Even Without A Written (Credit) History


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Credit Card Applications » Research » Guides » Building Credit History » Even Without A Written (Credit) History

Even Without A Written (Credit) History

The content is accurate at the time of publication and is subject to change.
The use of credit card in purchasing items has grown an enormous popularity in the history of United States. According to the study conducted by the US Census Bureau in the year 2000 a total of 159 million Americans are credit card holders in the United States, in 2006 the total has gone up to 173 million and this figure is expected to grow to 181 millions Americans in the current year. Indeed the credit-based economy has its root deeply penetrated in the US market. Why people would opt to rely on plastic cards instead of cash money in buying can be explained by the convenience this credit card use can give to its holders. Among the advantages this mode of payment is the convenience of being able to make transactions over the phone or by mail. Another is the fact that you need not to bring a lot of cash to be able to avail items and services. Also large purchases can be paid in installments. These are just some of the benefits one can get with subscribing to this cash-less scheme of transaction that are luring consumers to go and get their own credit cards. It is not surprising then for most Americans which include students to want getting one for them. The problem comes for credit card applicants when they do not have any credit history. As we all know it takes a good credit history for one to be able to get a credit card account. Before a credit card company or bank grants their applicant`s request, they first have to review the background of the applicant`s credit transactions through their credit reports. However for first timers or students they could not show any history of credit since they have not gotten one yet. For those caught in such scenario, nothing is actually to worry about. The first thing that first timers like students has to keep in mind is the fact that credit card companies are existing for profit and their business is to lend money thus even if one does not have an existing record, getting a card is always possible. Students who are enrolled in a 4-year college courses are considered by major credit card issuers in the acceptable risk profile thus can be issued with credit cards. For others who do not belong in this category there is still a chance of getting a credit card account. This chance is through banks such as First Premiere Bank and Orchard Bank, which offers credit card even to those without existing credit history. However applicants must expect to pay more than others who have existing records mainly because they are under the high risk customer segment. Another option would be creating a credit history by obtaining first retail store cards like the ones offered by And, The Gap and Sears. It is more likely for these retail stores to take chance with first timers than major credit card issuers. Starting with these cards, one can actually start building a credit history hence a credit reputation which will later on enable him/her to apply in major credit card companies and banks.

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.
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