How to Apply for Secured Credit Cards for People with No Credit History


ADVERTISING DISCLOSURE: is an independent, advertising-supported web site. receives compensation from most credit card issuers whose offers appear on our site. Compensation from our advertising partners impacts how and where their products appear on our site, including, for example, the order in which they may appear within review lists. has not reviewed all available credit card offers in the marketplace.

Credit Card Applications » Research » Guides » Building Credit History » How to Apply for Secured Credit Cards for People with No Credit History

How to Apply for Secured Credit Cards for People with No Credit History

The content is accurate at the time of publication and is subject to change.
Having no credit history is better than having a bad credit history. This is an advantage actually since you don`t have to be denied of many times for being a bad borrower, regardless of your efforts to get your credit straight. However, this does not mean that you can get approved immediately with any type of credit you want to obtain. Not all credit cards are guaranteed "yes" because many credit card companies still require a good credit history background, the thing you still do not have. No worries. There is a solution for you. You can still get a credit card even without a credit history. How? It is through Secured Credit Cards. For credit card companies, you will be classified with those who have bad credit history. But just think that you have better chances than them. Just make sure you make good of the credit you will be applying for. Secured Credit Cards are perfect for those without, with scant and with bad credit history. This credit card only requires you to have a security or a deposit to be able to be approved. Here are the steps in applying for a Secured Credit Card. 1.Shop around This is your first credit card so you will have to start the process by learning about credit cards. As an advice, don`t rush in getting a credit card. It pays to learn more and "shop around" for credit cards. With the rich number of cards out there, you have to obtain the cards with the most benefits and least charges. Those should be your main criteria: Benefits and Low charges. You can do this by talking to account representatives and reviewing the terms and conditions of the credit card you want to apply for. Look out for "gotchas" or catches like high application fees, deposit fees and maintenance fees. Some credit cards can have pitfalls involving high credit card fees that consumers may not be aware of. 2.Choose the credit card After weighing and comparing credit cards, you may now choose the credit card you think you would go along with. Make sure that you don`t apply for a credit card that would make you look poorer than you started with. Remember that this is your first credit card and you have to make good of it. Before applying finally, check the length of time you need to convert your secured card to an unsecured one. This means that you do not need to have any deposits or collateral to present later on. 3. Make a deposit Deposit at least $300 or more or according to the minimum requirements by the institution you are getting an account from. Just a note: the more you deposit, the more credit you can have. 4. Build a Good Credit History This is your first credit card so this is the foundation of your credit history. A good credit history can take you to higher credits, lower interest charges, fast loan and insurance approval and even a good job. Learn to prioritize and budget your funds.

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.
Add to Favorites:
Get the latest news, articles and expert advice delivered to your inbox. It's FREE.

Related Research:

Autumn 2018: Best Rewards Credit Cards for Thanksgiving Shopping

Autumn 2018: Best Rewards Credit Cards for Thanksgiving Shopping

Posted: November 8, 2018

Thanksgiving is coming, and whether you are hosting a meal or coming as a guest, your spendings are going to accumulate faster than you can notice. A holiday feast is a costly matter – each year Americans spend around $50 on a Thanksgiving ... Continue reading
The Best Credit Card for Earning Cash: Discover it® Cash Back

The Best Credit Card for Earning Cash: Discover it® Cash Back

Posted: November 2, 2018

You’ll have hundreds of dollars in your pocket in no time because you’ll earn money back on every purchase you make with this card. There are no restrictions on the amount of cash back you can get, and Discover even matches every penny you ... Continue reading
Top 5 Cards for Travel from Our Partners: Autumn 2018 – Expert’s Choice

Top 5 Cards for Travel from Our Partners: Autumn 2018 – Expert’s Choice

Posted: October 10, 2018

Nights are drawing out, the wind is colder every day and you already feel the lightest breath of winter on your face - autumn is here. Holidays are over, kids are back to school and all you are left with are hefty holiday bills that you ... Continue reading
You've successfully subscribed!

Please specify the following:All these fields are optional

Your Credit History
Themes you are interested in:

By providing this information you help us make our news letters more useful and informative. Thank you!