Working with No Credit Made Easy
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Working with No Credit Made Easy

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Things can seem very frustrating when you are trying to work out getting a credit card when you have not used it before. The banks would be unwilling to consider an applicant who has no existing history that they can refer to. There are ways however to overcome this problems. While the situation looks like it`s going in circles when you cannot get a credit card to establish the credit history you do not have, it can get better. Firstly there are other factors that banks will consider like if you have an account with the bank that you can show for reference. When the bank looks at the statement from your account they can see how you have been managing your finances and what sort of payments you can afford. Accordingly they can decide what sort of credit cards they can offer you and allow you to apply for and get one. When you have a good relationship with the bank that is ongoing it improves your standing with the bank making it easier to be eligible for a credit card. Another situation where having no credit history can be frustrating is when you are looking to rent a place. Especially when it comes to a high end neighborhood a landlord may insist on credit history to verify that you can afford the place. You can provide the landlord with records of your pay slip or employment history and also previous residence to validate your financial background. Having a stable ownership even if it is a joint one and a record of consistent employment with a firm will work in your favor to convince the lender when you do not have a credit history to furnish. When your records indicate that you are a stable person it improves your standing with others for future transactions. There are also other options for people who have no previous credit history. If you can get a store credit card and have records of that in place then that can be useful as well for your credit card application. These store credit cards are easier to access and you could have records of how you have been spending on the credit card and making your payments to provide data. These department store cards have low credit limits however so they are not the most useful tool but can be handy just the same. There are chances that you have not had any other records that are good enough in order to establish a credible credit history. If all your other resources are tapped out you might want to consider opting for a secured line of credit. When you opt for a secured credit card you are taking it out against an asset or a deposit. That will determine what sort of a credit limit may be extended to you and if you default the bank will claim the asset or deposit to pay for what you can't. If you use this wisely then you can establish a fairly decent relationship and be able to be eligible for a credit card that is unsecured.

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