Credit Repair

Is It Possible To Get A Credit Card With No Credit History?

Though the task is a little challenging one and it might also require you to spend some quality time to do research, it is still very much possible to get a credit card with no credit history. There are plenty of alternative options available out there. It is very important for you to understand that good credit history is not the only qualifying criterion that banks and other companies look into the applicants. Therefore, if you focus on improving your situation in connection with other factors, you can have a good chance to qualify for a credit card even if you have no FICO score to boast about. Following are some tips and suggestions that will make the task a little easier for you.

If You Cannot Build Credit, Establish Credibility

Since you have no credit history, the prospective lenders will look into other characteristics that might just make you eligible for a credit card. For example, they will look into your bank account to see how old those accounts are and whether you have those accounts with the same bank for a long period. The longer this period is, the better are your chances to get a credit card with no credit history. The lenders will also consider how long you have been working in the same company or if you have changed your employer quite frequently. If later is the case, your application is very much likely to be rejected. If you have lived at the same placed and have not changed your residential address for many years, it will also work in your favor. On the other hand, if you have been moving from one place to another quite frequently, you have a weak case.

Secured Credit Card

This is the probably the safest and best option that you should go for considering the kind of situation you are in. Unlike a secured loan, a secured credit card does not require you to put a property as collateral. Instead, you are asked to deposit a certain amount of money in your credit card account, which actually becomes the maximum limit on that card. It means you cannot spend more than what you have deposited using your card. If you want to get a credit card with no credit history, you must seriously consider this option, as it is also a great way to rebuild your credit. It is easy to qualify for and you can also get low rate offers.

You also have an option to talk to your bank where you have a savings or checking account. Depending upon how good and old your relationship with that bank has been, y6our application for a credit card may be considered even if you do not have a credit history. You have a bright chance here, as the bank already knows everything about you; they have all the details, including your residential address, your employment records, where you get your income from, how much you spend every month, and other such things. If they find that you are good on other factors, they may allow you to get a credit card with no credit history.


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