Ways to get cards without credit history

ADVERTISING DISCLOSURE

ADVERTISING DISCLOSURE:
Credit-Land.com is an independent, advertising-supported web site. Credit-Land.com 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. Credit-Land.com has not reviewed all available credit card offers in the marketplace.

Credit Card Applications » Research » Guides » Building Credit History » Ways to get cards without credit history

Ways to get cards without credit history

The content is accurate at the time of publication and is subject to change.
Whether you have a credit history or no credit history, the fact that you will have to build it as early as possible is always true. This is for various reasons, based on the fact that credit history is an indicator of your creditworthiness. If you have no credit history, major credit card issuers will not approve a credit card for you. Similarly, banks wouldn’t extend loans to you. Even the insurance providers would be sceptical of your creditworthiness and automobile insurance or life insurance will be very expensive. In the present scenarios even landlords and prospective employers join the list of entities which are interested in an individual’s credit history. So you will have to build a credit history and for that you have to ensure all your transactions are tracked somewhere. Here are some of cards that you can still hope of getting. Secured credit cards In principle, secured credit cards wouldn’t really need you to have a credit history. This is because the lenders have nothing to do with your creditworthiness. To get this card, you will have to deposit some amount in your card account and then use the credit card. The credit limit available to you is usually a percentage of the amount you have deposited in the card account. As long as you make consistent payments you can use the card and your security deposit stays untouched. However, when you fail to pay the monthly payments on time, the lender can claim the bill from your deposit and you will have to replenish it before using the card again. Prepaid cards Prepaid cards are a great option for those who would need to do online transactions to benefit from specific deals available on the internet. These cards are also helpful for paying your bills online. Prepaid cards are cards which you actually purchase like any other product in departmental stores or sometimes gas stations as well. Usually a percentage of what you have paid becomes the money available on your prepaid card. You will be paying a commission for the card, which is why you will not get total value in most cases. You can use the prepaid card like any other credit card. Most importantly, you can start building your credit history, if you pick up these cards from places that report to credit bureaus. The biggest benefit is that you don’t really have to be worried about high interest rates or being penalized for crossing credit limits. Instant approval credit cards Instant approval credit cards are those for which you usually have to apply online. The lenders usually don’t take a credit check for the applicants. Although it would take some time to get the card, you will know almost immediately if you qualify. One has to be careful with these cards though as the interest rates are very high and the credit limits would be possibly much lower. However, you can use these credit cards carefully for half a year or so to build a credit history.

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:

Top 5 Secured Credit Cards: November 2020 – Experts’ Choice

Top 5 Secured Credit Cards: November 2020 – Experts’ Choice

Posted: June 22, 2020

The COVID-19 pandemic has made significant changes not only in people’s lives and their financial standing but also in the entire financial sector of the U.S. We have collected the best secured card offers from our partners so that you can… Continue reading

Top 5 Soft Pull Credit Cards: November 2020 – Experts’ Choice

Top 5 Soft Pull Credit Cards: November 2020 – Experts’ Choice

Posted: June 3, 2020

When applying for a credit card, you definitely don’t want your credit score to go down. Here, you will find the best credit cards with a soft pull from our partners. An application for such cards won’t make changes to your credit history… Continue reading

Top 5 Store Credit Cards: November 2020 – Experts’ Choice

Top 5 Store Credit Cards: November 2020 – Experts’ Choice

Posted: May 30, 2020

We evaluated store credit cards offered by our partners to find the best store credit cards. They are often loaded with perks that will allow you to save on purchases at your favorite retailer. Plus, many store credit cards are available… 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!