| Many times people who have never had a credit | | | | time. Once you've done this for a few |
| card or any other form of credit think that | | | | months, you can try to apply for the Visa or |
| the banks will turn them down for lack of | | | | MasterCard again. The banks will then have |
| credit history. While this may be true in | | | | your income and a credit history to use as a |
| some cases, no credit does not mean you have | | | | basis for determining whether or not to |
| "bad credit", and provided you have a steady | | | | extend you credit.Another option to establish |
| income, chances are you will be able to | | | | your credit when you don't have any, is to |
| obtain a credit card.In fact, there are many | | | | get yourself a secured credit card. Secured |
| banks that routinely offer Visa or MasterCard | | | | credit cards are limited to the amount of |
| credit cards to first time applicants. | | | | money that you deposit with the credit card |
| Everyone must establish a credit history | | | | company, so essentially, they are a debit |
| somewhere! If you have employment or other | | | | card that is not connected to a checking |
| means of steady income, select a bank and | | | | account. While they have their |
| apply for their credit card. Don't run out | | | | disadvantages, a secured credit card is a |
| and apply at ten different banks attempting | | | | viable option for someone who is having |
| to increase your chances, because that will | | | | difficulty establishing a credit history and |
| actually have the opposite effect. Each time | | | | obtaining their first credit card.In the |
| you apply for credit, whether it is for a | | | | process of establishing your credit history |
| credit card or a loan of some sort, the | | | | with your department store card or secured |
| lender makes an inquiry on your credit | | | | credit card, it is absolutely critical that |
| report. Rejections show up on your credit | | | | you do not have late payments or miss a |
| report, and multiple rejections send off a | | | | payment. However, you may opt to carry a |
| red flag to potential creditors that you are | | | | small balance from one month to the next on |
| desperate for cash- and therefore might have | | | | your department store card as it will show |
| difficulty repaying the credit.If your first | | | | potential lenders that you are able to handle |
| attempt to getting your first credit card | | | | an outstanding balance. For example, if |
| doesn't land you a card, there are two other | | | | you've made a purchase or purchases that |
| things you could do to start building your | | | | total $100 in your first month, when you get |
| credit to remedy the situation. First, head | | | | your statement, pay $70 and allow $25 to |
| to your favorite department store and try | | | | carry over to the next month. When the next |
| getting a store specific credit card. These | | | | statement comes, pay the $25 and half of |
| department store cards are easier to get than | | | | whatever purchases you've made since your |
| a Visa or MasterCard, and you will most | | | | last statement.As long as you consistently |
| likely be approved for one of these cards | | | | pay your bills on time, and do not carry a |
| even if you've never had credit before. Once | | | | large balance from month to month, you are |
| you have a department store card, buy | | | | establishing a strong credit history. A few |
| something and then pay it off when the | | | | months of these good credit habits and you |
| statement arrives. You might want to do this | | | | should have no problem when you apply for a |
| for a few months, making purchases and paying | | | | Visa or MasterCard.This article has been |
| them off when the statement arrives. This | | | | provided by Creditor Web. At you can compare |
| will start establishing a credit history, and | | | | over 100 credit cards from multiple banks and |
| it will show that you make your payments on | | | | apply for a credit card online. |