What you need to know about getting credit cards for no credit score

Posted on : 19-01-2012 | By : admin | In : Business Directory

Tags: best credit cards

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If you have no credit history at all, then you may find it difficult to apply for best credit cards. As most issuers check credit history, then they will most often deny applications from people without a lot of it. They prefer people who have purchased using credit cards prior to determining whether these consumers are worthy of a new credit card.

However, you can actually get credit cards even if you have no credit history. Not all card companies and banks determine credit history as the main criteria. Some consider the applicant’s financial strength, capacity and earning potential also. You should address these credit card issuers.

Again the income of the applicant can be very important. Anyone with little credit history may either request a secured credit card or a student credit card if he or she is in college.

A secured credit card is a type of card that is supported by a bank deposit. The money in an account is used as guarantee or collateral for the credit card. Generally, the minimum amount that can be deposited is $ 300 with the maximum being $ 5,000 or even $ 10 000 in some cases. As a bonus, credit card companies and banks offer cardholders to build a credit history in just 12 to 18 months. Right now, a consumer may choose to request a credit card with no warranty, one that does not require a security deposit. Secured credit cards have annual fees that usually cost around $ 20 to $ 50.

Another option, especially for students who want to credit cards for no credit history is a credit card for students. With virtually no annual fee, these credit cards give students the opportunity and the freedom to buy what they want. This type of card is perfect for young consumers who want to start early and to have access to more types of cards when they finish university.