Introduction
Applying for a credit card when you have no credit history can be very stressful. Look through some options that can help you overcome the barrier and great ways you can use to start building an impressive credit history.
Step 1
When you apply for a credit card, lenders have to go through a process before they decide whether or not you qualify to get a credit card. One of the most common determinants is your credit history. This is available for lenders in the credit reference agencies such as Callcredit and Equifax. However, not everyone has a credit card rating. This may be first time borrowers who have no prior experience with credit thus their records will not be available. It is unfortunate that the above reason is enough to disqualify you as a potential credit card holder. However, you can use various methods in order to get a credit card without having to use your credit rating as a qualifier.
Step 2
You can get a credit card which is meant for people without credit rating. Contact your lender and find out whether they have the limited credit cards or the no credit credit cards. Like all the other cards, they vary and it is up to you to see what is offered on each before you choose and apply for it. You can apply for the cards from your lender or you could get them online. Read the terms and conditions before you apply to get a credit card. Ensure that you give accurate information before submitting your application to increase your chances.
Step 3
Secure credit cards are easier to get because they are given against a limited amount you should deposit in the bank before you get a credit card. In the event that you do not pay back the credit as agreed, the bank will use the secure deposit to repay the credit. If you make the payments as required, it will be easier for you to qualify for a credit card in the future. You should also not worry about having secure credit card records in your history as it will not be reported. If you have had an active bank account, you can talk to your host bank about your interest in a credit card. Building a rapport with your bank is important in case you ever need such services. Talk to a representative about your intentions. Instead of applying online, go for a face to face chat to further increase the chances for you to get a credit card.
Step 4
Gas stations and department stores also give credit cards at very lenient terms thus it is easy to apply and get approval. Their interest rates are however much higher and the pressure to spend while you have them is almost irresistible. You can get a credit card from them, spend wisely and pay promptly. This will go into your records and help you secure the credit cards of your choice in the future.
Step 5
Lastly, if you have applied for a credit card before and got some denials, you can check out the reasons stated for the denial since they are very clear. If you can turn around the reasons, do so and wait to get a credit card. If you are lucky, it may have absolutely nothing to do with your credit history.
Tips
When you apply for a credit card, lenders have to go through a process before they decide whether or not you qualify to get a credit card. Having a previous credit record will hel but if this is not the case, there are a few tips that will help you get a credit card with no credit.
