How to get credit cards for people with no credit
If you are a student or an individual who has a damaged credit history, it is impossible for you to get a credit card if you have no credit or poor credit history. Credit score or credit history is being used by banks and credit card issuers to check if you are eligible for a certain credit card. It is measured by considering many factors about your financial activities and capabilities. Usually, they look into your job or bank accounts or your ability to maintain credit cards and pay off debts.
If you are a student, you usually start with nothing or what they call no credit while if in the past, you were delinquent about your loans and debts, you have been relegated to a poor credit rating. Whichever way, it might be hard for you to apply for a credit card. However, no credit credit card could be the solution for you.
In short, these types of credit cards are secured credit cards. It simply means that the credit card that is released to you is backed up by an existing bank account with a required minimum balance. In case of default in payment, this will the fall back of the card issuer.
You can apply for these secured credit cards or secured prepaid cards in you local bank. Just make sure that your card provider reports your credit history to the three main credit bureaus as your main goal for getting a secured credit card is either to build your credit history or repair a damaged one.
Another option of building your credit history is to apply for a department store card. True, they could be disadvantageous to you as it will entice you to make your purchase in their store. But this could also be a way of securing a no credit credit card which is really done for the purpose of building your credit score so that you could be eligible for credit cards in the future. Just make sure that this department store reports also to the three main credit bureau so that you could start building your credit score. Otherwise, getting a card from them would be useless.
Because getting a no credit credit card is for the purpose of making progress from a zero or poor credit rating to one that is acceptable enough to make you eligible for other cards and loans, it is also necessary to never lose sight of your goal. To be able to build your credit score to progress steadily, ensure that you must not jeopardize your credit history by lacking discipline especially in the on time payment of your monthly dues. Otherwise, the entire course that you are planning to chart will be entirely ruined and you have to start again from scratch.
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