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Credit Cards For No Credit – What Are Your Options?

May 4, 2012

Credit Cards For No Credit

In todays day in age, credit score pretty much dictates every financial aspect of our lives, from anything from being eligible to rent a home all the way to getting a private student loan and mortgage loan. Now it can be hard for someone who doesn’t have any credit to prove themselves worthy of obtaining any othe aspects just mentioned so building a good credit score is vital, which it can be done by obtaining credit cards for no credit. Below are all the methods that you can use to do exactly that and do so relatively easy.

credit cards for no credit

Methods To Getting Credit Cards For No Credit

Student Credit Card

This is one of the most used and sured fired ways of getting credit cards for no credit as they have credit cards just for students that is meant to work as a way to establish good credit and put the individual on the right track as far as building a good and keeping a good credit score goes as a lot of these companies have tips and tools to help students build their score the right way. The best place to start when looking for credit cards for no interest in the form of student credit cards is to visit the financial istitute that you bank with and talk to them about getting started, which you may need a co-signer to become eligible as well as get better terms.

Gas Card & Department Store Credit Cards

Now this is another great option of those who are looking to get a credit card with no credit history as these smaller credit cards that come from names like Shell and Chevron as well as your favorite department stores are relatively easy to get without have good or any credit. They also know that you want be spending thousands a month on it which is also good for you as balances will be small enough to pay either the minimum, which you shold avoid at all costs, or pay the entire thing off each month allowing you to constantly have positive payment history on your credit report, hence raising your credit score.

Secured Credit Cards

This is another great methods to use when looking for credit cards for no credit which you will have to put down a deposit in order to obtain one. The amount of your deposit dictates what your monthly line of credit will be, so if you deposit $300 then you will be able to spend that much each month. But your deposit is seen as collateral which means that if you don’t make your monthly payment then the credit card company will use the deposit to pay what you owe, which can be a good thing if you miss a payment which it will still registered as paid on your credit card account and still raise your credit score. The main thing to rememeber when getting credit cards with no credit in the form of a secured credit card is that you want to keep you monthly balance as little as you possibly can, which will enable you to pay off that balance and get as many ontime payments as possible as each month your payment history is submitted to 3 major credit bureaus, so each ontime payment will raise your score.

Credit Union

If you belong to a credit union then you can get credit cards for no credit there, which if you aren’t a memeber, signing up to be one is easy and doesn’t require you to work with a specific company to be a member anymore like it used to be. Credit unions offer great terms for members so this method can be worth checking out which you can get the process rolling by visiting your local credit union.

Piggyback

This isn’t a method of getting credit cards for no credit but a way to raise your credit score so you will be able to get better rates as well as be eligible for when you apply for a credit card. Which  whether you are a student or just someone with no credit and are desperate for a credit boost, then you can get credit by piggybacking on someones credit card account which is done by someone adding your name to their account in which every month after that the payment history shows up on your credit report which if they person makes ontime payments then your credit score goes up. This doesn’t involve a credit check either so you will essentially be raising your credit score whether you use the account or not.

How To Find The Best Secured Credit Card For You

April 28, 2012

Best Secured Credit Card

Often times a secured credit card is confused with a prepaid credit card, which if you don’t know the difference then a secured credit card works like a credit card which you can make credit purchases with it, but if requires a deposit in order to obtain it, which the deposit is usually equal to or similiar to the your spending limit. A prepaid credit card on the other hand is basically like a debit card in which you deposit money and can make the same purchaes you can make with any other credit card.

best secured credit card

Both of which can raise your credit score with ontime payments but a secured credit card is known for offering better results when it comes to establishing a credit score and especially rebuilding a credit score, which credit card companies submit your history to 3 major credit bureaus each month, 3 great opportunities to raise your score each month.

How To Find The Best Secured Credit Card

The best secured credit cards even come with much more attractive interest rates and other fees compared to traditional credit cards. Shopping around is one of the best ways to find the best secured credit card for you but another great way is simply visiting your bank as they be more inclined to give you a good deal than doing business through a corporation who doesn’t know you, unlike your bank whom you are a customer out and build up a relationshiop with. But when looking for the best secured credit card you can consult our compiled list below can help you out when start your search, no matter who your are looking to obtain the card through.

  • Most importantly what kind of features does the card offer, and do they fit your spending habits. For example if you drive a lot then you want to fo for one that offers the best rewards for gas purchases.
  • Are you aloud to change your date of payment?
  • What are the yearly fees and interest rates? Sometimes companies offer lower interest rates but make it up in the amount they charge for yearly usage, or vise versa.
  • Can you switch over to a non secured account later on?

