Best tips on how to get a Credit Card without a Credit History
Getting a credit card application approved is always very difficult for people. It’s more difficult because getting a credit card requires some form of Credit history, Credit Score to get approval for your credit card application from the card issuers.
Having a Credit score isn’t possible unless you have an active account on your report for at least six months. Since Most of the credit card issuers realized that most people get into trouble trying to get a credit card for the first time, they’ve made Credit cards for those with no Credit history or credit at all.
In this post, I’ll be discussing how you can get a credit card without having a credit history in the past.
Tips on how to get a Credit card without a Credit History
- You must have a Job
Having a good job that’ll ensure a sufficient income to repay your credit balance at age of 21 is a first thing to do. When applying for a credit card, the income you fill in the application form must be your income. You can’t use your parent’s income, Spouse or any member of your household to qualify for the card application. It can only be possible if you have a good access to a greater part of the income.
The higher your income, the greater your chances of getting your credit card approval. However, you must make enough money to repay your credit card balance at the end of every month. This is possible even though you don’t have a Credit Score
2. Pre- Qualification for a Credit Card
There’s Online pre-qualification that can allow you to know if there’s a credit card available for your Credit profile. It’s called soft credit Checks. However, it won’t affect your credit score or appear in your Credit report if another person checks your report. But having this pre-qualifying credit card features won’t guarantee your approval. Other factors such as your income can cause your credit card denial. So, it’s better you get the best pre-qualifying details you’re your intending card issuer.
3. Getting a Student Credit Card
This option works better for students. So, if you’re a student, you can qualify for the Student Credit Card. It’s designed for College Students who don’t have a large income or a Credit history.
Qualifying for this card, you may need to provide some evidence to prove your studentship. It may include an admission letter and other relevant documents. I encourage you to choose wisely because some the student’s Credit card can come with high interests and fees.
4. Applying for a Store Credit Card
Applying for a Retail store Credit card will give you an opportunity to have a credit. Most retail store credit cards approve Credit cards for people with no Credit history. You make get approval from Closed-Loop cards that don’t have a Visa or MasterCard Brand. This means that you won’t be able to use the Credit card outside the particular store. However, retail store credit card has a low Credit limit as well as high-interest rates.
5. Apply for a Secured Credit Card
If you can’t get the traditional credit card, Secured Credit card is the best options for people in this category. It isn’t wrong at all having a Secured Credit card provided you choose the one that reports to the major credit bureaus and offers little fees.
The different in acquiring this type of card is that you’ve to make a security deposit to get your Credit limit. However, it comes with high fees. Save for the Security of this type of Credit card.
For example, The Capital One Secured MasterCard offers a minimum security deposit of $49, $99, or $200 for a $200 credit limit.
6. Using a Co-Signer
If for any reason you can’t get a secured Credit card or a student card, you can use the advantage of another person’s good credit. All you ‘ve to do is to get someone with a good job and a good credit to apply with you. One major challenge with this is that you’ve someone else with your finances. You’ve to watch your purchases and ensure you pay your credit card. If you miss any payments, it’ll affect the person and Vice Versa. Finally, you’ve to think carefully before you get a Credit card with another person.