Get Your First Credit Card Without a Credit Score
It is a well-known fact that a credit card is really important for any individual. However, getting a credit card without a credit score history can be quite a task. Mainly, this is because banks require a good credit history before they issue a credit card. Some organizations do provide credit cards to people with no credit history. Yet, some conditions need to be met. Listed below are some ways you can get a credit card with no credit history:
Having a Job is an Important Prerequisite
Banks need to ensure that a credit card holder is capable enough to pay back the money, so the issuer needs to have a job. It is not relevant if someone else such as parents or spouse has a job. A credit card without any credit score can not be issued based on relations jobs. If your income is high, you have a better chance of getting a credit card without a credit history.
Search for Someone to Share Your Card With
A lot of times you might be unsure if you will be able to pay back the money to the bank. In such a situation, it may be beneficial to find someone to share a card with. However, you need to be careful. Sharing credit cards comes with sharing your financial and expenses information. Carelessness on one of the partners will affect the credit score of the other as well.
Try Getting a Store Credit Card
A store credit card is a card that can only be used in particular stores. Yet, the advantage is that most stores usually provide credit cards to people without any credit history. It can’t be used outside that store, and it usually has high-interest rates. But it is a way to start your credit score.
Apply for a Student Credit Card
College students can qualify for a student credit card. You just need to provide the bank with proof that you are in a qualified college or university. Student cards can have a high rate of interest, too.
Try a Secured Credit Card
A secured credit card is one that is backed by collateral, like jewelry or a house. If you are unable to get a credit card because of a lack of credit history, you can try this route. In this, the credit limit is determined by the collateral. The higher the value of your collateral, the more would be your credit limit.
Try for a Credit Enhancer Loan:
In this, you could take some loans from the bank to deposit the money in a fixed savings account. You pay the back interest for a fixed period. The fixed savings account help enhance your credits. This is suitable for people who have a job and are able to pay the interest.
Try to Look for Alternatives for a Credit History:
The majority of the time, a money lender will have set criteria for people without a credit history. This may include rent payments, previous bill payments, etc.
Try Using a Prepaid Card:
A prepaid card is an alternative for people who do not own a debit card. This doesn’t help develop a credit history. It is just a card you can use to make payments, such as groceries, etc. It can be difficult to get a credit card without any credit score. You may apply to a lot of places, but if nothing works, you can always try a secured credit. Or you can start with a store credit to build some credit history.
