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Research: What To Do When You Don't Have Credit Yet - Credit-Land.com

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.

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.