Having no credit history does not close all options

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Credit Card Applications » Research » Guides » Building Credit History » Having no credit history does not close all options

Having no credit history does not close all options

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

Having no credit history does not imply that an individual cannot apply for a credit card. It simply restricts his applications to a number much less. After all everyone has to start somewhere, to begin building his market credibility, slowly but surely. What`s important is, that once you have these credit cards in your pocket, you should make sincere endeavour to maintain a good track record of credit history. However let`s dive into the domain of several options that are available for those, who have no credit history.

The latest Federal Law has established a regulation, by which it holds back the liberty of applying for a credit card, by those, who do not have a credit history. This has been imposed on all those who are still under the age of twenty one, and do not support themselves in any way on the fiscal front. But, if an individual under that age, is capable of clearing his debts by himself, or can bring forward a co-applicant that is willing to share the monetary liability of the card, the scenario becomes favourable for him. Having no credit does not deter a lot of lenders, who have various facilities for all those applying for a credit card without any credit history. For starters, there is a trail of credit cards that helps the students to build their credit. It teaches them to be wise with their money and most of them do not even require a co-signatory. As is said, when they are taught young - they learn well! The best way to accumulate a good credit history is by paying your minimum payments on your balances on time. You must also organize yourself to keep your balances, well below your credit limit.

Various issuers, have kept the under privilege momentary situation of someone with no credit history in mind, and have floated various credit cards, that will assist them to understand and manage their finances appropriately. Building from minimal credit lines, you can take your limits as high as your determination and willingness to repay your balances in time. Along with a credit limit, these issuers also provide you with free customer service, no overdraft fee, and no minimum balance to be maintained. They are some, who also provide free text or e-mail alerts and you can also track how much you have spent, online without paying anything. These cards if misplaced accidentally are quite safe. These are accepted almost in all places, where the debit cards are welcome. If your identification has been verified, you will be guaranteed to own such a card soon. Even if your payment check bounces, there will be no NSF charge. Different issuers, have different and various credit card features available, especially for those with no credit history and who are just starting to apply and use 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.
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