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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.

No Credit Check Credit Cards – Overview & A List Of Providers

March 18, 2012

No Credit Check Credit Cards

When it comes to no credit check credit cards, we never like to be the bearer of bad news but the fact of the matter is that every credit card company is actually held liable for doing credit checks on all of their applicants as it is against the law not to do so. Unfortunately applying for a credit card with bad credit can result in being declined or if you get one then the rates can be very high as well as come with very restricted montly limits. But don’t let this deter you as there is a fantastic alternative that you can utilize that can compensate for the fact that no credit check credit cards are not attainable, which this alternative can turn out to work to your advantage, check them out below!

no credit check credit cards

The No Credit Check Credit Cards Alternative

Pre-Paid Credit Cards

This is proabably the best option to consider as it not only suffices your need for a credit card, it also provides you with a spending limit decided by you which will help you not spend over more than you can afford, which will keep you out of credit card debt! This option requires that you put up cash each month for your spending money, and are easy to get, which best of all there is no credit check for these credit cards. Another positive aspect about this no credit check credit card is the fact that it can actually repair your credit overtime allowing you to attain a higher credit score and be able to obtain regular credit cards with better interest rates and higher lines of credit. It should be known that these no credit check credit cards can come with monthly fees as well as annual fees, but there are a bunch that offer these fees at very low rates, some of the best include:

  1. Account Now Prepaid VISA Card – 0 monthly fees, 0 annual fee.
  2. Upside VISA Prepaid Credit Card – 0 monhtly fees, 0 annual fee.
  3. Capital One Reloadable Prepaid MasterCard – 4.95 monthly. 0 annual fee.
  4. REACH VISA Prepaid Credit Card – 8.95 monthly, 0 annual fee.

The other major benefit of having a prepaid credit card is the fact that you can use it like having cash but don’t have to car around cash in your wallet. You can also use it pretty much anyhere that credit cards are accepeted and you are insured by the FDIC for up to $250,000. The main thing to keep in mind when applying for a these no credit check credit cards is to make sure and read all of the documents they provide you with in their entirety as often times there can be extra fees that may be left out.

If you end up apply for a credit card through a big name provider, then make sure that you get a credit check from a reputable provider, a couple of those being, Equifax, Experian or CallCredit. Doing this will not only allow you to find out what your credit score is and see if it is good enough to become eligible for the credit card, but it will also give you an opportunity to search for mistakes on the credit report, which happen all to often, which when corrected they can boost your credit score significantly. The last thing that you should keep in mind when looking for no credit check credit cards is that there are providers or offer credit cards designed for those who either have a bad credit score or no credit score, which these cards can offer you a better alternative to using a credit card offered by a big named provider.

 

 

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