:max_bytes(150000):strip_icc()/how-to-get-a-credit-card-with-no-credit-history-960228_final-851ddd0fab5e48758461fbcf51c30079.jpg?ssl=1 "Get a Credit Card With No Credit History")
:max_bytes(150000):strip_icc():format(jpeg)/how-to-get-a-credit-card-with-no-credit-history-960228_final-851ddd0fab5e48758461fbcf51c30079.jpg)
For those who are currently starting with credit, it is often the most difficult time to get credit card approval. The reason is that most credit card issuers have some form of credit history, including credit scores from applicants, to approve the new credit card application.
The following are several ways you can improve your difficulties in getting your credit card and building your credit history.
However, you will not have a credit score unless you have at least one active account on your credit report for six months. Some credit card issuers realize that people have trouble getting a credit card for the first time, and they have specially made credit cards that have no credit.
Prepare your first credit card
Requirements of income
Paying your credit card balance L you should have enough income, especially if you are under 21 years of age. The income you placed on your credit card request must be you: you can’t use your parents, spouse, or household members to qualify for credit cards unless you have appropriate access to this amount.
Revenue limits vary in terms of credit cards, but you will need to earn a minimum amount of money every month to pay your credit card balance. The higher your income, you will have a better chance to approve a credit card.
Get the prejudice
Some big credit card issuers have an online pre -qualification tool that allows you to see if a credit card is available for your credit profile. This will not hurt your credit score by its already capabilities. If you eventually follow a credit card request, this strict inquiry will appear on your credit report and has the ability to reduce your credit score.
Here are some credit card issuers who offer online pre -qualities:
The forecast approval for a credit card is not guaranteed. Other factors such as your income can cause you to refuse for a credit card for which you have been offered.
Note
If your credit card application is denied, you will get a letter in the mail that gives you the specific reason for this. Use this information in the letter to decide what you want to do next.
Setting up a credit for itself
Get Student Credit Card
If you are a student, you can qualify for students’ credit card. These cards are designed for college students who cannot have enough income or credit. You have to qualify, you have to provide proof that you are enrolling in a qualifying college or university.
There are many great credit cards that you can choose. Tighten your powers by comparing students’ credit cards based on fees, interest rates and other facilities.
Apply for Store Credit Card
Retail Store Credit Card issuers do not have the reputation for approval of credit card requests, which for people with no credit. You are more likely to get approval from “closed loop cards” which does not have a visa or mastercard brand.
You may not be able to use a credit card outside this particular store, but this will give you a chance to jump your credit history. Be careful, though, retail store credit cards have low credit limits and high interest rates. Keep your balance low and quickly pay it quickly.
Get a secure credit card
Safe credit cards are cards for people who cannot be approved for traditional credit cards. The thing that distinguishes credit cards from other credit cards is that you create a security deposit to get a credit limit. Unless you have a safe credit card, nothing is wrong unless you select someone who reports the big credit bureau and has some fees.
If you do not have enough money for a security deposit right now, you can spend a few months of savings for security deposit. Capital One has a minimum security deposit for a secure mastercard for the credit range of $ 49, $ 99, or $ 200.
Get Credit Builder Loone
This type of loan is like a secure credit card. You take out a small loan from a bank, and you use loan funds to open a lock -savings account. The loan is paid with small, manageable payments over six to 24 months, which helps you prepare your credit over time.
The bottom line is that you may have to pay interest out of your own pocket, and you may not have any funds to use it for something else until you pay the loan.
Get help in making your credit
You may have trouble making your own credit jump. A relative, spouse, or close friend may be willing to help you set your credit so you can have easy time to get a credit card in your name.
Get a co -signatory
Someone with a job and a good credit may be ready to apply with you, but be aware that there are defects in getting a credit card with a co -ordinator. One, you have another person who is involved in your financing, watching your purchase, and making sure you pay a credit card. If you are not responsible with a credit card-if you lose payments or maximize the card-the credit for the Signer is also affected.
Be an authorized user
Many credit cards allow a competent user to be added to the current account. As an authorized user, the entire account of the account is included in your credit report, which benefits you a set of credit account. Once your credit report has your active account, it is very easy to qualify for a credit card itself.
A relative, spouse, or a close friend may be willing to include you as an authorized user into an account. There is no credit check here and it is not as dangerous as the co -signing because you can be removed from the account at any time.
More useful points if you have no credit date
Once you are approved for a credit card, use it responsibly so that you can qualify for better credit cards and loans in the future. Keep a low balance and try to make it full every month to make a good credit history. Also, keep these other indications in mind:
- If you do not have a previous credit history, don’t give up. Talk to lenders and ask if they have other ways to qualify you for a credit card. Some lenders will consider the payment date from the rent or utility records, and you will not know unless you ask.
- Avoid submitting a lot of credit card applications. If you reject for a big credit card, even if it is a credit card for students, do not apply. Instead, find a store credit card or secure credit card. Choose these credit cards ahead of time so that you do not intensify a credit card that approves you.
- See for any credit card that guarantees approval without testing your credit score first. There is probably a high fee or a catch in the form of a high interest rate or both.
Frequently asked questions (Normal questionnaire)
How often can you apply for a credit card before you hurt your credit score?
Although strict inquiries of credit card applications can hurt your credit score, there is a period of grace that allows you to conduct multiple inquiries without negative numbers for each check. Depending on the scoring method, you have to connect strict inquiries between 14 and 45 days into the effects of a single credit score. The period of grace applies only to the same type of test, so a car loan or mortgage application will always be counted as a strict inquiry separate from a credit card request.
What do I need to apply for a credit card?
You need to apply for a credit card personal information about yourself. You will need to provide your name, birthday, social security number, annual income, and other information with these lines. Linking a credit card account you may also need to provide a bank account information, especially if you are getting a safe card that requires a clear security deposit.
