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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 Get Consolidation Loans With Bad Credit

November 24, 2011

Consolidation Loans With Bad Credit

For those looking to obtain consolidation loans with bad credit, good news is that it is very possible to do so, enabling you to get help with your debt without having to have an awesome credit card score, or get a cosigner that has a good credit score. The other benefits of consolidating can be; a lower interest rate, less money owed, more flexible repayment terms as well as the convenience of only having to pay one payment to one company. Being that you only have one payment now, that means that the consolidation company that you received your consolidation loan through actually paid off all of your debt with the different companies that you were in debt with, resulting in a positive “paid off in full” note reported to credit bureaus which can equate to a boost to your  credit score.

consolidation loans with bad credit

 

How To Get Consolidation Loans With Bad Credit

There are various ways to get consolidation loans for bad credit, below are a couple ways that have proved to be the best ways possible:

  1. You can search online for different consolidation companies and compare interest rates, and go with the one who has the lowest interest rate, which will save you a lot of money in both the short run and the long run. Going with a consolidation company when looking for bad credit consolidation loans is often the best idea as these companies can often times negotiate lower total debts because they are paying off the debt in full, which you could end up owing up to 40 percent less.
  2. You can also arrange a loan through your credit union, who will give consolidation loans for those who have poor credit, as well as fairly low interest rates if you agree that they can take the monthly dues out of your pay check each month. This can be a great option if you have steady job as you are gauranteed to make on time payments each month, avoiding late fees.
  3. If you happen to own a home, you can consider using the equity on your home and go about applying for a brand new mortgage. If you choose to do things this way, you can pay off your loan debt which then you will just be paying on a secured loan which come with lower interest rates because of the fact that if you happen to defualt on your payments, the lender can choose to sell your property. But the good side t0 this situation is that equity loans have a repayment term that can go as high as 30 years, which drops the monthlty total on your dues as well as comes with lower interest rates because you will be paying interest longer. If you choose to pay off the equity loan faster, which you will avoid paying more in interest, you will only have to pay a one time pre payment penalty, which can be worth it in the amount you will have saved in interest payments.

Methods 2 and 3 would provide you with the money you would need to pay off your loan debt to the different companies, whereas if you choose to go wth a credit card cosolidation company, they would do all the leg work for you.

Reputable Comapnies That Offer Consolidation Loans With Bad Credit

  • Direct Lending Solutions
  • Lenders Mark Financial Network
  • Bad Credit Alliance
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