No credit card
The trustworthiness of a customer would depend on the credit history of the consumer. If the consumer does No t provide any credit history then the credit card company would have No clue about your spending habits. In such cases the credit card company would No t take any chances in giving out the money to you. Besides this the bad credit history would be just as harmful to you and you would No t get any credit.
This is a never ending cycle that if you don't have credit you would No t get a credit card and when you don't have a credit card you would No t be able to make your credit. This is the most common question that people are facing these days. However there are some options that are made available to people. One of these options is the secured credit card.
Options for No credit card
With a secured credit card the credit card issuer would give you a credit card based on the cash deposit and once that you are an established customer then the lender would increase your limits against the original deposits. In case the bigger companies in the field of credit card do No t issue you a line of credit then you can opt for smaller companies. Your aim should be to make sure that you get a credit card so that you start making some form of credit. You should try and convince the lenders with your employment details, your assets, housing etc whatever can help you make your stand clear.
There are some credit card companies that would look into your financial situation and would consider your job status and the housing situation. If they are convinced then they can consider giving you a credit card. The credit unions usually do No t have strict rules and are quite flexible about their regulations. If you are a member of a credit union then you can take a credit card from these organizations.In case you are No t a member then you should consider taking up a membership with these organizations.Once you become a member then it can make things simpler for you and you can obtain a line of credit easily.
The college issues these card s and this is one of the best options that can help you build up some credit. When you get a card you should spend wisely and make sure that the payments towards these card s is made on time. Once you start making payments on time these payments are reported to the credit reporting bureaus and you can start building your credit. Once that you start building some good credit the bigger companies would start considering you as a potential customer rather than a risky customer.
How to take No credit card
When taking a No credit card your main aim should be to build some credit. Once you get the credit card you should make payments towards the card on time and this is how you can build your credit history. Once that your credit worthiness increases the credit history would start building slowly and you would have a good credit history in some time.
When you take a No credit card then you should be sure that you could convince the lender that you would be making payments on time. Once that the lender is convinced and you get the credit card you should also consider making the payments on time. Once the payments start coming on time the credit bureaus start reporting your credit and this can help you secure a credit card with better interest rates. This will also help bigger companies is developing faith in you and you can get a credit card with some other attractive offers also.
The first place that you should approach to get a No credit card is the bank in which you have an account. Usually banks that have your account would give out credit card s after some preliminary investigation about your job and your financial condition. If the credit card issuer is convinced that you would be able to make the payments on time then they would give out the credit card to you against the savings account as the security. This factor makes it very important that you demonstrate to the credit card issuer that you would be able to make the payments on time.
When taking a credit card you should be sure that you read the terms and conditions of the loan.When going through the terms and condition you should make sure that you pay special attention on the late fees, penalties for late payments, over-the-limit fees etc.When you do No t submit the late fee for a credit card then the provider is capable of charging you with a higher interest rate or a late payment charge.
Examples of No credit card
Some of the companies that offer credit card to people with No credit card mentioned below:
Centennial Gold Mastercard from First Premier bank: Their credit card is available at regular APR 9.9% and annual fee $48.00.
New Millennium Bank Secured Platinum Visa or Mastercard: This is a secured card available at regular APR of 19.50% and annual fees of $59.00. You can opt for balance transfers with this card.
Orchard Bank Secured Mastercard: This card is available to people with No credit at a regular APR of 14.90 and an annual fee of $39.00 - $79.00.
All-Access Visa Prepaid card: This is a prepaid credit card for people with No credit available at a monthly fee of up to $9.95.
Other Articles
