How to Get a Credit Card With No Credit History

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People with no credit is often a difficult time when not approved for a credit card. This is because most credit card issuers need some history, including credit scores, to approve a new credit card application.

However, unless you have at least one active account for six months in your credit report, you do not have a credit score. Some credit card issuers believe that people are having trouble getting credit cards for the first time, and they have made a credit card for credit without credit.

The following are several ways in which you can improve your difficulties to keep your credit card secure and start your credit history.

You’ve got a job

You should have enough income to pay your credit card amount, especially if you are under 21 years of age. You should have your credit card applied to the income on your own: You do not have any proper access to the money that you can not get used for your parents, spouse or other household members as qualified for a credit card.

Credit card based income limit is different, but you should make the least amount of money to pay your credit card amount every month. The high amount of your income, you will have a better chance of getting a credit card, even if you do not have a credit score.

Inappropriate for a credit card

Some major credit card issuers have a lien online that allows you to see if a credit card is available for your credit profile. This liens are usually soft credit checks, which means they do not hurt your credit score or if you check someone’s report, do harm to your credit report. If you follow the credit card app eventually, this hard test will show up on your credit report and the ability to reduce your credit score.

Denial of credit card does not guarantee approval. Other factors, such as your income, may refuse credit card for which you have been pre-determined. If you deny, you will receive a letter in the mail that tells you a specific reason. Use this information to determine what you want to do in the letter later. Both Capital One and City have online prevarication apps.

Get a student credit card

If you are a student, you can qualify for a student credit card. This card is designed for college students who do not have enough income or credit history. To qualify, you must give evidence that you have enrolled in a qualified college or university. Carefully choose. Some student credit cards have interest rates and many fees.

Apply for a store credit card

The retail store that introduces a credit card has the reputation of having credit card apps without credit. You may get a “off-loop card” approval, which does not have a visa or master card brand. You will not be able to use a credit card outside of that particular store, but it will give you the opportunity to start your credit history jump. However, there is a low credit line and high interest rate as a retail store credit card. Keep your balance low and pay it quickly to prevent high interest rates.

Get a secured credit card

Secured credit cards are cards that can not be approved for traditional credit cards. As long as you do not report to the main credit bureau and you have some fees, there is nothing wrong with having a secure credit card.

Is Secured Credit Card Different from Other Credit Cards, Do You Deposit Security to Get a Credit Limit? Some secured credit cards come with many fees, but some credit card fees are kept at a minimum. If you no longer have enough money for a security deposit, you will save a few months for a security deposit. Capital One Secure MasterCard has a minimum deposit of $ 49, $ 99, or $ 200 for a credit limit of $ 200.

Get Credit-Builder Loans

This type of loan works like a secured credit card. You take a small loan from the bank, and you use the loan fund to buy a certificate of deposit (CD) from the bank. You pay the bank over time, and when you pay the amount, you are the owner of the CD. See this as a compulsory savings plan that helps you make a credit at the same time. Downsides is that you will have to pay interest from your own pocket for a loan, and you will not have any money to use for anything until you pay the CD.

Get a co-signer

If you can not get a credit card yourself, then you can take advantage of someone else’s credit. You can get someone with a job and good credit to apply with you, but keep in mind that there are drawbacks in getting a credit card with the co-signer. You have another person who is connected to your finances, is looking at your purchase, and ensures that you pay a credit card. If you are not responsible for a credit card – the credit of the co-signer is also affected if you remember the payment or maximize the card. Think carefully before getting a credit card with someone else.

Become an authorized user

Becoming an authorized user on someone else’s credit account is similar to using a co-signer, but is probably risky. Anyone who has a credit card account already can add you to your account and order an additional, physical credit card for your use. The danger is that you may be on the hook for account payments if the account holder does not have the money to pay the account suddenly.

The person making you an authorized user is taking the risk that you can charge the card and then leave the city, so there is a large number of beliefs in this arrangement on both sides. If you go this route, make sure to check with your credit bureau to ensure that your usage is being reported and understand that if the primary cardholder does not pay the bills on time, A negative mark may be found on the report.

Make a small purchase

If you have credit in the past and still have open credit accounts, but have not used them in a while, then consider making a small purchase and paying it quickly. Even good credit activity will break out of your report after 10 years, so you may need to start using any of the existing credits you have in order to qualify for a new credit account. To build your credit history from

More useful tips if you do not have any credit history

Once you are approved for a credit card, use it responsibly so that you can qualify for a better credit card and credit in the future. Maintain a low balance and try to complete it every month to create a good credit history. Also keep this information in mind:

  • If you do not have any past credit history, do not give up. Talk to lenders and ask if you have other ways of getting a credit card qualification. Some lenders will consider
  • payment history from rental or utility records, and you will not know until you ask.
    Avoid submitting a lot of credit card applications. If you are turned down for a major credit card, even if it is a student credit card, do not apply. Instead, see Store Credit Cards or Secured Credit Cards. Select these credit cards ahead of time so that you do not search for a strict credit card that will approve you.
  • Look at any credit card that first guarantees approval without checking your credit score. There is probably a catch in the form of high fees or high interest rates or both.
  • Prepaid card is an option for a credit card, but it is helpful only when you do not have a checking account and a debit card. Prepaid cards will not help you in making credit history. They just give you credit-card transactions, like paying on a gas pump.

Also Read : 6 Ways Credit Cards Affect Your Credit Card

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