How can a 21 year old to get LOAN of £2000 from Bank etc but no credit history etc ?

pinpin

I have zero credit history as well. ZERO. And I'm well into my 20's
Wonder what the best way is to get the 'ball rolling' in terms of building at least some sort of record.

I often get sent letters from my bank offering me credit, but I'm soon to be unemployed so doubt I'd actually qualify (despite letters implying that i'm basically guaranteed)
Would that be the best way, though?

Gaz83

pinpin wrote: »

I have zero credit history as well. ZERO. And I'm well into my 20's
Wonder what the best way is to get the 'ball rolling' in terms of building at least some sort of record.

I often get sent letters from my bank offering me credit, but I'm soon to be unemployed so doubt I'd actually qualify.
Would that be the best way, though?

Normally, getting a credit card with a low limit and paying it off in full every month.

If you're going to be unemployed soon, it'd be incredibly foolish to take on any kind of credit, though.

DCFC79

pinpin wrote: »

I have zero credit history as well. ZERO. And I'm well into my 20's
Wonder what the best way is to get the 'ball rolling' in terms of building at least some sort of record.

I often get sent letters from my bank offering me credit, but I'm soon to be unemployed so doubt I'd actually qualify (despite letters implying that i'm basically guaranteed)
Would that be the best way, though?

Focus on getting another job then look at it, a credit card isnt the way to go when unemployed.

pinpin

thanks. Yes, makes sense to find a new job first.
I don't actually want/need one. There's nothing I plan to buy.
I only planned to try to get one so that I could build a credit history in case I ever 'need' it some time down the line.

I'm assuming that as i'll always be a minimum wage/low earner, then I'll likely only have a small line of credit available to me anyway, once i'm employed again?

macman

No, there are many factors besides income that affect your creditworthiness. Credit history, being on the electoral roll, property owner, etc.

27col

Getting a loan in order to improve your credit rating is ridiculous. All you will do is to have to pay a lot of interest.
However, getting a credit card and paying it off fully each moth is sensible. Then you won't be paying interest and it will show that you have your money under control.