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I want to build credit, what do I do if I have no credit?

Answered on January 19, 2016

You can start building your credit using a secured credit card. Since you have no credit it can be difficult to get approved for an unsecured credit card because credit card issuers tend to turn down credit card applications simply because an applicant doesn’t have enough credit history. However, when you apply for a secured credit card, you pay a security deposit which is basically a cash collateral. The deposit cannot be used and it will stay untouched until the credit account is closed. Secured cards work like unsecured credit cards and they are reported to the major credit bureaus as well, which is the most important part of building a credit history. To build good credit, use your card, make all monthly payments on time and stay within credit limits.

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