Start with Your Bank

• Holding a savings or checking account with a bank or credit union opens the door to credit cards with the institution. Getting a major credit card can prove challenging with no prior credit history. But, if you have a good relationship with a bank, they may approve you for a secured credit card if you provide a security deposit that acts as collateral.
  
  

Cosigners

• Having another person cosign you credit card or loan application is a technique for acquiring credit if you can't based on your own information. Cosigning benefits you, but it's risky for the person who decides to help you. By cosigning your credit or loan application, this person is essentially agreeing to make your payment if you default. For this method to work, cosigners need steady income and a high credit score to compensate for your low score or no credit history.
  
  

Collateral-Based Personal Loan

• Being employed and having collateral -- car title, jewelry or other valuable property -- can help you get credit if you have a low credit score or no prior credit history. Lenders reviewing your application will factor your collateral into the equation. And, if the value of the collateral matches the requested loan amount, they may approve your application. Because collateral secures the loan, lenders can repossess your collateral if you default.
  
  

Auto Loan

• Larger car dealerships may not approve your loan application with no credit history because they can't judge your willingness to repay the loan. In this case, dealers might require a cosigner for an auto loan. If using a cosigner isn't an option, check out privately owned dealerships that offer in-house financing to see if you qualify for a bad credit auto loan. These auto companies may approve your loan with no credit check and no cosigner, but charge a much higher interest rate on the vehicle loan.
  
  

Credit Card Option

• Teenagers looking for ways to start their credit history can benefit from their parent's good credit habits. Using a parent, spouse or sibling's credit card and becoming an authorized user on the account is one way to get and build a credit history. The entire process takes minutes, and the primary accountholder simply calls the credit card companies and adds the name to the account. Authorized users receive a credit card in their name and the credit card will show on their credit report.