot more than you may think. Why is your credit score important? The...

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Credit smarts: What’s a credit score and how do I get my credit report?

It’s National Financial Awareness Day, and we’re celebrating by kicking off a monthly series about all things credit. In this series, we’ll try to answer some of the questions we hear most often about credit scores, what goes into them, and how you can establish credit history. Today, we’re starting with credit scores and credit reports: what they are and how to check yours. What is a credit score? According to the Consumer Financial Protection Bureau (CFPB) a credit score “predicts how likely you are to pay back a loan on time.” But your credit scores are used for more...

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