Do you want to know the best credit cards for no credit? This post shows how to get credit cards for people with no credit. If you are thinking of getting yourself a credit card for the first time then you should know that it is a bit difficult for lenders to provide credit cards for people with no credit. But do not worry, there are some procedures that if followed can guarantee approval of credit cards for no credit history.
If you are indeed thinking of applying for a credit card for the first time, then today we are here with a detailed article that will give you tips on how to get a credit card with no credit. Apart from that, we will also list down some of the best credit cards for no credit history. If you have bad credit then you can apply for immediate credit card approval.
How to get a Credit Card with No Credit History?
While picking yourself credit cards for no credit history, you should opt for such a credit card solution that can not only provide you with credit cards for no credit history but also offers you some help in building credit score quickly so that you can upgrade to credit cards that offer more benefits of owning a credit card. Below are a few tips that can help you get a credit card and at the same time build credit points quickly:
Get a Secured Credit Card. A secured credit card works like a debit card. You pay a refundable security deposit amount up front before getting a credit card. This security deposit amount varies depending on the lender and may be equal to your credit limit or at times a percentage of the credit limit.
- The main benefit of having a secured credit card is that it helps you build your credit score really quick. Build enough credit points and then apply for an unsecured credit card.
- Get A Loan for Credit Building. A Credit-Builder loan, as the name suggests, is a loan offered by credit card lenders with the aim to build and increase your credit score. The loan amount is not released to you until the loan is repaid beforehand and once the loan has been cleared off, the amount is credited to your account with the lender so as to create a payment history with the lender. Your payments towards the loan are regularly reported to the main credit bureaus so if you manage to settle off your loan payments monthly without any delay, you will be able to gain a credible credit score easily.
- Let Someone Else Make you an Authorized User on Their Credit Card. This may sound like an impossible task as no one would want someone else to be authorized to use their personal credit card. However, if you indeed have a friend or family member who is willing to make you an authorized user on their credit card and if the lender supports this scheme, then you will get a credit card for yourself. Before becoming an authorized user on someone else’s credit card, do make sure on whether the lender reports activities by the authorized user to the credit bureaus as if the lender does not, the authorized user status will not make any effect on your personal credit score and credit history. Legally speaking, you are not required to pay for any credits made by you as an authorized user, however, in most cases, the primary and authorized credit card users have to come to an agreement about the same.
- Apply for an Unsecured Credit Card with a Co-Signer. If you can find someone else with a credit history or credit score who may be interested to co-sign with you for an unsecured credit card, then you can get yourself an unsecured credit card with no credit history. Even though it may sound really cool, finding someone to co-sign for an unsecured credit card with someone with no credit history is really difficult as in the case the person with no credit history fails to pay his share of the credit incurred, the other person is liable to pay the entire amount!
Above you have come across several ways that will not only help you get credit cards for no credit history but also gain some really valuable credit score and credit history quickly. Now below are some of the best credit cards for no credit.
Best Credit Cards for No Credit:
The USAA Secured Cards American Express credit card is one of the best credit cards for no credits. This is a secured credit card for no credit which will require you to pay anywhere from $250 to $5000, which will be equivalent to your credit limit.
There is no monthly fee for maintaining the credit card, however, an annual fee of $35 will be charged.
This credit card is one of the best credit cards for new credit card owners as you are offered with 1.5% cash back on all type of purchases with no limits on the maximum number of purchases or maximum cash back that can be accumulated.
Once approved, you are provided with at least $300 as a credit limit and if you successfully make the payments of the first 5 months on time, you can increase your credit limit. An annual fee of $39 will be charged if you opt for this credit card with no monthly fee.
3. First Progress Platinum Prestige MasterCard Secured Credit Card:
This is a secured credit card where you have to pay a security deposit of at least $200 up to a maximum of $2000 which will equal your credit limit. The main advantage of this credit card is the monthly reporting feature to all the major credit bureaus out there which will help you build a credible credit score quickly.
Even though there is no monthly or one-time fee to be paid while issuing this credit card, a fee of $49 will be charged annually.
The above article gave you in-depth insight on how to get a credit card with no credit. Also, we listed down the best credit cards for no credit so as to help you pick the best credit card for new credit card holders.
If you have any doubts related to credit cards for people with no credit, do mention them as comments below and we will surely help you out.