A loan with no credit report?
I would like to get a loan of $2600 for a musical instrument. Of course good credit is necessary in order to obtain this loan. Unfortunately for me i just checked my credit report and there's nothing in it. If I decided to build up my credit how long will it take before my credit report will be considered as good credit? And is there any other way to get a loan, or am I just screwed until I get my credit up? I'm 22. I've also heard about having someone with good credit to vouch for me. Would that be possible when it comes to getting these loans?
Update:Also I wanted to know if there's anyway I could get like a layaway option with purchasing the instrument?
Answers & Comments
You are 22 with no credit history? Really? I suggest you work on that immediately.
Anyway, it takes YEARS, multiple lines of credit, and other factors before you really have good credit. It's possible to get a high FICO score in less than a year, but when a bank checks your credit history, they will consider you to have a "lack of credit history".
Oh, and by the way, what you're trying to get is a personal loan. Personal loans are EXTREMELY hard to get, even with excellent credit and years of history. They will want to see it secured by some kind of collateral/asset, and the instrument itself probably won't be good enough.
It would take a couple years or more to build a credit history.
Someone vouching for you is called a cosigner. That's someone with good credit who signs that if you don't pay the loan, they will pay it.
You'd have to ask the store if they do layaways.