Getting a Credit Card with No Credit History

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Getting a Credit Card with No Credit History

Those that do not have credit with have a harder time getting approved for a credit card. This is due to the fact that you do not have a credit score yet and you will not have one unless you have at least one active account on your credit report for 6 months.credit card

However, there are credit cards that have been specifically designed for those with no credit.

You Need a Job

You will need to have an income that allows you to make the repayments on your credit card balance. The income that you state on your credit card application must be yours in order to qualify for a credit card.

Pre-Qualify for a Credit Card

Some major credit card issuers will have an online pre-qualification that allows you to see if a credit card is available for your credit profile. Pre-qualification are soft credit checks, so they will not hurt your credit score or show up in your credit report.

If you go through with the credit card application then the enquiry will show on your credit report and it can decrease your credit score.

Student Credit Card

If you are a student you might be able to get a student credit card. These cards are designed for students that might not have a large income or a credit history.

Store Credit Card

Store credit cards are known for approving credit card applicants for those that do not have credit. These will generally have low credit limits and high interest rates.

Secured Credit Card

If you choose to go for a secured credit card, you need to ensure that it reports to the major credit bureaus.

With this type of credit card you will make a security deposit in order to get a credit limit. Try and choose one that has fewer fees.

Co-Signer

If you are unable to get a credit card on your own then you could take advantage of someone else’s good credit. You can get someone that has good credit to apply with you, but keep in mind that if you miss payments or are irresponsible with your credit card then the cosigner will also be affected.

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