Best Credit card for Someone with No Credit?
by Author on Friday, August 20th, 2010 | 5 Comments
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The easiest way to get a credit card is to get a secured credit card. The first place you might want to check is where you do your banking. How a secured card works is that you set up a savings account that would secure the same amount to what you’re borrowing, for example, for a $250 limit, you would have to deposit $250 into a savings account. Now, granted, it sounds like it sucks, but the money earns interest while it’s there. After you’ve established a solid payment history, usually the bank will allow you to have the option to make it unsecured. The best way to keep up with it is to use it for emergencies, and if you do use it, keep purchases low, and pay off the balance if possible. My suggestion if you’re able to get a secured card and convert it into an unsecured card, I would probably get one more and that’s it. 1 in 7 Americans carry up to 10 credit cards, and the average American has 4. Don’t believe me? Here’s a link to back it up
http://articles.moneycentral.msn.com/Banking/CreditCardSmarts/1In7AmericansCarries10CreditCards.aspx?GT1=9113
Me, myself I have 3 which I keep low balances and I pay off on-time, if not early every month.
Hopefully this information that I’ve provided will be helpful
There are a million of them. And quite honestly, you’ll get different offers from the same bank. You need to do some checking around but you might want to start out with the bank you are using for your checking/savings account.
The website below will let you compare credit card "deals".
You might try Washington Mutal (use to be Providian). They were the first company to give me a credit card (only a $500 to start with) when no one else would (I also had no credit).
You might also try going to a place like American General Finance (if you don’t have a cosigner) or a local bank if someone will cosign for you – and take out a small loan to get you started on building your credit. I had to when I got my first car loan and since then I haven’t had any problems getting credit.
"but interest rates were always through the roof" now credit companies offer cards (for people with no credit history) with enormous high rates. But the issue is to ask somebody with good credit history to be a co-signer. It’s the best way to avoid paying high fees. Try to find a co-signer among your closed friends.
If you can’t apply for credit card for no credit history http://credit-land.com/1018/1018_page_13372_32278.php
To find a 0% credit card quicker, start by searching online. There are innumerable websites that deal exclusively in aiding applicants search for the right credit cards.
To start your search, it is better to go to general credit card websites that have an option of searching through various credit card deals. Here you have a golden chance of finding a 0% credit card deal that matches your requirements. Look carefully at the fact whether the selected credit card is 0% or not, but also find out the duration of this 0% period, whether the 0% covers purchases, balance transfers or both, and the rate of interest applicable once the 0% period is over.