 TITLE: How to Qualify for a Loan When You’re New to Credit CONTENT: Consider Building Credit Before Applying for a Loan\n---------------------------------------------------\nIf you're new to credit, you may feel like you're stuck in a Catch-22—you can't get a loan without credit, but you can't build credit without a loan.\nFortunately, there are other ways to get credit for the first time.\nThe easiest way is to become an authorized user on a loved one's credit card account. Once you've been added, the account's entire history will be added to your credit report, so it's important to do it only if you know the account has a positive history and a low balance relative to its credit limit.\nAlternatively, consider a secured credit card or an unsecured card for limited credit, like the Petal® Visa® Credit Card mentioned above. Before you open a credit card to build your credit, make sure the card issuer reports monthly payments to all three credit bureaus.\nOver time, check your credit report and credit scores regularly to view your progress and make adjustments as needed. Making all your payments on time and keeping your balance low will maximize the positive impact a credit card has on your credit scores.\nBuilding your credit file and improving your credit score will open up more opportunities to get approved for a loan at a reasonable rate. END