Featured Offer
Credit cards can be both a curse or a blessing. Knowing where to look is the key. We have found the place for you to go to. Click Here
Cards For No Credit
If you've tried the banks, the department stores, or even the credit card companies directly to get a credit card and failed, know this: not all is lost. Secured credit cards can be a viable option, since they are much easier to get than an unsecured credit card.
When a credit card or loan is secured, it means that there is an asset linked to the account that the lender can take if you fail to make payments. When you have a mortgage or auto loan, these are secured loans. If you fail to make payments, the lender will take your house or car in order to satisfy the debt.
You can establish the same thing at most banks with a secured credit card. You can pledge money you deposit in an account to secure the credit card. For example, you could obtain a secured credit card with a $500 limit if you put a $500 deposit in the bank that is linked to the card. If you fail to make your credit card payments, the bank takes your deposit.
Again, you want to check and be sure that this secured credit is reported to the credit bureaus, but if so, this can be a useful tool to establish that first piece of credit history. After you maintain that account in good standing for a while, you may be able to obtain a regular credit card or loan.
Establishing a good credit history usually takes time. There are no shortcuts or tricks that can take you from no credit at all to a high score in a matter of months or even a few years. Your credit score is base on a number of factors such as payment history, length of time you've had credit, and much more. So, while it is important to initially establish credit, it is even more important to take the time to do the right things to maintain good credit.
Common Questions
- Can I apply for a credit card?
If you're 18 years of age or older (the age limit might be lower in some states) and are a U.S. citizen, you...more - Do I have to have a bank account to get a credit card?
In most cases, credit card companies won't consider issuing credit to someone who doesn't have...more - Is it necessary to have a bank account with the bank that issues the credit card?
Not in most cases. As long as the credit card issuer can determine your credit worthiness, it doesn't matter where your...more - Can I apply for more than one credit card at a time?
You can apply for as many credit cards as you want, but you should be aware that multiple credit card applications can...more - What about bad credit?
There are lenders who specialize in providing credit cards for those with bad credit. Commonly known as secured credit cards, you might need to...more
