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Credit Card eZine - News and Articles about Credit Cards

Credit Card eZine - News and Articles about Credit Cards

Get even more information on credit cards? Read our Credit Card eZine. The section is regularly updated by our specialists. Learn all the financial tricks. Know the pitfalls and hidden bonuses. Find out how to transfer balances and accumulate points. We will tell you about the latest offers on the market.Get your credit card education and make the most out of your plastic.

How To Get A Credit Card When You Don’t Have Any Credit

[January 27th, 2018]

Whether you’re a young person just starting out on your financial future, or you’ve been around the block and hit a few roadblocks that hurt your credit, you might find yourself in the position of needing a credit card and not being able to get one. If you’ve applied for a credit card and been turned down, don’t panic. There are ways to work around this problem and build your credit, so that you’ll be able to enjoy all the benefits of having a great low-interest rewards credit card down the road.

First, let’s talk about why it can be hard to get a credit card when you have no credit history, or a poor credit score. Banks want to be sure that when they lend you money – which they are essentially doing when they issue you a credit card – you’ll pay that money back. To determine whether or not they’re taking a risk by giving you a credit card, they’ll look at your credit history, provided by FICO, Equifax, Experian, or TransUnion. What they’re looking at is your level of creditworthiness.

If there’s no credit history for them to go by, as in the case of a younger person, they may be hesitant to issue you a credit card. And if you have bad credit history – you owe a lot of money, haven’t made payments on time, have a settlement or bankruptcy on your record – they may be even more likely to turn down your application. This isn’t personal; it’s business. If you don’t have a great track record, or a track record at all, they simply don’t want to gamble on you paying them back.

The answer to this dilemma is to get a secured credit card. This is a credit card that is attached to a deposit that you put down as collateral. You pay the money to open the account, and the bank holds those funds in reserve, so they’re protected in case you default. Meanwhile, you use the card like a normal credit card, and build your creditworthiness. Make payments on time, don’t max out your card, and soon, your credit score will begin to improve. Soon, you’ll be able to quality for that travel rewards card you really want.

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