No Credit Credit Cards
For those without credit, obtaining a credit card isn’t such an easy task. Because you have no credit history credit card lenders have no way of knowing what type of borrower you are so they shy away from approving you for a card, perpetuating your no credit cycle. However, there is a way to build your credit history through no credit credit cards.
No credit credit cards are there to serve those who have limited to no credit history by starting them on the right path to building a credit score. One of the key ways these cards assist consumers is by reporting to all the major credit bureaus monthly.
That way your credit report is being added to right away, and as long as you’re making your payments on time it’s starting out good. When considering credit cards this is one service that should be at the top of the list.
Because no credit credit cards are designed for new credit users they have a lower credit limit that is usually $3000 or less, but can be increased as you build positive credit. Many offer the same rewards programs, special introductory rates, customer service, security and online tools you find with any other credit card.
There’s also the option of getting a secured credit card if you’re needing to establish credit. These credit cards are different from traditional, unsecured credit cards in that you must first put down a deposit for the card, and that deposit is the money you’re borrowing against.
Typically you can borrow up to 100% of the amount deposited though it can be more or less. With secured credit cards you get the same benefits as the no credit credit cards you just have to have money up front first.
Below are some different no credit credit card options for you to compare.
Bank of America Secured Visa Platinum
Capital One Standard Platinum
Citi Platinum Select MasterCard |