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What if you want a credit card, but don't have credit? |
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Date:
February 2, 2007, 12:48 am |
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What if you want a credit card, but don't have credit? |
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Answer:
Basically there are three ways to establish credit. If you possess a certain sum of money, you can use it as beforehand deposit, which will serve as collateral for a secured credit card. The amount of the credit limit, available for you, will be the same as your deposit. You can also make your choice in favor of an unsecured credit card. Unlike secured ones, suchlike cards don`t require a collateral, so the bank trusts you enough to give credit. But you should be ready to rather high fees and less attractive rates than secured cards have (it`s the only way banks and companies can compensate the credit risks).
A co-signer card can also be your choice, if a friend or relative of yours agrees to be your co-signer. He should apply for a good credit card online, get online credit card approval and call the bank to say that he'd like to add someone with no credit to his account and that he will co-sign for him. You have to tell your social security and sign a special statement in which the co-signer agrees to share debt. Note that you and your co-signer will have different credit cards with different numbers but the credit account and the credit limit will be one shared between you. |
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