By David
If you have ever tried getting a credit card but do not have any prior credit history, you probably already know how difficult it can be to get approved for one. Time and again, you’ll apply for a card that looks good only to be turned down because of the absence of any credit history. It seems like the question of how one goes about building that history remains unanswered. However, getting a credit card for no credit does not have to be difficult. If you know what type of cards to pursue, then you can find a card company that will work with you to get you a credit card.
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Prepaid Credit Cards
While a prepaid credit card is not going to help you build up your credit history, it can get you started on learning how credit cards can be used, and the possible pitfalls to avoid with other types of cards. This type of card is a good choice if you really just need a card for online shopping or as an alternative to a debit card as it functions like a debit card but offers extra security (including a spending limit that you set by how much you put on the card).
Bank Credit Cards
The major credit card providers actually do not issue cards directly, but typically do so through financial institutions like banks. If you are looking to get your first credit card, and are opening a new account with a bank, see if they have any credit cards you could apply for. There is still a chance of being turned down, but most banks will do everything they can to get a credit card for their customers, including accepting a co-signer on the account. This can be a great option for get a credit card for no credit, especially for students who can have their more credit worthy family members co-sign with them.
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High-Interest Credit Cards
This type of card is actually intended for those that lenders deem “high-risk” candidates for a credit card. Often, this kind of card is going to be the only type available to those with a bad credit history or no credit history at all. With most boasting a 22% or higher APR (annual percentage rate) they are not the greatest option for get a credit card for no credit, but still offer the benefits of a legitimate credit card, including the ability to build a positive credit history. Because of the high interest rates often associated on cards like this, you will want to use it for items you buy on a regular basis and pay it off immediately, taking advantage of the no-interest “grace period.”
Though it might be difficult to get your first credit card, it is possible to do so. While having the knowledge above is not a guarantee, it will significantly increase your odds of getting a credit card for an individual with no credit.
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