Now looking for the best secured credit card for you can offer you the chance to rebuild your credit score on a spending basis that best fits what you can afford to deposit, allowing you to not over spend and go into debt like you could with a traditional credit card that often come with higher lines of credit. Even if you do happen to miss a payment, it won’t hurt your credit score at all as the money you owe will just be deducted from the amount you deposited as a from of payment, still allowing you to get an ontime payment on your record. This entire process will allow you to build up your credit score which equates to you getting lower interest rates either through the company that provided you with the secured credit card as well as if and when you apply to different credit card companies.

Also in order to be eligible for a secured credit card all you need to have is proof that you earn an income as well as are at leat 18 years old. Lastly when you get the best secured credit card for you, remember that it’s sole purpose is really to raise your credit score, which you can do so by making small purchases and incurring small balances which will allow you to pay it off with ease each month so that you will have a perfect payment history on your record.

Best Balance Transfer Credit Cards – Providers & What To Look For

April 22, 2012

Best Balance Transfer Credit Cards

The best balance transfer credit cards are the ones that offer you the longest introductory period in which you can pay off that balance at 0% as some last six months whereas some last over a year, which you want to find the longest promotional period that will let you pay off your debt with no interest but still have it be a long enough time that you will be able to afford paying it off before the promotional period is over.

best balance transfer credit cards

At the end of the 0% period, you interest will then revert back to the standard interest rate that you agreed upon when first obtaining the balance transer credit card. So to you get you the best deal in both the short run as well as the long run, you can follow the steps below when looking for the best balance transfer credit cards:

  1. You want to focus highly upon what the interest rate is after your 0% interest rate period is over, as if you didn’t pay off your entire debt during the promotional period, then you want to have the lowest interest rate possible that you have to pay on your debt, instead of getting stuck paying on a high interest rate which is what most of these offers equate to. At the very least, make sure the interest rate equates to what you were paying on your old card, if not a substantial amount lower.
  2. What is the balace transfer fee? The transfer fee is most always based off of a certain percentage of the acutal amount that you are wishing to transfer from your old card, so finding the lowest tranfer fee is something to keep in mind as well when looking for the best balance transfer credit cards.
  3. What are their annual fees? Often times a 0% interest rate offer can look incredible at first glance, but often times companies make up what they are losing by hitting you with high annual fees, so looking for one with a low annual fee with allow you to enjoy the promotional period as well as save you from getting dinged with a large payment each year.

Some Of The Best Balance Transfer Credit Cards

Citibank offers some of the greatest balance transfer credit cards on the market where you can get they offer no annual fee and the introductory period can last up to as long as 18 months. Obtaining a balance tranfer credit card from Citibank can allow you the opportunity to transfer up to $15,000, the number based upon what your FICO credit score is. You can expect to pay an interest rate of anywhere from 11.49 to up to 19.99 percent when the promo period has concluded.

Capitol One also offers some of the best balance transfer credit cards as they can offer you up to 15 months of interest free payments and come with a interest rate of 12.9 percent after the introductory period is over. The maximum amount that you can transfer to this card is $10,000 which is higher than most cards.

Credit Cards For Good Credit – How To Find The Best One For You

April 13, 2012

Credit Cards For Good Credit

A good credit score, which is a score that falls between 620 to 720, is all you really need to build an instant trust with creditors that can allow you to negotiate as well as get the best deals and terms when it comes to you credit card, offering you a chance to enjoy the things that are not being enjoyed by those with low credit scores. They know your risk of default is slim to none which opens up the opportunity for you to enjoy great rewards programs, promotional offers and best of all the lowest interest rate possible. Now with obtaining credit cards for good credit will allow you to save money on all aspects of what you use your credit card on, which can include things like your car payment, mortgage payment, shopping and much more, as lower interest will equate to you paying more money to the principal. There are a wide variety of credit cards that are being offered to those with good credit, all of which cater to a different need, which depending on your need you want to maximize what you want the most, milking your good credit score for all its worth. Below is a list of the different types.

credit cards for good credit

Zero Percent APR – No finance charges on your purchases during the promotion period can be pretty awesome, pretty much using your card just like you would with cash. Now only will you be able to use it without being charged interest, you can also transfer your balances to this card from your other card with higher interest and pay it off fast. Those with good credit scores will also get offered longer promotional periods than those with bad credit, allowing you to maximize the benefits of the promotional period even longer.

