Applying For A Credit Card With No Credit History □ Tips You Need To Know
Oddly enough, not only will bad credit work against you when applying for a loan or a credit card, but no
credit will too. Even though this doesn't seem fair, it is the way things work in the complicated world of
consumer credit. Lenders are leery about opening accounts for people with no credit history because they
simply have nothing to base your reliability on.
So, if you can't build a credit history without credit and you can't get credit without a credit history, just what
has a person to do? It's nearly impossible to rent a car, stay in a hotel, or shop online without a credit card,
so let's explore a few of the options that can eliminate this Catch-22.
Available Credit Options
Although many of the major credit card companies won't give you a card without a credit history, some
smaller ones, like department stores, will. Find a department store that will issue you a card and apply for it.
You can try getting a gas station card also. Either way, use your card but be sure to make all payments on
time. Your goal is to build a good credit history, not just get a credit card.
Find a credit card company that will review your overall financial situation and not just your credit history.
Some lenders will look at your employment history, your housing situation, and how often you have moved.
If this is all on the up and up, they may approve your application. Again, use this card wisely.
If you are a credit union member, or are eligible for membership, see what their card issuing terms are.
Although they are no giving out cards with their eyes closed, they will often have more relaxed conditions for
members. You no longer have to work for a specific company to be eligible to join a credit union. So it's well
worth checking if there's one in your area.
Secured Credit Cards
Secured credit cards are offered by lenders who will give you a line of credit that either matches, or is slightly
higher than, a cash deposit that you give them