| Oddly enough, not only will bad credit work against you | | | | membership, see what their card issuing terms are. |
| when applying for a loan or a credit card, but no credit | | | | Although they are no giving out cards with their eyes |
| will too. Even though this doesn't seem fair, it is the | | | | closed, they will often have more relaxed conditions |
| way things work in the complicated world of | | | | for members. You no longer have to work for a |
| consumer credit. Lenders are leery about opening | | | | specific company to be eligible to join a credit union. So |
| accounts for people with no credit history because | | | | it's well worth checking if there's one in your area. |
| they simply have nothing to base your reliability on. | | | | Secured Credit Cards |
| So, if you can't build a credit history without credit and | | | | Secured credit cards are offered by lenders who will |
| you can't get credit without a credit history, just what | | | | give you a line of credit that either matches, or is |
| has a person to do? It's nearly impossible to rent a car, | | | | slightly higher than, a cash deposit that you give them |
| stay in a hotel, or shop online without a credit card, so | | | | to hold. As your experience with the card grows, |
| let's explore a few of the options that can eliminate | | | | these lenders will often raise your limit without requiring |
| this Catch-22. | | | | you to increase your deposit. Eventually, you can use |
| Available Credit Options | | | | your experience with this lender to apply for cards that |
| Although many of the major credit card companies | | | | are not secured. |
| won't give you a card without a credit history, some | | | | Student Credit Cards |
| smaller ones, like department stores, will. Find a | | | | If you are a student, then you'll be best off with a |
| department store that will issue you a card and apply | | | | student credit card. Student credit cards can be a |
| for it. You can try getting a gas station card also. Either | | | | great way of building the credit history that you will |
| way, use your card but be sure to make all payments | | | | need to depend upon after graduation. The important |
| on time. Your goal is to build a good credit history, not | | | | thing here is to remember to use that opportunity |
| just get a credit card. | | | | wisely. Many banks will issue college students a credit |
| Find a credit card company that will review your | | | | card, especially banks that are located in college or |
| overall financial situation and not just your credit history. | | | | university cities and towns. |
| Some lenders will look at your employment history, | | | | When you do manage to get a credit card, remember |
| your housing situation, and how often you have | | | | that you are establishing a credit history. Show that |
| moved. If this is all on the up and up, they may | | | | you are a good financial risk by paying the bill on time. |
| approve your application. Again, use this card wisely. | | | | Don't go crazy with the spending. It will only cause you |
| Credit Unions | | | | problems in the future. |
| If you are a credit union member, or are eligible for | | | | |