Gas Cards – Do you drive a lot or just want to have an alternative to paying for the ever growing gas prices? You can go for a card that offers your with the most points for purchasing gas, which when you reach a certain total of points, your efforts will be rewarded with a pre-paid gas cards.

Rewards – Using your credit card can come with great rewards, like anything from being able to redeem your points for a big screen TV to all expenses paid trip to Hawaii, which if you use your card a lot, points can add up fast allowing you to obtain some pretty awesome rewards.

Airline Miles – Credit cards for airline miles can also be great when looking for credit cards for good credit, which they are awesome for those who travel a lot and are looking to get free plane tickets, which these cards are the best for people who travel for business and are doing it very often and not for those who travel sparingly.

Cash Back Offers – Depending on how you shop, you can look for a credit card that offers you the best cash back offers on how you spend. Rebates add up very quickly, as for example say you spend $200 a week with your credit card and are getting 5% back, this would equate to you getting $520 a year in cash back rewards. This is money in which you can cash in every month or at the end of the year, allowing you to even pay for part of a much deserved vacation, essentially with “free” money.

You credit card life will get even better for you as your credit score raises, which you can do so by continuing to make ontime payments on your credit cards for good credit as well as keeping your debt total as low as possible.

 

 

Credit Cards For Fair Credit – Overview & 3 Of The Best Credit Cards

April 7, 2012

Credit Cards For Fair Credit

credit cards for fair credit

Before we jump into information on credit cards for fair credit, you may be wondering exactly what fair credit is and if the term applies to yourself. Well someone who has fair credit is someone who:

  1. Makes the majority of their credit card payments on time each month but has missed of few payments.
  2. Small to medium amount of debt, but not so much that they are in over their head.
  3. They have a debt to income ratio that is categorized as low.
  4. Have fallen behind when it comes to paying their monthly dues.
  5. As well as one who has a credit score that is in between around 640 to 680.

The good news about having fair credit is that it will not bar you from obtaining a credit card contrary to popular belief, which the same perks apply to fair credit individuals like being able to get rewards points, cards offering cash back on purchases, credit cards for small businesses and more. Keep this in mind, when setting out to apply for credit cards for fair credit as you have very good chances of obtaining your preferred credit card as most people think they will get denied but would have ended up getting approved, but there are still drawbacks as you may not enjoy all the terms that one would enjoy with a excellent credit score, but don’t be afraid to negotiate better terms as many lenders are inclined to so due to the fact that creditors like that they aren’t the only one participating in the issuing process, showing that you care about your financial situation.

Some Of The Best Credit Cards For Fair Credit

Below are 3 options that you can consider when searching for credit cards for bad credit, which these are known as some of the best for those with fair credit.

  1. Bank of America Accelerated Rewards American Express (TM)- Created for those with fair credit and provides eligible applicants with a fixed interest rate of 9.9 percent, fixed meaning that it will NEVER change throughout the entire time you use it. This credit card for fair credit also comes with no yearly fee as well as 0 percent APR for the first year. They also have rewards program where you get 1.25 points for every dollar spent with the card on a variety of different purhases.
  2. Citi Platinum Select Card – This is another great option for those looking for credit cards for fair credit as it offers rates as little as 10.9 percent, a 0 percent intorductory rate when it comes to balance transers.
  3. Iberia Bank Visa Classic Card – This card offers you the chance to enjoy only 4 percent purchases rates and and free transfers and is highly regarded as the best credit card for average credit.

Other Information On Credit Cards For Fair Credit

Credit cards for fair credit are designed to rebuild credit scores but come with fair terms as well, meaning that it can include:

  • Less freedom when it comes to your line of credit.
  • Fees for yearly use.
  • Above average interest rates.

But if you endure these so called negative aspects and be sure to make your monthly payments on time each month, you will soon have a much better credit score and be able to become eligible for a card that offers more favorable terms and is a lot more lenient to what you can do with it. The opportunity also poses itself that you can be aloud to better terms with the company that you received your fair credit score credit card through if you make ontime payments as you will establish good trust with the company, making them more inclined to provide you with more favorable terms.

So when you go to apply for a credit card the credit card company is going to take into account things like how much debt you have, your job and how much you earn as well as most importantly your capability to pay back your debt. Make sure to come with all the documents needed and fill out the application in it’s entirety as this will give you the best chance at getting the best terms and rates. If possible having money saved up in the bank can provide you with a better chance for being approved for credit cards for fair credit as well as a budget that shows that you can easily repay the monthly payment each month

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