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If you have no credit record, chances are that your APR on a loan will be higher than what would be charged to those who have stable credit ratings. The reason for this is because without any credit history, you could be considered "high risk" ... granted one cannot get credit history without having credit, but the credit determination is often black and white - you either fall into one category or the other - there are no gray areas when dealing with credit or credit history.

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16y ago

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