A credit card has become the most important part of life just like smart phones. As they are very handy, we all wish to get one. But, when you are trying to get a credit card for the first time, you may have to face some issues that disturbing you to get your own card. Suppose you have just graduated from your high school and wish to get your first credit card. You will fill all the details in the form and provide all the necessary details, but still, you have been rejected. Why? It's because you have NH (No Credit History). Credit history is a must for every cardholder, to get a new one, as every financial company or a lender will check in your credit history and get clues whether you van pay the bills on time or not. Because you don't have a history, you have been rejected, isn't it silly, but for every lock, there is a key, yes without a credit history, there are some methods that help you build your credit history that will make a way to get you’re a credit card.
Go Review Your Credit Report
- First, check that you have a credit history by taking a free copy of the credit report.
- Though it’s of short duration it still helps you build a credit history.
- If you are rejected for a credit card, have a right to get a free copy of the credit report.
- Get your free credit report from the agency.
- By getting the credit history, you can compute your credit score too, by using some tools.
Acquire Access to Credit with No Credit History
- No Credit History gives the impression that you have been financially solvent enough to pay your bills and other purchases.
- Lenders or Financial companies need proof that if they lend you money, wheat you be able to pay the money or not.
- To get the solution for this issue lenders searches for clues from your history.
- If you do not have a credit history, still you can get approved for a credit card with some options.
Receive a Card from the Bank where you were doing checking
- You have No Credit Score but still, you may have a Credit History with your bank.
- This credit history from your bank helps you get approval for the card.
- You will get Secured Credit Card with your bank history that is, Funds from your bank will be used as collateral if you fail to pay a credit bill.
- The credit limit is less on secured credit cards, but you must start at least from somewhere.
- Once you have a good track record you will be eligible to get the "Unsecured Credit Cards - With High Credit Limit".
- Some Debit Cards has the logos like the credit cards and functions like the credit cards, in this, there is no loan, so this will not help you get credit, as money directly comes out of your checking account in this case.
Appeal for a Store Credit Card
- Store Credit Cards have less credit limit, but high chances to get approval to requirements.
- Store Credit cards come with an account opening bonus on your first purchases.
- Use these offers on your purchase and get the advantage and try to establish your credit.
- But for store credit cards, always make sure you have enough money to clear the bills on time, as store credit cards come with higher rates.
- Try to get a good credit score, if not but still you can get the card from other sources so try somewhere else to get credit.
Finance a purchase from a store with a same-as-cash bid
- Stores on special seasons allow the customers to purchase items with no interest in a certain period.
- As this is a type of loan you will establish good credit if you clear all the bills on time.
- To avoid paying interest, pay the loan before the allotted time expires.
- before signing up. make sure to read the fine print and get the awareness of any hidden fees, etc.
Getting a credit card for the first time without any credit history is not that difficult. You can make your credit history with some simple steps as discussed above. Initially try to get the Secured Credit cards to begin with, after one year try for Unsecured Credit Cards to get access to high credit limits.