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This document is designed to assess your ability to repay your Start Up Loan; it is not a credit-scoring document.
If youve never opened a credit account before, you have no credit history, as theres no financial data to report or score you on. Without a credit history, it can be difficult for financial institutions to approve you for certain products as they have no information to assess your riskiness as a borrower.
Why Dont You Have a Credit Report? If you have no credit accounts or have opened an account or accounts with lenders that do not report the payment status to a credit reporting company, you will not have a credit report.
Credit/No Credit Grades (Seaver College Information Only) For undergraduate students, a grade of CR is assigned to indicate work equivalent to an A, B, or C. A grade of NC is assigned to C- D or F. Credit/no credit grades are not computed into the overall semester grade point average.
However, if lenders have no record of your previous credit performance, youre an unknown risk. If they have no idea how youve previously managed your borrowing, they cannot assess whether youll repay money borrowed in the future.
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