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Having no credit history and a bad credit history bit are negative for a borrower but having no credit still is far better than having a bad one. With a bad credit history, you would likely be denied several times with your credit card or loan application. But this though is not also an assurance that you can easily get approved of your application. You may still get a 'yes' for your application but may take time until you get your credit history established.
Now, does having no credit history would mean you can never have credit at all? Of course you can but would need a great deal of effort and time.
There are several ways on how you can. Have your credit history established but you may first want to have one of the secured credit cards. Such cards are the option for people with bad to no credit history. The main requirement for secured credit card is a deposit or a security before the card gets approved.
To have the right card for you, here are some things you need to look on:
You should always and always do your homework. Shop around and compare the cards of your options. Since this is your first possible credit card, learn all the things regarding the rates, charges, policies and regulations. Know what and where to get your card. Go for cards that can give you more advantages at a low rate.
Doing your inquiry online sure is a convenient thing to do but talking to a live agent still is he best way. With this, you can have immediate answers to your questions compared with waiting for computer-generated responses. Also, don't forget to ask how long you should use a secured card before you can transfer to an unsecured card.
A deposit of $300 is the required minimum deposit r security for secured cards. The more deposits made, the higher your credit is. Stay with your job longer, avoid frequent moving out and establish a good standing bank account. Follow these rules and you could establish your credit history easier but above all, know how, when and where to spend. Spend only within your earning capacity and only on things necessary.
It could sometimes be frustrating for some having no credit history thus making them gullible to any offers that could speed up fixing their history. Keep in mind that it takes months and at times even years before one can finally say he has successfully established his credit history. If you receive any offer from a company or a person helping you have your credit established in just few weeks, you need to better brush the idea off. For there is no way that this could be possible. There are a lot of scams targeting frustrated customers so better not be counted in. the only way you can do this is be patient, patient and be patient. Taking a rush may only mess up your history so take it the slow but sure way.
