When things are not working well financially and we needed some cash to get on out feet again, we usually run to our friends and or relatives. But doing so is never an assurance that we get the help we needed. On times like this, we usually have loans as our options. There are a lot of financing companies out there but the question is; are you qualified? What makes a person a good candidate for a loan? It is simple. Just have a good credit history and you'll have the loan get approved.
A good credit history is achieved when all the data on your credit report are impressive; no late payments, no unpaid bills and no declaration of bankruptcy. While a lot of people think that having no debt is a good thing, it actually could be the very reason why a person can't get approved of a loan, a mortgage or a credit card.
Since you now know that credit history is also important, how could you. Get started then?
First. Never listen to people or companies offering some help. Some would claim they can create or build a credit history in just a matter of days in exchange for cash. There would be no other way for you to achieve it that doing it yourself.
Before you could get a regular credit card, you may want to try on a secured credit card first. Such card is recommended for people who are considering of building or having a credit history. This credit card functions almost similar with the regular ones but with a slight difference though; a security deposit should be made first before the card starts working.
Different banks require different minimum deposit which could be between $300-$500. This though would not mean that your credit limit would also be the same amount. Again, different banks have different policies regarding this. Some would give you a credit limit equal to your deposit and some gives only a percentage of the security so the bigger the deposit made, the higher the credit limit given.
This credit card for people with no credit history yet is helpful and would only be effective when used properly. You might have deposited a security on your card but this would not mean you have to leave your dues unpaid. This is just a security in case you failed to make a payment and does not serve as an advanced payment.
Settle all your bills on time and financing and credit card companies will trust you in no time.