Surprisingly, not only will bad credit work against you when applying for loans or credit cards, but also there will be a credit. Although this is not fair, it is the way things work in the complicated world of consumer credit. Lenders suspected of opening accounts for people who have no credit history because they simply do not exist base your reliability.
So, if you can not build a credit history without credit and you can not get credit without a credit history, just what people do? It's almost impossible to rent a car, staying in a hotel, or shop online without a credit card, so let's explore some options that can eliminate this
Available Credit Options
Although many major credit card companies will not give you a card with no credit history, some smaller ones, like department stores. Find a department store that will issue your card and apply for it. You can try to get a gas station card also. Either way, use your card, but be sure to make all payments on time. Your goal is to build a good credit history, not just get a credit card.
Find the credit card companies will review your overall financial situation and not just your credit history. Some lenders will look at your employment history, your housing situation, and how often you have moved. If this is all over and over, they may approve your application. Once again, use this card wisely.
Credit Unions
If you are a credit union member, or eligible for membership, see what their card issuing terms are. Although they do not provide a card with your eyes closed, they will often have more relaxed conditions for members. You no longer have to work for a specific company to be eligible to join the credit union. So it's worth checking if there is one in your area.
Secured Credit Cards
Secured credit cards are offered by lenders who will give you a good credit lines match, or slightly higher than, cash deposit that you give to them to continue. As your experience with the card grows, lenders will often increase your limit without requiring you to increase your deposit. Finally, you can use your experience with this lender to apply for a card that is not guaranteed.
Student Credit Cards
If you are a student, then you'll be best off with a student credit card. Student credit cards can be a great way to build a credit history that you will need to rely on after graduation. The important thing here is to remember to use that opportunity wisely. Many banks will issue college students a credit card, especially banks located in towns college or university and the city.
When you manage to get a credit card, remember that you build a credit history. Show that you are a good financial risk by paying bills on time. Do not go crazy with spending. This will only cause you problems in the future.
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