Posted on Monday, 12th July 2010 by Eden Fryett
When you have no credit, you’re going to find that you’re going to have a hard time finding a credit card. While it may be hard for you, you’re going to find that you’re probably looking in the wrong places.
Since all of us are new at something at one point in our lives, its hard to take a guided step when you have no idea on where you should turn. I wanted to give you 5 places that you should check out when you’re looking to spot a credit card when you have no credit history at all.
1. Are you a college student?
If you’re a college student, you may be in luck. What you’re going to find is that banks love to offer credit to new students. As long as you have no credit history and you can prove your income, you shouldn’t have a hard time getting approved. You’re going to find that your credit limit may be relatively low, but it will give you a great jump start with your credit.
2. Resort to a secured credit card
If you’re not a college student, I generally will point people to go to a secured credit card. You’re going to need a small deposit that is generally around $200 or so. Once you give your deposit, you will more than likely get approved. This $200 is basically your collateral. If you don’t pay your bills, they take the money to pay it. This deposit will be returned when you close your card.
3. Head to your department stores
Department stores are generally known to be pretty lenient with their credit card applications. Places such as JC Penney, Sears, Kohl’s, and more may be a great place to get a credit card. Make sure that you get one with a company where you’re going to do some shopping. Use your card here and there and watch your credit rise. Once it rises, resort to another type of card.
4. Find a co-signer
Yes, this is easier said than done, but what you will find out is that if someone will co-sign for you, you’re going to have a better chance at snagging a credit card. Ask friends, family, and more to see if they will sign off on a credit card for you. Chances are most of them will say no, but its worth a shot!
Refer to our older post on “How to find a cosigner” for any type of loan that you may be applying for.
5. Look to your bank
If you have a banking account, walk into your bank or talk with them on your phone. Since you already have an account, you’re going to find that you can more than likely have a shot over the guy that doesn’t. See what they say or what they recommend to you.
All of these 5 tips should land you a credit card. The worst case scenario is that you have to sign up for a secured credit card. These cards will generally approve 99% of its applicants, as long as you meet the criteria.
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