Credit Card FAQ
How Can I Get a Credit Card without Credit History?
In the current economical downturn, trying to apply for a credit card can prove to be quite difficult. One of the main factors that your credit card application is solely based on is how strong of a credit history do you have to show. Now this may come as a surprising shock to quite a few of you, but having no credit history what so ever is equally as bad as having a bad credit history. What that basically means in layman terminology, is that there is no possible way to get a credit card without credit history. Getting hold of a credit card is not the issue; however getting hold of one from a reputable bank that offer more benefits is where the problems arise.
Now you might find asking yourself the question that if the only way to make a credit history is by being issued things on credit, however is it possible to get a credit history if no one will issue you with your very first credit card. There are a number of schemes that have been introduced to over come this particular problem. If you are in a situation where you have no credit history and are looking to apply for a credit card, the first thing you need to ask yourself is whether or not you really need a credit card or not. Once having established the need, then one can look at possible ways by which they can apply for such a card.
One way that you can technically apply for a credit card without a credit history is by getting a secured credit card. A secured credit card is slightly different from normal credit cards in a number of ways. One of the main most noticeable differences is that you would be required to hold some form of asset against your credit card. In the circumstance where you are not able to make the repayments of the card, the lending company will have the right to sell the asset and use the money to pay off the debts. Even though this may seem as a more risky way to go about applying for a credit card, it is the only way you can get hold of one especially without a credit history. The good thing about using this particular method is that with time, you will be able to make a good credit history as long as you keep up with your payments.
Once you have been able to build up your credit history, you can automatically apply for a normal credit card instead. If you are finding it difficult to find an asset to secure your credit card against, there are other options that you can take advantage off - shopping cards. One that many people tend to over look is opting for those credit cards that are less well known. These are usually issued by petrol stations, merchandise and grocery stores. This is also seen as a great way to start building your credit history in order to apply for something better in the future.
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