Hey,

I want to know why all my loan applications and CC applications are rejected on the basis of NH i.e., No History. I don't have a CC or never took a loan. I am urgent need and have all the KYC and required documents.

Please suggest.

Thanks and Regards
Since you do not have a credit history, the lenders may be finding it difficult to make an assessment of your financial situation.

Typically, a Credit Information Report contains details of your credit history, including your identity information, credit accounts, loans, payments and recent enquiries. In addition the report also typically has a credit score.

What you need right now is to build a credit history for yourself. We suggest, you try to obtain a small ticket size credit/ loan such as secured credit card against a fixed deposit and ensure that the credit card payment / loan is paid in full before the due date. This will be a good first step in establishing a positive credit history for you.

Asking your bank/ lender to open a secured account, can be a good way to demonstrate you can manage your finances, which can lead to establishing a credit history and building strong credit scores over time.
Our Experts

Sucheta Dalal Trustee - Moneylife Foundation

Abhay Datar Abhay Datar is a consumer activist and is also Member of the Managing Committee of Mumbai Grahak Panchayat (MGP). He was Treasurer at MGP for over two and a half years. After working at Bank of Baroda for about 29 years, he retired as IT Manager. After retirement, Mr Datar joined Consumer Guidance Cell of MGP in 2008 and solved many cases related to banking including online fraudulent transactions, misuse of credit cards and ATM cards. Also handled cases related to mobile and mediclaim. Mr Data

Suresh Prabhu Mr Prabhu retired as Senior Vice President from HDFC Bank

R Bhuvaneswari After serving Bank of Baroda for almost 40 years, Ms Bhuvaneshwari retired as Chief Manager in 2013.

Yogesh Sapkale Yogesh Sapkale is Deputy Editor of Moneylife and writes on finance, credit related issues

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