How To Get A Credit Card With No Credit History?

No Credit Card Without Credit HistoryHow can you get a credit card with no credit history? That is one of the biggest challenges that people with no credit background face. Lots of people may think that bad credit is the one thing that can hurt you when it comes to getting a loan or credit card, but strangely enough, having no credit history at all also makes you a likely candida for disapproval. And ironically, you can get a credit card with bad credit.

To be honest, I don’t think that’s fair, but sadly it is the way in which stuff are done in the complex realm of credit. Creditors are reluctant with regards to opening up accounts for folks without any credit history, mainly because they have absolutely nothing by which to assess your dependability.

These days, it’s almost impossible to lease an automobile, secure a hotel, or even make an online purchase without any credit card.If you cannot develop a credit history without having credit, and if you are unable to obtain credit without having a credit history, what else could you do in this scenario?…

Fortunately, you will find a couple of ways through which it is possible to acquire a credit card even with no credit history.

 

Getting A Credit Card With No Credit History

 

1- Get A Secured Credit Card
Get a secured credit card, that works in a different way than just a typical card. Rather than the firm providing you with an established limit, you’ll be expected to first deposit money and your borrowing limit is equivalent to that deposit or perhaps a percent over that amount. If you work with a credit union, inquire about secured credit products prior to looking into various other options.

In any other case, browse Bankrate’s directory of secured credits that have lower fees and be certain that the company you ultimately choose reports to the credit agencies.

So long as you’ve demonstrated self-discipline with your secured card, the company will probably qualify you for any standard credit card following 12 months of timely monthly payments. Do not forget that due to the fact secured cards normally have high rates of interest, you should not keep it more than necessary. Just like any credit card, ensure that you fully grasp pretty much all fees included ahead of opening up an account.

2- Get A Store Credit Card
Store credit cards possess a status of granting credit card applications for those who have absolutely no credit. You’re more prone to get approved from the cards that don’t have a Visa or MasterCard brand. Be mindful: retailer credit cards feature minimal credit limits and high aprs. Keep the balance low and repay the account balance in order to avoid having to pay lots of interest.

3- Obtain A Student Credit Card
There are different kinds of credit cards for students. If perhaps you’re a college student, chances are you’ll be eligible for a student credit card. These credit cards are meant for college students that might possibly not have a sizable source of income or even a credit history. Pick cautiously. Many student credit cards feature high rates of interest and a lot of extra fees.

4- Get A Card From Local Credit Union
In case you are a credit union client, or perhaps qualify for membership, find out what precisely their card giving conditions are generally. They frequently feature much more laid back conditions for regular members. You will no longer have to work with a particular firm to become allowed to become a member of a credit union. Therefore, it’s worthy of checking to learn if there is one in your community.

 

The above methods may be the only way you can start building your credit history. And you are the one who can determine what credit card you should get, but from personal experience, I would highly suggest you go with a secure credit card as that is how I personally got a credit card with no credit history.

You can leave a response, or trackback from your own site.

Leave a Reply

Subscribe to RSS Feed Follow me on Twitter!