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Today credit card companies take care of their consumers with no credit history and offer special cards. These cards allow their holders to build good credit history and enjoy its privileges in the future.
The better your credit history is, the more trust-worthy for creditors you are. Well, what to do if you have no credit history? There is always a solution.
• You can become an authorized user of your friend's or relative's card. That's really a convenient way. But if lenders don't report your payment history to credit bureaus, be sure you waste your time down the drain.
• If you decide to be the only holder of the card, there are two variants.
1. You can apply for a secured credit card. It requires a bank deposit that becomes your credit limit for the account. Let's say, you put $500 on your deposit; so that is your limit.
2. The second variant is unsecured cards for no credit. They are issued for consumers who are eager to start credit history. You don't need to open and maintain checking accounts. The banks report to 3 major bureaus every month, what plays into your hands.
However, as you are in the risky consumers group of repayment, cards for no credit require paying higher rates and having a low credit limit. Credit card companies need to be secured from the risk of repayment and money waste. Make payments on time regularly and your lenders will look at you as a reliable borrower and make your limit higher.
Whichever card for no credit you choose, a way to good history takes patience and time. Go towards your aim - good credit score. As soon as you reach your goal, you understand its privilege - to choose among credit cards with the alluring options, such as low APR, balance transfer, and no annual fee.
Credit Cards Tips
Having a certain credit score makes clear what credit card offers are for you. Good credit is valuable. It opens you doors to numerous lucrative credit card deals with tempting rates, rewards programs and reasonable fees. Having bad credit gives you a hard time finding a profitable offer. If you have no credit history, you fell between two stools. You are not eligible for good credit offers because you have not proven your creditworthiness. On the other hand, you have not faced defaults or credit exceeding to apply for bad credit cards. So, what credit offers are good for you?
Bankruptcy leaves a black mark on your credit score. Your level of credit risk dramatically goes up in creditors' eyes. Fortunately, the effect doesn't last forever. Filing for Chapter 7 or Chapter 13 bankruptcy will affect your credit rating for up to 10 years. Long before the bankruptcy is removed off your credit report, you can qualify for credit cards with good rates and moderate fees. Certainly, a lot will depend on your specific situation, for example the level of income or age of bankruptcy. But you can take measures to improve your credit rating.
Slowing economic activity strains budgets of many companies. Nobody is protected from job losses or other unexpected life-changing accidents. If you lose the source of income, you can get into a serious financial trouble. Don't make your situation worse by falling into bad credit! Otherwise you can increase your borrowing costs and make it harder to get a new job - some employers take into consideration your credit history. Keep paying all your bills on time to maintain a positive FICO score. Our tips will help you manage your finances and, hopefully, ensure your peace of mind during difficult life events.