What if I am a first-time borrower? Many of us might have never taken a loan in the past, and so don’t have a credit history. Does this hurt us because a credit bureau has no prior information on us?
The short answer is no. However, it might be worth your while to start building a track record for any future loan applications you might make. Even if they are small transactions you conduct using a credit card, as long as you pay your card dues back in time and in full, you will find that this will help build your credit history on how disciplined you are in dealing with paying back your loans.
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