Is it even possible to build your credit score having no credit history at all? Are there any reliable options for people with no credit? This frustrating problem is shared by a lot of people. What are you supposed to do if you really need a card, but you don’t have a credit history?
Let’s find out.
Best Cards for People with No Credit History
A credit history is one of the first things a bank looks for when deciding whether to issue you a card or not, evaluating the banking experience you had before. If you don’t have a score record at all, their decision can be quite unexpected. Still, there are a few options for people in that difficult situation. Thousands of banks and millions of customers face the problem of credit history every day. But everyone needs a point to start from.
There are some things you should do in case you need a credit without a score record. First of all, you need to choose a bank that is open towards customers best credit cards to rebuild credit with no credit history and to prepare a set of documents to fasten the procedure of getting a card. Let’s follow everything step-by-step.
3 Credit Cards with No Credit History Check
- Primor Secured Visa Gold has one of the highest prices with more than 48$ of the annual fee. At the same time, it is one of those cards which has a lot to offer – low APR, no credit check, guaranteed approval, and much more;
- OpenSky Secured Visa has convenient payment (over 30$ of annual fee) and no credit check and checking account required;
- Merrick Bank Secured Visa has both annual and monthly fee from the second year but offers quite low APR.
As you can see, all of the cards listed above are Secured ones. What does it mean?
It is like any other card, but it has one very important difference. You have to pay a security deposit. So, you pay your bank a certain amount of money, which it holds onto if you don’t pay your credit bill. But this doesn’t make Secured option worse or better than other cards provided by the bank.
And now let’s look at some «Don’ts» you should avoid to make a process of getting a card easier.
- Stop applying to the same bank for the same card if the company has already declined your request;
- Don’t get a co-signed loan with someone else’s card.
If you’re a student, you can apply for a Student credit card instead of a Secured one. It always depends. Look for the terms and conditions provided by the bank for this or that card. Always compare them. Do they require an annual fee? Do they have a monthly fee? What is the interest rate?
And the last but not the least is a small recommendation. Don’t apply for a lot of credit cards at once. Take your time and make a decision to get the one card to help you build a credit score. Just choose a card with reasonable fees and pay on time. Be patient, it will take some time for you to build up a credit history via a Secured card. But that is definitely worth doing it.