How can I get a loan if I have no credit history?

How can I get a student loan with no credit history at all in USA?

• Hi. I moved to the states last year and have no credit history established yet. I have tried to buy a car or get a credit card but they refused it. I don't have any family member or relative living around here, so no one is going to be a cosigner. I'm all alone. I got a full time permanent job and have been working for 7 months. How can I get a loan? I'm looking into enrolling in University of Pheonix.

• Answer:

  You need to build credit, open a savings account and get a loan on that existing money. It would be secured with the funds that you put in, small amount like $500 put the $500 you borrow into that account and pay off the loan within a shorter period of time, like 4 months....open a secured credit card...Capital One offers them...you send them an amount, they put it into an account that is kept incase the credit card bill isn't paid. If you want a $500 credit line you send them a little more than $500. After so long, you pay on time, never miss a payment!!! and eventually you can apply for credit. You will have built your credit rating by doing the above. Don't go for any credit cards or loans that have high interest rates, they'll drag you down and that is the way people get into financial trouble.