Credit Unions

Category: Finance, Credit.

Oddly enough, not only will bad credit work against you when applying for a loan or a credit card, but no credit will too.

Lenders are leery about opening accounts for people with no credit history because they simply have nothing to base your reliability on. Even though this doesn t seem fair, it is the way things work in the complicated world of consumer credit. So, if you can t build a credit history without credit and you can t get credit without a credit history, just what has a person to do? Although many of the major credit card companies won t give you a card without a credit history, like department stores, some smaller ones, will. It s nearly impossible to rent a car, stay in a hotel, or shop online without a credit card, so let s explore a few of the options that can eliminate this Catch- 2 Available Credit Options. Find a department store that will issue you a card and apply for it. Either way, use your card but be sure to make all payments on time.

You can try getting a gas station card also. Your goal is to build a good credit history, not just get a credit card. Some lenders will look at your employment history, and how often, your housing situation you have moved. Find a credit card company that will review your overall financial situation and not just your credit history. If this is all on the up and up, they may approve your application. Credit Unions.

Again, use this card wisely. If you are a credit union member, or are eligible for membership, see what their card issuing terms are. You no longer have to work for a specific company to be eligible to join a credit union. Although they are no giving out cards with their eyes closed, they will often have more relaxed conditions for members. So it s well worth checking if there s one in your area. Secured credit cards are offered by lenders who will give you a line of credit that either matches, or is slightly higher than, a cash deposit that you give them to hold.

Secured Credit Cards. As your experience with the card grows, these lenders will often raise your limit without requiring you to increase your deposit. Student Credit Cards. Eventually, you can use your experience with this lender to apply for cards that are not secured. If you are a student, then you ll be best off with a student credit card. The important thing here is to remember to use that opportunity wisely. Student credit cards can be a great way of building the credit history that you will need to depend upon after graduation.

Many banks will issue college students a credit card, especially banks that are located in college or university cities and towns. Show that you are a good financial risk by paying the bill on time. When you do manage to get a credit card, remember that you are establishing a credit history. Don t go crazy with the spending. It will only cause you problems in the future.

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