The content is accurate at the time of publication and is subject to change.

Before you submit your application note that you should not go on an application spree and apply for multiple credit cards. That won’t do any good to your credit and your chances to qualify may get even lower. Choose only one or two credit cards you like and apply online.

Now, with no credit history you have several options, and the first (and probably the best one) is a secured credit card. Secured credit cards are designed for those who want to build credit. They are reported to the three major credit bureaus monthly allowing you to build your payment history. When applying for a secured credit card, you are required to pay a security deposit. The minimum security deposit is around $200. Your credit limit will be equal to the deposit you pay. Some secured credit cards allow upgrades to an unsecured account.

The second option for you can be a personal loan. A small loan that is paid on time can help you to show some good credit behavior. Just choose the lender that charges minimal fees, low rates, and reports to the major credit bureaus.  

And the last option can be becoming an authorized user on your parent’ or friend’s credit card who has good credit. But before you become an authorized user, you should find out if this account will be reported by the bank and will show up on your credit reports. If not, then there is no point in becoming an authorized user.  

tags : No Credit Build Credit

Disclaimer: This editorial content is not provided or commissioned by the credit card issuer(s). Opinions expressed here are the author's alone, not those of the credit card issuer(s), and have not been reviewed, approved or otherwise endorsed by the credit card issuer(s). Reasonable efforts are made to present accurate information, however all information is presented without warranty. Consult a card's issuing bank for the terms & conditions.
All rates and fees, and other terms and conditions of the products mentioned in this article/post are actual as of the last update date but are subject to change. See the current products' Terms & Conditions on the issuing banks' websites.