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 Can apply car/house loan with zero credit history?

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Jordy
post Feb 13 2019, 04:45 PM

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Joined: Nov 2004
From: Klang, Selangor


QUOTE(contestchris @ Feb 11 2019, 09:58 PM)
For a person who is 27 yrs old and who has got a zero credit history, would it be possible to apply for car/housing loan? Some people have been trying to scare me, saying banks will not loan me the money...is it true? The only reason I have zero credit history is cause I was fortunate to get scholarships throughout my college/uni days and got an old car handed down to me from my parents. I have never needed credit cards and I live within my means and have been gainfully employed for 3+ years.

I will want to get a car soon and a house too but I really hope the lack of credit history will not be a major issue.
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Smart consumers will apply credit card for daily expenses (grocery, makan & minum, fuel, touch and go, pay bills, watch movie, buy gifts, shopping, etc etc).
It will automatically tabulate your daily spending in easy to read downloadable form. At least you know where your money is going.
Another good reason is for cash back or airmiles. Since you will be spending your money anyways, why not get the perks that comes with spending all that money?

Just be sure to pay off your outstanding amount every month, don't just pay the minimum amount.

 

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