Hello {first_name},
This will be the last email in the Credit History series and we’ll go over a couple more ways you can help build your credit history.
Get a CoSigner.
If your credit history isn’t long enough and your score won’t allow you to qualify for the loan you want, you might try to find a cosigner. Again, this will have to be someone who trusts you as they will be risking their own credit score if you fail to make the payments.
But, if it all works out, you can not only get the loan you wanted, but it will also help you build your own credit history as, even with a cosigner, you will still get this on your credit report.
Get a Student Loan.
Federal Student Loans are usually approved and don’t need a cosigner, even with no credit history. Obviously you will need to be going to college to qualify for this, but it is a way to get more credit being reported so you can build that history.
Get a Credit Builder Loan.
This one is tricky and you need to evaluate it very carefully. Essentially this loan works by you depositing the amount you want to borrow into an account you don't get access to until the loan is paid off in full.
This can be an expensive process and you need to be certain it is going to benefit you enough for it to make sense.
We’ll explore this one in more detail in our next email as it is fairly involved.
Sincerely,
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