4 Pointers for Card Applicants with No Credit History

January 23rd, 2013 · No Comments

Image from www.freedigitalphotos.net.

Image from www.freedigitalphotos.net.

Is it really possible to score a line of credit even if you don’t have credit history? Yes it is. In fact, there are several card programs you can sign up for even if you’re yet to establish your credit profile.

Suppose you wish to immediately receive a credit card account you can use for covering your day-to-day expenses. What can you do to receive such line of credit, in the soonest possible time? To know the answer to this question, we suggest you pay close attention to the suggestions we have discussed below:

Secure the repayment of your future card charges by submitting a lump-sum to a secured credit card issuer. After all, with such card program, there’s no need for you to worry that your lack of credit history might get in your way of qualifying for an affordable line of credit. As long as you can submit the security deposit requirement to your chosen card company, plus completely filled-out application forms and personal documents; soon you will be granted a suitable card account where you can charge your purchases and bills.

Still, you should never rush into signing for the first program you will stumble upon. Instead, we encourage you to take the time to compare the offers you will receive. By doing so, you can improve your chances of finding and eventually taking out a line of credit that suits your needs, spending habits, and most importantly, your budget.

Image from www.freedigitalphotos.net.

Image from www.freedigitalphotos.net.

Look for a co-signer. If you have a very tight budget which would prevent you from getting a secured credit card then, you may decide to ask a close friend or a relative, most especially one with an excellent credit standing, to co-sign your application for a credit card. Always remember that the high credit score of such individual can compensate for your lack of credit history and thus boost your likelihood of being granted a suitable card account.

An important reminder though. The manner by which you will handle your line of credit will have a huge impact on the credit history of your co-signer. This means that if you wish to help your close friend or relative maintain his/her good credit reputation then, you should employ responsibly credit and payment habits, all the time.

For high school and college students, ask your parents to provide you with an account extension. That way, you won’t have to approach credit card firms and banks, anymore.

Still, we advise you to manage your supplementary card account in the best way possible. Settle your bills prudently and completely and never max it out. In so doing, you can help your parents maintain high credit scores and you can help them avoid incurring pesky fees and charges.

Scout for companies that cater exclusively to consumers with poor and no credit profiles, both offline and online. After all, these firms can provide you credit card programs with competitive rates of interest and terms, despite your lack of credit history.

Image from www.freedigitalphotos.net.

Image from www.freedigitalphotos.net.

Just make sure that you will ONLY strike credit deals with legitimate and credible firms. Otherwise, you might end up taking out a program from an organization being run by fraudsters and scam artists.

About the Author

Alexandra “Alex” E. Smith is a certified finance expert and one of the featured writers of Bad Credit Credit Card Site – a website that caters to questions about prepaid, unsecured and secured credit cards. For more information about credit management, and for the latest trends in personal finance, please visit their blog, right away!

Image: FreeDigitalPhotos.net

Tags: Articles · Credit Card · credit history · no credit · Personal Finance · secured credit card

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